Samsung Electronics has increased its stake in South Korea’s Rainbow Robotics, making it the largest shareholder of the robotics company, as reported by Hyunjoo Jin and Joyce Lee in Seoul for Reuters. Rainbow Robotics disclosed this development in a regulatory filing on Tuesday.
According to the filing, Samsung had previously invested in Rainbow Robotics but has now acquired a 267 billion won ($181 million) stake in the company. In response to this new investment, Samsung has announced the establishment of a Future Robotics Office that will report directly to the CEO, the tech giant confirmed in a separate statement.
Before this recent transaction, Samsung Electronics held the position of the second-biggest shareholder in Rainbow Robotics, with a stake of 14.71%, equivalent to approximately 2.85 million shares in the company. The top shareholder prior to Samsung’s increased investment was the firm’s founder, Oh Jun-ho, and associated entities.
This move by Samsung highlights the company’s deepening involvement in the robotics sector and underscores its commitment to advancing innovation in this field. The creation of a dedicated Future Robotics Office signifies Samsung’s strategic focus on leveraging robotics technology for future growth and development.
