LIG Nex1 intends to acquire stake in quadruped maker Ghost Robotics
LIG Nex1 and a PE firm have offered to acquire 60% of quadruped maker Ghost Robotics. Source: Ghost Robotics
LIG Nex1 Co. has declared in a regulatory filing its interest in acquiring a controlling stake in Ghost Robotics Corp., which develops quadruped robots for the U.S. military and its allies, as well as industrial customers.
“We’ve been experiencing incredible growth over the past few years,” Gavin Kenneally, co-founder and CEO of Ghost Robotics, told The Robot Report. “We believe LIG Nex1 will be a great partner to help us grow domestically and internationally. This proposed partnership will also be positive for the national security interests of the U.S. and our close allies such as South Korea.”
Kenneally and co-founder Avik De both completed their Ph.D.s in Daniel Koditschek’s legged robotics lab at the University of Pennsylvania. They then co-founded Ghost Robotics in 2015 and were joined shortly thereafter by their first CEO, Jiren Parikh, until his untimely passing in March 2022.
The Philadelphia-based company said it has been building Q-UGVs (uncrewed ground vehicles) with customer partners for specific environments and government and enterprise uses. Its offerings include the Vision 60 UGV.
LIG plans to acquire share of Ghost Robotics at $400M valuation
Korea JoongAng Daily reported that LIG Nex1 plans to spend 187.7 billion won ($143.3 million U.S.), which reflects its 60% of the contemplated transaction value. A private equity investor would provide the remaining 40% of the total $240 million deal.
That $240 million is 60% of Ghost Robotics’ $400 million enterprise valuation, explained Kenneally. LIG Nex1, an aerospace and defense manufacturer previously owned by LIG Group, is required to declare its intent as a public company in Korea, he said. LIG plans to conduct the purchase through a special-purpose acquisition company, said Korea JoongAng Daily.
“We’re actively negotiating definitive agreements at the moment and look forward to achieving consensus and signing soon,” Kenneally said. “We’ll be going through the appropriate regulatory review steps and anticipate closing sometime in the second quarter of next year.”
He said Ghost Robotics will have more news to share about its technologies and market outreach after the deal closes.
About a year ago, Hyundai-owned Boston Dynamics filed a patent-infringement lawsuit against Ghost Robotics, which replied at the time that its systems are based on original research. That case is still pending.
Defense demand for ground robots market to grow
Despite ethical debates, robots in military and homeland security applications promise to improve efficiency and save lives. In March 2022, the U.S. Department of Defense specified policy, assigned responsibilities, and provided procedures for automated weapons platforms.
The global market for military robotics could expand from $22.78 billion in 2023 to $31.9 billion by 2028 at a compound annual growth rate (CAGR) of 6.97%, according to Mordor Intelligence. The market research firm said it expects demand for ground robots to be especially strong in defense and security applications.
Submit your nominations for innovation awards in the 2024 RBR50 awards.
The post LIG Nex1 intends to acquire stake in quadruped maker Ghost Robotics appeared first on The Robot Report.