(Yicai) Aug. 4 -- South Korean television giant LG Electronics and financial services provider Mirae Asset Financial Group have jointly invested in a financing round of Chinese humanoid robotics startup AgiBot.

Mirae Asset-LG Electronics New Growth Fund, an investment fund focused on emerging industries established by Mirae Asset New Economy Fund and LG Electronics, participated in AgiBot’s latest fundraiser to promote investment and industrial synergy in cutting-edge innovation, China Securities Journal reported on Aug. 1, citing the Shanghai-based firm.

This was LG Electronics’ first global investment in the embodied artificial intelligence sector.

LG Electronics is the core subsidiary of LG Group. It is a global leader in consumer electronics, mobile communications, and home appliances. Mirae Asset is one of Asia’s largest independent financial groups, with assets under management exceeding USD620 billion.

AgiBot has completed 10 financing rounds, with investment from well-known firms, such as Tencent Holdings, JD.Com, BYD, SAIC Motor, BAIC Group, and TCL Technology Group, according to data on corporate information platform Tianyancha.

AgiBot announced on July 15 that it had received a strategic investment from CP Robotics, with the Danish robotics software company expected to assist AgiBot in exploring and developing business applications in vertical sectors, such as life sciences, new retail, new consumption, and health and wellness services.

On July 8, Swancor Advanced Materials announced that a consortium formed by AgiBot and its core team, along with persons acting in concert, would pay as much as CNY2.1 billion (USD290 million) for control of the listed Chinese maker of high-performance materials.

This news sparked market speculations that AgiBot was seeking a backdoor listing. However, the firm then clarified that it has no definite plans to make big changes or adjustments to Swancor’s main business within the next 12 months.

AgiBot acquired Swancor to establish a presence in the upstream segment of the materials industry’s supply chain, thus accelerating the mass production and global expansion of its products, the firm added.

Editor: Futura Costaglione