Bear Robotics plans to use the funding to develop new products. Here are the top-line bullets you need to know.
Bear Robotics, an autonomous hospitality robotics provider, has raised $81M in a Series B round that drew participation from Cleveland Avenue, IMM Investment, and KT Corporation, among others.
How’s the company performing?
- California-based Bear Robotics develops a robot capable of serving drinks, running food, and bussing tables.
- It has shipped over 5K units of its flagship autonomous mobile robot “Servi”, which has delivered 28M meals to date.
- Bear Robotics has partnered with companies like Pepsi, Compass Group, Marriott, Denny’s, and Chili’s.
- The company provides its services to hotels, ghost kitchens, and casinos, among other businesses, across North America and Asia.
Source: Bear Robotics
Why does the market matter?
- The global hospitality robot market is expected to reach a value of $3.1B by 2030, growing at a CAGR of 25.5%, according to Allied Market Research.
- Hospitality staff shortages as well as increasing consumer demand for contactless hospitality services have contributed to market growth.
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