LG Electronics has invested 9 billion won ($8.46 million) in a local robotics company, the firm said Friday.

The electronics firm acquired 19,231 shares of Robotis, a Korean robot development company, obtaining a 10.12 percent stake.

According to LG, the investment is intended to speed up advancement in LG‘s robot business, which the company hopes will become a future engine for growth.

Robotis was established in 1999 and produces hardware such as control equipment and sensor modules as well as software for module management and robot operations. It is highly competitive in robot solutions and educational robots, and is well known for supplying both Korean and global companies with robot actuators.

LG is quickly expanding its robot business. The company has successfully piloted an information robot and cleaning robot at Incheon Airport, and presented three new robot concepts -- a serving, porter and shopping cart robot -- at the 2018 Consumer Electronics Show in Las Vegas. 

By Won Ho-jung (hjwon@heraldcorp.com)