LG Innotek reportedly intensifies robotics business, supplies camera modules to Figure AI
2016-11-18
According to the report of South Korean media ETNews, industry sources said on June 18th that LG Innotek plans to supply camera modules to Figural humanoid robots. The two companies are reported to be negotiating on the specific quantity and price. If an agreement is finally reached, the shipment is expected to start in early 2026, the report added.
At the same time, according to the report, Innotek had invested 8.5 million US dollars (115 billion won) in Figure Al in February 2024 before this potential transaction. Although Figure Al is still a young company, according to the report, its valuation is about $39.5 billion. The company attracted attention after its launch of Figure 01 in March last year, and since then it has attracted major investors including NVIDIA, Amazon Chairman Jeff Bezos, Microsoft and Intel Capital, the report emphasizes. LG Innotek expands its business scope in the robot supply chain. LG Innotek is committed to establishing a stronger position in the rapidly developing humanoid robot market. It is worth noting that, according to the report of Business Korea, in May 2025, LG Innotek cooperated with Boston Dynamics, the robotics division of Hyundai Motor Group, to develop the "eyes" of anthropomorphic robots, which are the key components in advanced robotics. These measures also reflect LG Innotek's determination to try to diversify its revenue, because 83.1% of the revenue in the first quarter of 2025 still comes from camera modules, which are mainly used on Apple's iPhone.
LG CNS announced its cooperation with Skild AI. In addition to LG Innotek's component supply efforts, other subsidiaries of LG Group have also increased their participation in the field of robotics. On June 17th, LG CNS announced that it had signed a strategic cooperation agreement with US-based Al robot company Skidal, becoming the first Korean company to do so, according to a report by Business Korea. The company also invested about 10 billion won (about 7.29 million US dollars) in Skild Al through LG Technology Venture Capital Company (the venture capital department of LG Group). Skild Al's core technology is the robot basic model (RFM), which is the decision-making brain of the robot, pointed out by Business Korea. At the same time, according to Bloomberg, Samsung and Invista also plan to acquire a minority stake in SkildAl to strengthen their position in the consumer robot market.
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