Samsung Electronics has announced that it has become the largest shareholder of the South Korean robotics manufacturer Rainbow Robotics, UNN reports citing TechCrunch.
Details
Thus, the company increased its stake from 14.7% to 35% for KRW 267 billion (about USD 181 billion).
3 In 2023, Samsung paid 86.8 billion won for a 14.7% stake, and said it was buying the stake to strengthen its robotics division and accelerate the development of humanoid robots. Rainbow Robotics will be integrated as a subsidiary of Samsung, and the deal is expected to be completed in February 2025.
The company also announced that it will create a robotics department of the future, which will report directly to the CEO. The deal will also allow Rainbow Robotics to enter foreign markets using Samsung's capabilities.
Founded in 2011 by researchers from the Korea Advanced Institute of Science and Technology (KAIST), Rainbow develops two-handed mobile manipulators and autonomous mobile robots for use in manufacturing and logistics. The company employs 86 people.
Rainbow's founder, Dr. Jun Ho Oh, the former largest shareholder of the robotics company before the deal and a professor emeritus at KAIST, will lead a new project called the Future Robotics Office at Samsung.
In 2022, Samsung stated that robotics, along with artificial intelligence, 5G, and automotive electronics, will be a key part of their future initiatives, indicating that major acquisitions in these areas are potentially in the offing.
Recall
Samsung Electronics shares have reached their lowest level since June 2020 due to possible Trump tariffs. The company is lagging behind competitors in the production of AI chips, having lost 34% of its share price since the beginning of the year.