Korean multinational giant, LG Electronics, is poised to boost its future investments by collaborating with professional venture capitalists and significantly expanding its global startup investment portfolio. In a strategic move, LG’s North American Innovation Center (LG NOVA) has partnered with Clearbrook, a global venture capital firm, to establish a significant global startup fund projected to exceed $100 million by the end of 2024. This fund represents more than a fivefold increase from the initial $20 million fund launched in late 2020.
LG Electronics’ primary objective of the increased funding is to identify and invest in innovative companies that are at the forefront of future new business fields such as digital healthcare, eco-friendly energy, and artificial intelligence. The company aims to support and nurture these startups, facilitating their rapid growth and exploring collaborative opportunities in various new business areas.
LG NOVA was established in late 2020 with the mission of discovering new business models in Silicon Valley and fostering partnerships with industry-leading innovative startups. Headed by Lee Seok-woo, a prominent business development expert in the Internet of Things (IoT) field and former deputy director of the National Institute of Standards and Technology (NIST), LG NOVA is now considered a central organization for strategic investments in the digital healthcare sector.
Joo-Wan Jo, CEO of LG Electronics, recently discussed LG NOVA while outlining his future vision and strategy at LG Science Park in Seoul. Cho expressed the company’s dedication to promoting collaboration with overseas startups and joint investments with venture investors to secure new growth engines. He stated, “We will work together to find technologies and solutions from promising startups and accelerate preparations for future growth areas.”
Starting in 2021, LG NOVA initiated the ‘Mission for the Future’, an annual idea contest inviting global startups to propose cooperation in new business areas. Through the first two editions, startups in fields such as healthcare, clean tech, mobility, connected home, and metabus were selected. This year, the center is holding ‘Tasks for the Future’ to continue discovering promising startups in new business fields and explore opportunities for collaboration
In furtherance of its commitment to fostering innovation, LG Electronics is also planning the ‘Innovation Festival’ in San Francisco, USA, on October 25-26 (local time). The festival, which is celebrating its third year, serves as a platform for venture companies and investors in Silicon Valley to discuss ground breaking technologies and solutions that will shape the future.
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- Seoul Metropolitan Government Unveils $158 Million Investment Plan to Establish Global Robot City
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