LG

■ To secure R&D competitiveness in all areas of AI for enterprises, including products as well as office automation and factory intelligence
 
 
LG is ramping up its effort to secure future technologies through open innovation by expanding joint research with leading overseas universities in the field of artificial intelligence (AI).
 
LG Sciencepark signed a memorandum of understanding (MOU) with the University of Toronto for joint research on artificial intelligence for enterprises at the Collision Conference 2019 held in Toronto, Canada on May 22.
 
The Collision Conference, called "CES in the AI sector," will be held from the 20th to the 23rd, and more than 25,000 people from 120 countries around the world gather to showcase cutting-edge AI and big data technologies.
 
LG will first conduct research on artificial intelligence for enterprises, such as office automation through robotic process automation (RPA), process design to manufacture and verify products without errors, plant intelligence that learns and optimizes itself by considering the status of parts and task priorities.
 
The University of Toronto, known for professor Geoffrey Hinton dubbed the "godfather of AI," has collaborated with global companies to secure original AI technologies, creating remarkable achievements in the field of artificial intelligence.
 
With this agreement, LG Electronics' Toronto AI Research Lab, which opened in August of last year, will conduct artificial intelligence research applied to products while the Toronto Enterprise AI Lab newly established by LG Sciencepark will study artificial intelligence for enterprises that can be applied to industries, logistics, and manufacturing sites. The Toronto Enterprise AI Lab will begin full operation in July.
 
LG plans to lead the AI sector by using the excellent research performance of the University of Toronto and Canada's AI-related infrastructure to secure key technologies for products and enterprises.
 
Market research firm Gartner estimates that the global AI market, which is worth $1.901 trillion this year, will grow to $3.923 trillion by 2020 with a double-digit growth rate every year.
 
LG has increased investments in artificial intelligence at the company-wide level, such as establishing the "AI Division" under LG Sciencepark in April and hiring AI professionals. The AI Division will be responsible for setting the group's mid- to long-term artificial intelligence strategy, discovering business models, and helping create synergies among subsidiaries.
 
Christopher Yip, Vice-Chancellor of the University of Toronto, said, "We will expand effective research whose results can reach end customers including customers and enterprises by rapidly securing future technologies and fostering talent with LG."
 
Seung-kwon Ahn, CEO of LG Sciencepark, said, “We expect to be able to quickly secure the driving force for innovation and preparation for the future through open innovation in the field of artificial intelligence. We will accelerate our efforts to secure future AI-related technologies early and develop new business models."