LG Electronics (LG) announced investments of USD 10 million as a key limited partner in the newly established USD 130 million “Alpha Intelligence Fund (AIF)” by SBVA, a VC firm.
Through this investment, LG aims to expand cooperation with AI and deep tech startups and continue efforts to secure future technologies, ultimately seeking qualitative growth.
SBVA will curate a portfolio for AIF by selecting startups with high AI, deep tech, and robotics growth potential. The VC firm aims to leverage its global networks and resources to support these startups’ growth and meaningful achievements.
LG intends to accelerate its transformation into a “Smart Life Solutions” company by securing innovative technologies for its key growth engines, including platform-based service businesses, B2B businesses, and other new ventures.
For over 20 years, VC firm SBVA has invested in global startups, enhancing its expertise in ICT technology and strengthening its international network. By participating in the SBVA fund, LG plans to engage in the sharing of information on rapidly changing innovative technology trends and reflect these global market changes in its management strategies.
Eugene Yoo, vice president and leader of the Open Innovation Task at LG, said “By participating in the AIF, we aim to secure AI capabilities through active open innovation activities and strengthen our position within the AI value chain. We plan to discover and collaborate with capable startups to explore future business opportunities.”
“We will continue to make investments that accelerate technological innovation, leveraging our differentiated technical expertise, global network, and investment experience. We plan to maximize the growth potential of these companies by supporting the establishment of joint ventures with startups and major investors and by promoting collaborative business projects,” said SBVA CEO JP Lee.
The company plans to continue efforts to secure future core technologies and expand its business areas beyond the home to business spaces, mobility, and more.
In July, LG acquired an 80 percent stake in Athom, a smart home platform company, and signed a contract to acquire the remaining 20 percent within the next three years. In March, LG invested USD 60 million in Bear Robotics – an AI-based autonomous service robot startup.
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