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LG to invest 20 bln won in SoftBank Ventures Asia's startup fund

Consumer Electronics 16:08 November 26, 2019

SEOUL, Nov. 26 (Yonhap) -- LG Group said Tuesday it will invest 20 billion won (US$17 million) in SoftBank Ventures Asia Corp.'s fund focused on startups with artificial intelligence (AI) and other innovative technologies.

Four affiliates of LG Group -- LG Electronics Inc., LG Chem Inc., LG Uplus Corp. and LG CNS Co. -- will jointly raise 20 billion won for Softbank Ventures Asia's Growth Acceleration Fund worth 317.4 billion won, LG said.

The investment in the Japanese tech giant's venture unit is part of the Korean conglomerate's broader plan to develop advanced AI technologies that can be applied in a broad range of its products and services.

LG also unveiled a cloud-based AI platform for software developers to create synergy between its affiliates, vowing to expand collaborations with global IT giants, such as Amazon and Google.

"We will pave the way for digital transformation through R&D and investment in AI technologies designed to break the existing framework and create more customer value," said Ahn Seung-kwon, the chief of LG Science Park.

This file photo provided by LG Group shows LG Science Park in western Seoul. (PHOTO NOT FOR SALE) (Yonhap)

ejkim@yna.co.kr
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