LG CNS Supports Three AI Startups with 100 Million Won Each

From the left, Beomjin Park, co-founder of Recore; Jihong Kang, CEO of Lomin; Wooyong Choi, CEO of LOVO; Seunggeon Lee, director of LOVO; Byungrok Choi, CEO of Recore.

[Asia Economy Reporter Buaeri] LG CNS is supporting three startups related to artificial intelligence (AI).

On the 29th, LG CNS selected three companies to nurture as the third batch of its external venture fostering program, 'Startup Monster.' The selected companies will receive funding and opportunities to collaborate with LG Group for six months. LG CNS will provide each company with 100 million KRW in funding. Additional investments are planned for startups that engage in actual collaborative projects with group affiliates.

The companies selected through a competitive ratio of 80 to 1 are 'LOVO,' 'Romin,' and 'Recore.' LOVO offers an AI voice actor platform. They developed technology that learns voice actor voice samples through AI and then replicates the voice. LG CNS can apply LOVO's technology to voice services such as AI tutors and AI call centers.

Romin developed 'Text Scope,' an AI-based optical character recognition (OCR) solution. Text Scope is a technology that automatically recognizes analog information in documents and converts it into digital information. Recore developed 'Reware,' a big data and AI-based smart logistics platform. Reware builds and manages logistics hubs according to customer demand. It can be integrated with LG CNS's platforms such as smart factories and the Internet of Things (IoT) to enhance services.

LG CNS has been operating the Startup Monster program since 2018. While discovering promising startups, it secures partners for the group's digital transformation (DX). Over three years, Startup Monster has selected a total of nine startups.

Jeon Eun-kyung, head of LG CNS Information Technology Research Institute, said, "LG CNS is building an open ecosystem with promising startups," adding, "LG CNS secures new technologies early, and startups utilize the infrastructure, funding, and sales channels of large corporations in a win-win model."

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