LG

CTOs Convene to Explore Future Investment Opportunities
 
■ LG Technology Ventures shared its investment performance in the US over the past five years and discussed future strategy at the Open Innovation Summit. 
 □ The company announced investment of approximately KRW 400 billion in 60 global startups specializing in AI, battery technology, mobility and biotechnology. 
 □ The summit was attended by CTOs from various LG affiliates, including LG Electronics and LG Innotek, as well as head of LG CNS’s Convergence Technology Research Center and LG Uplus’ Strategic Investment Unit lead to explore opportunities with global startups. 
 □ Executives from LG Chem, LG Energy Solution, and LG Innotek shared insights into their current business operations, technology, and future strategies, expressing a keen interest in exploring investments in sectors like batteries, biotechnology, cleantech, and IT components.
 □ The summit featured successful collaborations with LG-backed startups, including: 'Brelyon,' which is innovating new display form factors; 'Claroty,' which specializes in security solutions for industrial equipment; and, 'South 8 Technologies,' which is advancing liquid gas electrolytes for high-performance batteries. 
 
 
LG's corporate venture capital arm, LG Technology Ventures, hosted a two-day venture networking event with global startups and venture capitals in Silicon Valley starting June 26th. This initiative aimed to broaden LG’s startup innovation ecosystem and secure future growth engines. 
 
The event was held for the first time and saw participation from seven LG affiliates and LG Sciencepark – LG Electronics, LG Chem, LG Energy Solutions, LG Display, LG Innotek, LG Uplus, and LG CNS – and drew over 240 CEOs and key stakeholders from 140 companies, along with startups under consideration for future investments and representatives from a variety of global venture capital firms.
 
LG Technology Ventures was established in May 2018 in Silicon Valley to identify innovative startups worldwide that could synergize with LG’s core businesses and become future growth engines. The fund, supported by seven major LG affiliates – LG Electronics, LG Chem, LG Energy Solutions, LG Display, LG Innotek, LG Uplus, and LG CNS – has invested roughly KRW 400 billion in over 60 global startups and venture capitals across various regions worldwide, including the U.S., Canada, Israel, Singapore, China, and Korea. 
 
Through this event, LG Technology Ventures aimed to highlight its five-year investment performance and announce LG's future strategy, while providing startups with investment opportunities and prospects for collaboration. 
 
■ LG executives from CTOs to CSOs participated in the event to secure LG's future growth engines. 
 
LG announced business plans and venture investment strategies for each affiliate, engaging directly with the Silicon Valley venture ecosystem to uncover future growth engines. Numerous LG executives, including LG Sciencepark President I.P Park(CEO), LG Electronics Executive Vice (CTO) Kim Byoung-hoon, LG Energy Solution Executive Vice President (CTO) Shin Yeong-jun, LG Display Executive Vice President (CTO) Yoon Soo-young, LG Innotek Executive Vice President Moon Hyuk-soo and Kang Min-seok (CSO, CTO), LG Chem Senior Vice President Min Kyung-hwa (IP General Manager), LG CNS Vice President Jeon Eun-kyung (Convergence Technology Research Institute Director), and LG Uplus Director Kim Seong-mook (Strategic Investment Unit) and others attended the event, highlighting LG’s proactive approach in diverse sectors such as electronics, chemicals, communications and services to forge partnerships with pioneering startups. 
 
Separate sessions by LG Chem, LG Energy Solutions and LG Innotek were held where they announced intentions to actively invest in and collaborate with global startups and venture capitals in the battery, cleantech, biotechnology, and IT components sectors. LG Sciencepark CEO I.P Park detailed LG’s open innovation initiatives like the Innovation Council, which gathers global experts to discuss industry trends, and the SUPTERSTART platform, both of which are instrumental in discovering and nurturing startups.
 
The event also spotlighted collaboration successes with startups like Brelyon, which is developing an expandable glass-free 3D monitor using LG Display OLED panels; Claroty, which has partnered with LG in implementing cybersecurity solutions; and, South 8 Technologies, working with LG on enhancing battery performance using liquefied gas electrolytes.
 
Through the investment in Claroty in 2021, LG introduced a subscription service utilizing Claroty's products and solutions which was implemented across multiple production sites last year.
 
On the first day of the LG Open Innovation Summit, LG officials met with leading venture capital firms such as Playground Ventures, Robert Bosch Venture Capital, and Sierra. These meetings facilitated an exchange of insights and explored potential areas for future cooperation, further emphasizing LG's dedication to open innovation and strengthening partnerships.
 
LG also set up an exhibition space to showcase and introduce products and services from startups, facilitating discussions on investment and collaboration opportunities.
 
"Over the last five years, LG Technology Ventures has been instrumental in pinpointing new growth opportunities for each LG affiliate. We remain dedicated to nurturing LG's distinct open innovation ethos while enhancing partnerships with promising global startups," said Kim Dong-su, CEO of LG Technology Ventures. His comments underscored the objectives of the two-day venture event, highlighting the company's strategic focus on collaboration and technological advancement.