Bear Robotics Raises $81M Series B to Scale Up Mobile Robots in the Hospitality Market
To date, Bear Robotics has raised $117M in total funding, including a $32M Series A funding round in January 2020 led by SoftBank.
Bear Robotics, a leading innovator of hospitality robotics and artificial intelligence solutions, today announced the completion of a $81M Series B funding round. New investor IMM led the round with participation from Cleveland Avenue, LLC and other existing investors. To date, Bear Robotics has raised $117M in total funding, including a $32M Series A funding round in January 2020 led by SoftBank.
With its headquarters in Silicon Valley and roots in the restaurant industry, Bear Robotics has engineered solutions such as the company's flagship product named Servi, an all-in-one, fully autonomous mobile robotics answer to daily repetitive work encountered by hospitality employees. "Having started my own restaurant years ago, I learned firsthand just how hard things could get," said John Ha, Bear Robotics CEO and Founder. "I thought there must be a way to automate some of these repetitive tasks without losing what makes a restaurant great. That's why we created Servi. It's a solution meant to enhance the experience of customers, employees, and operators. While others are trying to fully automate work, we're trying to elevate the future of work for stakeholders in this industry that keep it going each day."
This new Series B investment will accelerate Bear Robotics' efforts in adding new products that complement the increasing need for automation in the hospitality space and expanding the company's reach into new markets around the world. Bear Robotics will also leverage this investment to hire additional top talent. "Achieving this next round of funding is a key milestone for us to be able to accelerate our product roadmap and expand our go-to-market initiatives with our partners. We've also been extremely fortunate to have the opportunity to help small and medium-sized businesses during the recent labor shortage, and look forward to our continued impact there," said Juan Higueros, Bear Robotics COO and co-Founder.
About Bear Robotics
Bear Robotics is elevating dining experiences by automating the hard part. By utilizing AI and self-driving technology, Bear Robotics deploys robots to take care of everything from drink serving to food running and table bussing, allowing hosts and waitstaff to focus on delivering outstanding service. Headquartered in Redwood City, CA, Bear Robotics' multi-award-winning robots tackle tough jobs in fine-tuned fashion across a range of restaurants, corporate campuses, hotels, ghost kitchens, senior care facilities, and casinos across North America and Asia. Visit bearrobotics.ai for more information.
About IMM Investment Corp.
Established in September 1999, IMM Investment Corp. is the leading alternative investment firm in Korea, focusing on Venture Capital, Mezzanine and Infrastructure. With longstanding trust of institutional investors, partners and investment professionals continue to create significant values for Portfolio companies, which consist of Information Technology, Healthcare/Biotech and Manufacturing.
About Cleveland Avenue, LLC
Cleveland Avenue, LLC, founded by Don Thompson, the former President and CEO of McDonald's Corporation, is a venture capital firm that invests in lifestyle consumer brands and technology companies that positively disrupt large and growing markets.
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