LG

“LG will be aggressive in transforming our investments into the growth drivers of tomorrow.”
 
■ On the 21st, LG Chairman and CEO Kwang Mo Koo embarked on a four-day strategic visit to Boston and Toronto to assess company progress towards developing future strengths in the bourgeoning fields of biotechnologies and AI.
 □ In Boston, he visited LG Chem's Life Sciences’ Boston Headquarters (Innovation Center) and AVEO, a US-based pharmaceutical company acquired by LG Chem this year, to assess strategies for global expansion in biotechnologies, with a special focus on the development of new pharmaceuticals and anti-cancer therapies.
 □ In Toronto, he visited AI Lab, a prominent global AI R&D center founded by LG Electronics in 2018, to see how it is running and explore collaborative strategies between LG AI Research and affiliates, particularly in areas like smart homes and deep learning where advanced AI technologies are vital for success.
 
■ CEO Koo engaged with top-tier research institutions and promising startups in both cities, including Harvard Medical School's Cancer Research Institute and a research organization founded by one of the world’s foremost AI experts, to assess potential opportunities for collaborations.
 □ In Boston, he visited the Dana-Farber Cancer Center, a renowned research institute affiliated with Harvard Medical School, and LabCentral, a prominent hub for global biotech startups. 
 □ In Toronto, he visited Vector Labs, founded by top AI expert Jeffrey Hinton, and Xanadu, a leader in quantum computing, to explore the latest AI trends, potential collaborations, and enhance competitiveness.
 
■ "As we look back on how the company has grown, it’s clear that LG has always been a decade or two ahead of the trends," said CEO Koo Kwang-mo. "AI and biotechnologies are still emerging but we are dedicated to putting them at the core of LG's future. AI in particular is a game-changer that will ignite innovation across a range of industries, and we will work relentlessly towards executing our vision for it." 
 
■ LG aims to nurture new business ventures in AI, biotechnology, and cleantech, bringing them to the forefront of global industry trends in a way that mirrors the company’s success in transforming batteries, electronics, and OLED displays into flagship growth drivers.
 
 
LG Corp. Chairman and CEO Kwang Mo Koo began a four-day North American visit to Boston and Toronto on the 21st to assess the company’s strategic preparations for fostering growth in AI and biotechnology, while also examining market trends in other key emerging businesses. In Boston, he visited LG Chem's Life Sciences’ Boston Headquarters (Innovation Center) and AVEO, a US-based company specializing in anti-cancer drugs acquired by LG Chem in January. In Toronto, he visited AI Lab, a prominent global AI R&D center.
 
LG has identified AI, biotechnology and cleantech as key industries to focus on for future growth and is actively strengthening its capabilities and competitiveness in those areas. To that end, Chairman Koo has been touring key company facilities since last year, including visits to the LG AI Research in Magok and LG Chem plants in Osong and Cheongju, working to accelerate the company’s strategic efforts and cultivate core competencies that will blossom into market leadership and sustainable global competitiveness. 
 
■ Exploring biotechnology strategies in Boston, the epicenter of the global biotech industry.
 
Boston is recognized globally as the epicenter of the biotech industry, hosting over 2,000 bio-related companies and research institutes. In a strategic move in 2019, LG Chem Life Sciences expanded its global footprint by establishing a Global Innovation Center in Boston. The new center was designed to be a hub for developing advanced biotechnologies and pharmaceuticals, while also working to integrate operations with AVEO Pharmaceuticals. 
 
A key meeting at the Global Innovation Center was attended by CEO Kwang Mo Koo, Jee-woong Son, head of LG Chem Life Sciences, Dong-Soo Lee, head of the Boston office, and Michael Bailey, CEO of AVEO. Discussions focused on the direction of the new pharmaceuticals business, strategies to enhance global commercialization capabilities, and AVEO's development strategy. 
 
CEO Koo’s visit highlighted his review of strategies for groundbreaking pharmaceuticals development, including anti-cancer and cell therapy medications. He also assessed efforts to enhance business competitiveness following the acquisition of AVEO. 
 
LG Chem Life Sciences company is working to expand global clinical projects and improve commercialization, with a keen focus on anti-cancer drugs and cell therapies. Through the acquisition of AVEO, LG Chem is accelerating its penetration into the US market, eyeing a significant share in the global innovative drug sector with the goal of emerging as a leading global pharmaceutical company by 2030.
 
Reflecting on LG’s trajectory, CEO Koo said that "LG has always been at the forefront of new industries, with a talent for looking decades ahead to anticipate upcoming trends." He pointed to the battery business, now a flagship sector for LG, as evidence of the company's perseverance, with over 30 years of technology development, investment, and consistent execution despite challenges and setbacks.
 
"LG's biotechnology business is still in its early stages, but with continued dedication and perseverance, it holds the potential to grow into a significant business that reflects LG's legacy of success," he added.
 
■ CEO Koo visits Toronto to assess strategic progress on growing competitiveness in AI
 
Following Boston, CEO Koo proceeded to Toronto on the 22nd to assess strategic progress on growing the company’s future global competitiveness in AI. 
 
Home to the University of Toronto, the city is a major center of AI excellence globally, and is where LG Electronics established LG Group's first global AI research center, the AI Lab, in 2018. Discussions between CEO Koo, Chief LG AI Research Bae Kyung-hoon, Chief Scientist of AI at LG AI Research Hong-lak Lee, and LG Electronics CTO Kim Byoung-hoon at the AI Lab revolved around AI's current business applications business, and how the company can foster both R&D and stronger collaborations throughout the group’s affiliates.
 
AI Lab, which runs in collaboration with the University of Toronto, conducts innovative AI research for LG Electronics with the goal of using the discoveries to enhance a variety of solutions from LG, including smart home, smart car, online channels and more, all of which are aimed at transforming customer experiences.
 
During the meeting, CEO Koo emphasized his commitment to delivering differentiated customer value by leveraging AI to enhance execution capabilities and core competencies. The aim is to generate more success stories by integrating AI into LG's products and services, and even its operations. 
 
"AI is a game changer that will ignite innovation across all industries, and our preparation for it will have a significant impact on our business structure," said CEO Koo.
 
LG has been conducting AI research across its affiliates and began developing its AI business in earnest in 2017 with the establishment of the LG Electronics AI Lab. In 2020, the company established the group-wide LG AI Research to solidify technologies and capabilities in AI and usher in meaningful changes centered around AI. 
 
"The pace of AI-related technology development is rapid, and competition is intensifying," said CEO Koo. "Let's swiftly apply the technologies we've secured to our affiliates' businesses to leverage tangible results and enhance our competitiveness based on lessons learned. Innovation through AI should transcend product and service improvements and must always be focused on what customers value most." 
 
CEO Koo concluded by urging employees to "take pride in shaping LG's future and pursue it with unwavering determination."
 
■ CEO Koo toured world-class research institutions and startups in both Boston and Toronto.
 
Beyond touring LG’s own facilities, CEO Koo also visited leading research institutes and startups in the two cities to identify future market trends and explore potential collaborations, thereby underscoring LG's ambition to be a global leader in AI and biotech. 
 
"In addition to visiting LG's affiliates, we also spent time at some of the world's leading anti-cancer and AI research institutes. Our goal was to witness the current situation of the industry up close and spearhead future development by fostering businesses like AI and biotechnology to a top-tier level globally," said an LG official, who added that "this initiative fully reflects the vision of CEO Koo."
 
The tour included Boston’s Dana-Farber Cancer Institute, acclaimed for its cancer research facility and affiliation with the Harvard Medical School, and LabCentral, a biotech and pharmaceutical startup incubator. 
 
Dana-Farber is a leading cancer research institute that developed 35 out of 75 anti-cancer drugs approved by the FDA in the last five years. The institute conducts approximately 1,000 clinical trials annually, actively collaborates with pharmaceutical companies and hospitals, and boasts a hospital with a dedicated cell therapy production facility.
 
A highlight of CEO Koo’s visit was a discussion with Dana-Farber's CEO Laurie Glimcher, which focused on creating synergy between research centers and pharmaceutical companies, as well as the latest trends in cancer research. 
 
CEO Koo also met with Johannes Fruehauf, founder and current CEO of LabCentral, a prominent biotech and pharmaceutical startup incubator in Boston. Fruehauf provided insights into Boston's biotechnology entrepreneurship ecosystem and its global model for incubating innovative startups.
 
LabCentral is widely recognized as a leading startup incubator in the biotech sector, providing office space, lab equipment, mentorship, and opportunities for collaboration between startups to refine their ideas for innovative drug discovery. Many cities worldwide are adopting LabCentral's model as a blueprint for introducing similar programs. 
 
After exploring future trends in the biotechnology sector in Boston, CEO Koo continued to Toronto, where he visited Vector Labs and Xanadu Labs. The purpose of this visit was to explore the latest technology trends in AI to enhance LG's AI competitiveness.
 
Vector Labs was established by one of the world’s leading AI scholars, Geoffrey Hinton, and specializes in applied AI research, including machine learning, deep learning, and robotics. It serves as a hub for collaboration among companies, universities, and startups, and has been instrumental in the development of groundbreaking technologies such as Google's deep learning, Uber's autonomous driving, and NVIDIA's computer vision.
 
Xanadu is a prominent quantum computing company founded in 2016. Its estimated corporate value is $1 billion (approximately 1.34 trillion won).
 
Quantum computing uses the principles of quantum mechanics to perform computations significantly faster than conventional computers. Given the demand for rapid data computation in AI, the integration of quantum computing technology is poised to propel the field of AI to unprecedented heights in the future. 
 
LG aims to enhance its capabilities in future growth engine sectors such as AI, biotechnology and cleantech over the next 10 to 20 years, much as it began nurturing its dominance in batteries, electronics, and OLED displays with bold investments made 20 to 30 years ago. Within LG, there is a shared understanding among management of the vital need for making these strategic investments now.