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Although CES is often described as a new gateway of opportunity for robotics startups, it has become increasingly difficult for innovation seekers to distinguish truly promising companies amid the event’s short annual cycle and the overwhelming number of “Innovation Award” recipients. At CES 2024 alone, 134 Korean companies received Innovation Awards, including 116 venture-backed startups, making it harder for award-winning firms to stand out.

For this reason, our publication chose to focus not on awards, but on companies demonstrating clear growth potential. One such company is LPTech Co., Ltd, a three-year-old startup that has rapidly increased its revenue and established strong financial independence. We introduce LPTech as a startup that may appear modest when it comes to fundraising, yet excels at generating real revenue.

Every year, numerous Korean robotics companies attend CES in Las Vegas to create global business opportunities and gain insights into worldwide market trends. Korean robotics startups that gain momentum through CES often become even busier after the exhibition ends—sending company profiles to overseas contacts and continuing unfinished meetings via online conferences. This has become a familiar post-CES scene.

While the growing number of overseas expansion cases among Korean robotics startups is encouraging, most startups begin with limited capital and manpower, relying heavily on new ideas or business models. In reality, however, it is far more sustainable to enter overseas markets with a solid business foundation. Companies that survive solely on external investment without a stable cash-generating structure may find opportunities turning into risks.

For these reasons, LPTech, which participated in CES 2024, deserves special attention. Founded in 2021, the company recorded a sharp increase in revenue last year and has entered a full-scale growth trajectory. LPTech has begun strengthening its organizational and production capabilities—expanding manufacturing capacity and hiring additional staff—to sustain a quantum leap in growth. As the company has grown rapidly in a short period, its first product, the Teaching-less Gripper, has once again come into the spotlight.

Expanding Production Capacity

KRW 200 million, 500 million, and 2 billion—these are LPTech’s annual revenues over the three years since its founding in 2021. In its early days, the company pursued multiple business lines such as automation consulting and factory automation (FA) distribution to survive, while introducing its core product, the Teaching-less Gripper, to the market. As demand for the gripper surged after gaining market recognition, LPTech has now shifted its focus entirely to gripper manufacturing.

CEO Park Hyung-soon stated,

“Last year alone, our actual order volume reached KRW 3.6 billion. Although we continuously worked to strengthen our manufacturing capabilities after founding the company, our production capacity struggled to keep up with the rapidly increasing market demand.”

He added,

“With verification completed not only in semiconductors and displays but also in the food industry, we expect further expansion. This year, we are preparing multiple capacity expansion options, including expanding domestic production bases or establishing a manufacturing facility in Vietnam.”

Teaching-less Gripper Powered by Proprietary Technology

LPTech’s core product is the Teaching-less Gripper. Unlike conventional grippers that repeatedly operate based on pre-programmed instructions tailored to specific workpieces, the Teaching-less Gripper is designed to handle multiple products of varying sizes—a key requirement in high-mix, low-volume manufacturing environments.

What distinguishes LPTech’s solution is that this functionality is achieved without expensive external sensors, relying instead on proprietary mechanical design and software technology. This significantly reduces costs. CEO Park explained:

“Previous approaches required expensive sensors on each gripper finger with individual force control, which significantly increased costs. In contrast, LPTech’s patented Teaching-less Gripper detects contact with the workpiece regardless of which finger touches it, and performs handling tasks using highly precise torque control technology.”

The Teaching-less Gripper is also highly effective in handling small, delicate products. In testing, LPTech successfully handled workpieces smaller than 5 mm with minimal contact surfaces and hollow structures prone to breakage—without slipping or damage.

The ability to physically grip small and fragile objects is a critical competitive advantage. Park emphasized:

“In environments where vacuum systems cannot be used due to pneumatic wiring or noise issues, our Teaching-less Gripper demonstrates exceptional competitiveness. At CES 2024, we also observed growing interest in using robots in homes and indoor environments. In such service robot applications, where pneumatic systems are impractical, the Teaching-less Gripper could become a key solution.”

Global Expansion Strategy: “Strong Fundamentals as a Launchpad”

LPTech’s rapid revenue growth has attracted attention from various domestic and international organizations. Among 15 robotics startups participating in Korea Midland Power’s shared growth program, LPTech achieved the strongest performance and was selected as an outstanding partner company. Leveraging networks formed at a briefing session hosted by Korea Midland Power in Jakarta, LPTech signed an MOU with Indonesian robotics automation company Thrive.

In December 2023, LPTech also received a Ministerial Award from the Ministry of SMEs and Startups of Korea in recognition of its contribution to national industry. At CES 2024, the company received strong interest from potential customers and investors across the globe—including companies from Mexico, Canada, the United States, China, Luxembourg, and even global corporations such as Sony.

CEO Park noted:

“We met companies interested in integrating our gripper into their equipment, as well as firms exploring applications in future-oriented sectors such as aerospace. One company based in Mexico even proposed establishing a joint venture.”

Looking Ahead  

Park concluded by outlining the company’s ambitious goals:

“This year, our goal is to achieve 500% year-on-year revenue growth and surpass KRW 10 billion in sales. To accomplish this, we plan to expand our manufacturing base in Vietnam while simultaneously broadening sales channels by industry and country. In addition to the food sector, which has already been verified, we are closely watching smart farming applications that require safe handling of thin, easily torn leaves.”

Source: 로봇기술(https://robotzine.co.kr/entry/268761)