LG CNS In-house Venture 'Polio Company' Spins Off

LG CNS announced on the 31st that its in-house venture, ‘Polio Company,’ has spun off.

The spin-off of Polio Company is the third, following ‘Danbi’ in 2018 and ‘Hempking’ last year. Polio Company was launched in August last year, led by Choi Jun-hyuk, a senior manager who worked at LG CNS for 14 years. Polio Company will launch an investment strategy trading platform next month. On this platform, users can develop their own investment strategies or purchase and utilize various investment strategies registered by multiple experts. Through the investment strategies selected by users, artificial intelligence (AI) recommends stocks that fit the strategies or guides users to buy and sell by linking with securities firm networks. LG CNS has dispatched in-house big data experts to Polio Company.

Since 2016, LG CNS has been operating an in-house venture nurturing program called ‘Idea Monster.’ Any in-house digital transformation (DX) expert can challenge themselves to create customer value by utilizing IT new technologies such as AI, big data, and robotic process automation (RPA). Idea Monster supports funding, space, and personnel for in-house ventures. It provides up to 1 billion KRW annually in operating funds and also offers a separate workspace at the headquarters. According to LG CNS, more than 30 startup teams apply on average to Idea Monster, but only 2 to 3 teams are finally selected. Even if selected for Idea Monster, the proportion of in-house ventures that lead to spin-offs is about 30%.

Jeon Eun-kyung, head of LG CNS Information Technology Research Institute, said, "Idea Monster provides an environment where IT new technologies can be commercialized," adding, "We will support startup teams to enhance customer value and grow into long-term technology partners by leveraging the DX capabilities accumulated by LG CNS."

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