Robot Company Luxrobo Establishes 'Lucky Box Solution' with Carrot Insurance

[Asia Economy Reporter Minji Lee] Robot company Luxrobo announced on the 29th that it has established a joint venture called ‘LuckyBox Solution’ with Carrot General Insurance, Korea’s first digital non-life insurance company.

Luxrobo has developed and mass-produced an IoT device called Carrot Plug for Carrot General Insurance, which has been leading innovation in the insurance industry, since last year. Recognized in the market for its IoT-related hardware and software capabilities, LuckyBox Solution was established to combine Luxrobo’s IoT technology with Carrot General Insurance’s digital insurance service competitiveness, aiming to capture the rapidly growing digital insurance service market.

With the establishment of this joint venture, a stable supply chain for the existing mass-produced Carrot Plug for automobile insurance has been secured, and a foundation has been laid to rapidly expand business into newly developed products for two-wheelers as well as domestic and international insurance services such as Pet care and Health.

Lee Daehwan, CEO of Luxrobo, said, “Becoming a joint venture partner with Carrot General Insurance signifies recognition of both our technological capabilities and stable supply capacity,” adding, “Through the establishment of this joint venture, we plan to expand our IoT solution business in the insurtech sector.”

Meanwhile, Luxrobo selected NH Investment & Securities as its lead underwriter in August last year and is preparing to apply for listing review in September this year. The company aims to go public by the end of this year or early next year.

Luxrobo stated, “We will continue to pursue additional strategic alliances or partnerships that can maximize business synergy,” and “We plan to actively recruit external talent in various fields such as research and development to secure new growth engines.”

This content was produced with the assistance of AI translation services.