LG Electronics to invest $100 mn in global startups

[Courtesy of LG Electronics]

South Korea’s LG Electronics Inc. will join hands with a specialized venture investment firm to invest $100 million in startups around the world.

LG Electronics’ North American Innovation Center (LG NOVA) said on Thursday that the company will partner with U.S. investment firm Clearbrook LLC to create a startup incubation fund worth more than $100 million by the end of 2024. This is more than five times the size of the $20 million fund raised at the launch of LG NOVA in 2020.

“Through LG NOVA, we will collaborate with global professional investment firms like Clearbrook and find technologies and solutions from promising startups to accelerate our preparation for future growth areas,” said LG Electronics Chief Executive Officer Cho Joo-wan.

To keep up with the latest technology trends and actively seek out innovative companies, LG Electronics will work with external professional investment firms.

The investment targets are global startups with technology in future business areas such as digital healthcare, eco-friendly energy, and artificial intelligence (AI).

LG Electronics plans to support startups in their rapid growth and seek opportunities for collaboration in various new business areas.

LG NOVA was established at the end of 2020 to discover new business models and collaborate with innovative startups in the U.S. Silicon Valley.