On Monday, Hyundai Motor Group announced it has officially acquired Boston Dynamics, valuing the innovative robotics company at $1.1 billion. The com

Hyundai Buys Robot Maker Boston Dynamics, Valuing Company at $1.1B

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2021-06-22 04:00:05

On Monday, Hyundai Motor Group announced it has officially acquired Boston Dynamics, valuing the innovative robotics company at $1.1 billion. The completed deal gives the South Korean automotive giant controlling interest in Boston Dynamis, bringing it one step closer to its goal of advancing the world of robotics and mobility.

A longtime leader in this space, Boston Dynamics has developed several agile, mobile robots since it spun out of MIT back in 1992. The company is perhaps best known for Spot, a quadrupedal robo-dog that can open doors, walk up stairs and even dance. Spot hit the commercial market last year, joining the hundreds of other robots Boston Dynamics offers across the construction, manufacturing and mining industries. The company also recently unveiled Stretch, its first commercial robot meant specifically for warehouse facilities and distribution centers.

Boston Dynamics was purchased by Google in 2013, then Japanese investment firm SoftBank in 2017, which bought it from Google for $100 million then injected $37 million more in 2019. Now, Hyundai holds an 80 percent stake in the company and SoftBank retains the remaining 20 percent.