[CES 2024] LG NOVA Lee Seok-woo "Startup Collaboration Achievements to Accelerate This Year"

LG Electronics North America Innovation Center Head: "Collaboration Cases Will Become New Business Models"

"If the past three years were about creating a cooperative ecosystem with startups and discovering and nurturing startups and external investors to move forward together, this year will be the year to fully demonstrate those achievements."

Lee Seok-woo, Vice President and Head of LG Electronics North America Innovation Center (LG NOVA), said this on the 9th (local time) at CES 2024, the world's largest electronics and IT exhibition held in Las Vegas, USA.

The LG Electronics North America Innovation Center exhibition hall located in Eureka Park, the CES startup pavilion in Las Vegas, USA.
[Photo by LG Electronics]

Vice President Lee said, "Some of the startups introduced at this exhibition are undergoing the Proof of Concept (PoC) stage, and some are discussing collaboration with LG Electronics business divisions," adding, "The cooperation cases between LG NOVA and startups will become a new model for new business ventures."

At CES, LG NOVA set up an exhibition booth in Eureka Park, a startup-exclusive pavilion, showcasing nine startups across four areas: ▲Digital Health ▲Clean Tech ▲Future Tech ▲Smart Life. Specifically, participants included XR Health, Mindset Medical, and C.Light Technologies in the Digital Health sector; Humano, DeepBrain AI, and Nakamir in the Future Tech sector; and Brikify, Roybi, and Key2Enable in the Smart Life sector.

Unlike previous years, when LG NOVA introduced startups selected through a global startup contest at CES, this year the focus is on showcasing startups currently under business review with LG Electronics. It serves as an opportunity to receive evaluations from investors and customers regarding the future growth engines LG Electronics is preparing.

Lee Seok-woo, Head of LG Electronics North America Innovation Center.
[Photo by LG Electronics]

LG NOVA is an organization established in late 2020 in Silicon Valley, USA, to discover new business models for LG Electronics and collaborate with industry-leading startups. Since 2021, it has held an annual global startup contest to discover startups with innovative ideas and support their commercialization to find new business opportunities.

To date, it has selected over 50 startups and is concretizing collaboration possibilities with LG Electronics. Last year, LG NOVA signed an agreement with global venture investment firm Clearbrook and expanded the existing NOVA Prime Fund from around $20 million to over $100 million, accelerating future investments. Recently, it also announced a strategic collaboration plan with West Virginia, USA, and specialized investment firms to foster future businesses in West Virginia over the next five years.

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