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[Press Vision] Why LPTech Co., Ltd. Is a Robotics Startup Worth Watching

Sensorless “Teaching-less Gripper” Draws Attention at CES 2024

[Robot Technology 2024]

While CES has become a new arena of opportunity for robotics startups, it has also grown increasingly difficult for observers to identify true innovation amid the event’s short annual cycle and the proliferation of “Innovation Awards.” At CES 2024, a total of 134 Korean companies received Innovation Awards, including 116 venture-backed startups—making it harder than ever for award winners to stand out.

For this reason, this publication chose to focus not on award recipients, but on companies with proven growth potential. One such company is LPTech Co., Ltd., a three-year-old startup that has rapidly increased its revenue and established strong self-sustainability. Often modest when it comes to fundraising yet exceptionally strong in generating cash flow, LPTech Co., Ltd. is a startup that quite literally “knows how to make money.”

Every year in Las Vegas, CES attracts numerous Korean robotics companies seeking global business opportunities and insights into worldwide market trends. Startups that gain traction at CES often become even busier after the exhibition ends—sending company profiles abroad and continuing unfinished meetings via video conferences. This has become a familiar scene.

The growing number of Korean robotics startups entering overseas markets is certainly encouraging. At CES 2024, many domestic startups identified potential investors and business partners from around the world. However, most startups begin their journey with limited capital and manpower, relying on new ideas or business models. In reality, entering global markets is far more effective when built on a stable corporate foundation. Without a cash cow and relying solely on external investment, opportunities can quickly turn into risks.

For these reasons, LPTech Co., Ltd. stood out among the many startups at CES 2024. Founded in 2021, the company recorded a sharp increase in revenue last year and has now entered a full-scale growth trajectory. It is currently undertaking structural improvements to sustain a “quantum jump,” including expanding production capacity and hiring additional staff. As the company’s growth accelerates, its flagship product—the teaching-less gripper—has also been rediscovered by the market.

Expanding Production Capacity

KRW 200 million, KRW 500 million, and KRW 2 billion—these are the revenues LPTech Co., Ltd. recorded over its first three years since its founding in 2021. In its early days, the company operated multiple business lines, including automation consulting and FA distribution, to ensure survival while introducing its core product, the teaching-less gripper, to the market. As demand for the gripper surged following market validation, LPTech has since shifted its primary focus to gripper manufacturing.

Park Hyung soon, CEO of LPTech Co., Ltd., stated:

“In reality, our order volume last year reached KRW 3.6 billion. While we consistently worked to strengthen our manufacturing capabilities since our founding, production capacity struggled to keep up with the rapid surge in market demand. With validation completed not only in semiconductors and displays but also in the food industry, we expect further expansion. This year, we are preparing multiple strategies to expand capacity, including strengthening our domestic base or establishing a production facility in Vietnam.”

Teaching-less Gripper Powered by Proprietary Technology

LPTech Co., Ltd.’s core product is its teaching-less gripper. Unlike conventional grippers that repeat pre-programmed tasks tailored to a specific workpiece, LPTech’s solution is designed for environments that require handling multiple products of varying sizes—a common challenge in high-mix production settings.

The teaching-less gripper achieves this functionality without expensive external sensors, relying instead on mechanical design and software expertise to significantly reduce costs. Park explained:

“Previously, handling multiple products required installing costly sensors on each gripper finger and controlling force individually, which dramatically increased costs. In contrast, our teaching-less gripper, based on patented technology, detects contact when any finger touches the workpiece and performs handling through highly precise torque control.”

Beyond handling objects of different sizes, LPTech’s teaching-less gripper also excels at manipulating extremely small and delicate items. In internal tests, the gripper successfully handled hollow workpieces smaller than 5 mm—objects with minimal contact area and a high risk of damage—smoothly and without slippage.

The ability to physically grip such small and fragile products represents a major competitive advantage. Park emphasized:

“In environments where vacuum systems cannot be used due to pneumatic wiring or noise constraints, our teaching-less gripper demonstrates exceptional competitiveness. Moreover, at CES 2024, we observed a growing trend toward using robots in homes and indoor spaces. In service robotics—where pneumatic systems are often impractical—the teaching-less gripper has strong potential to become a key solution.”

Global Expansion Strategy: ‘Strong Fundamentals as a Stepping Stone’

LPTech Co., Ltd.’s rapid revenue growth since its founding has attracted attention from numerous domestic and international organizations. Among 15 robotics startups participating in a shared-growth program led by Korea Midland Power, LPTech achieved the best performance and was selected as an outstanding partner company.

Building on networks formed during a briefing session hosted by Korea Midland Power in Jakarta, LPTech signed an MOU with Thrive, an Indonesian robotics automation company. In December 2023, LPTech also received the Ministerial Award from the Ministry of SMEs and Startups in recognition of its contribution to national industry.

Looking ahead, Park added:

“This year, our goal is to achieve a 500% increase in revenue compared to last year and surpass KRW 10 billion in sales. To do so, we plan to expand production bases in Vietnam while simultaneously broadening sales channels by industry and country. In addition to the food sector, where validation is already complete, we are closely watching the smart farming market, which requires the safe handling of thin and easily torn leaves.”

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