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LG steps up investment in global start-ups

Consumer Electronics 11:00 April 11, 2019

By Kim Eun-jung

SEOUL, April 11 (Yonhap) -- South Korean conglomerate LG Group said Thursday it has been looking for investment opportunities in various fields to keep pace with fast-changing technology trends and find new growth drivers.

LG Technology Ventures, LG's venture capital investment arm, has invested over $19 million in start-ups in emerging technology fields, including IT, automotive, manufacturing, bio, energy and advanced materials.

The amount is about 4.5 percent of $425 million fund assets raised by five LG affiliates in electronics, display, chemical, telecom and IT service provision for its establishment in 2018, the company said.

Among the companies are mobility software provider Ridecell and bio tech company Lygos, as well as cooking app SideChef and advanced material company Optodot.

Most recently, the investment arm invested in $2 million in AmazeVR, a virtual reality platform start-up in Silicon Valley.

"LG Technology Ventures is monitoring the technology development of global start-ups, while searching for investment opportunities in various fields, including artificial intelligence, virtual and augmented reality, bio, materials and displays," LG said in a release.

LG Group Chairman Koo Kwang-mo (fifth from right) poses with employees of company's affiliates during LG Tech Conference held in Silicon Valley in this photo provided by the company on April 11, 2019. (Yonhap)

ejkim@yna.co.kr
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