LG Electronics North America Innovation Center Raises $100 Million Fund... "Investing in Global Startups"

Fostering Digital Healthcare, Energy, and AI Startups
Fund Established by End of Next Year... Investment to Exceed Fivefold by End of 2020
Jo Joo-wan: "Accelerating Preparation for Future Growth Sectors"

LG Electronics announced on the 3rd that it plans to create a fund worth more than $100 million (approximately 130 billion KRW) by the end of next year to invest in global startups. It will increase investments in partnership with the global venture investment firm Clearbrook.

LG Electronics' North America Innovation Center (LG NOVA) recently signed an agreement with Clearbrook to establish the fund by the end of next year. This investment amount is more than five times the $20 million (approximately 2.6 billion KRW) fund raised at the launch of LG NOVA at the end of 2020.

They will invest in global startups possessing leading technologies and solutions in future new business fields such as digital healthcare, eco-friendly energy, and artificial intelligence (AI). The plan is to support startups to grow rapidly and seek collaboration opportunities across various new business areas.

Jo Joo-wan, CEO of LG Electronics.
[Photo by LG Electronics]

LG NOVA is an organization established in Silicon Valley, USA, to discover new business models and collaborate with innovative startups. On the 12th of last month, at LG Science Park in Magok, Seoul, CEO Jo Joo-wan mentioned that LG NOVA is a strategic investment-focused organization for digital healthcare while presenting the vision and strategy for 2030. The center is led by Executive Director Lee Seok-woo, an IoT business development expert and former Deputy Director of the U.S. National Institute of Standards and Technology (NIST).

Since 2021, LG NOVA has been conducting an idea contest called "Mission for the Future" annually to select global startups. Through the 1st (2021?2022) and 2nd (2022?2023) rounds, startups in healthcare, cleantech, mobility, connected home, and metaverse fields were selected. This year, they plan to discover startups in new business fields and seek collaboration opportunities through the contest. In connection with this, the "Innovation Festival" is also planned to be held in San Francisco, USA, on October 25?26 (local time). This event will mark its third year, gathering Silicon Valley venture companies and investors to discuss the direction of future innovative technologies and solutions.

CEO Jo stated, "We have announced that we will actively promote collaboration with overseas startups and joint investments with venture capital firms to secure new growth engines. In particular, by utilizing LG NOVA and cooperating with global specialized investment firms such as Clearbrook, we will identify promising startup technologies and solutions and accelerate preparations for future growth areas."

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