LG

■ LG Technology Ventures, LG Electronics, and seven other affiliates have raised approximately $780 million fund to invest in promising startups to prepare for future growth. The fund initially totaled KRW 600 billion (approximately, 480 million USD) with an additional KRW 400 billion (approximately, 300 million USD) injected this year, bringing the total fund to over KRW 1 trillion (approximately 780 million USD).
 
■ LG Technology Ventures has expanded its reach by investing over KRW 400 billion in 64 global startups and venture capital funds in the past five years.
 □ Half of these investments focus on AI, bio, battery, and mobility sectors, with recent investments including Anthropic, founded by researchers from OpenAI, and Allganize, which provides all-in-one solutions based on large language models (LLM). 
 □ The venture also expands its portfolio with investments in Inworld AI, which specializes in virtual character creation platforms, and Element Energy, renowned for its lithium-ion battery management system technology. 
 
 
LG is preparing for the future by increasing the size of its Silicon Valley-based LG Technology Ventures investment fund to KRW 1 trillion. This move demonstrates LG's commitment to working with global startups that have innovative technologies which complement its core businesses or drive future growth.
 
Established in 2018 as a corporate venture capital (CVC) firm, LG Technology Ventures oversees a fund of approximately KRW 600 billion. Seven major LG affiliates, including LG Electronics, LG Display, LG Innotek, LG Chem, LG Energy Solutions, LG Uplus, and LG CNS, have set up this fund, and about 70 percent of it has already been invested. This year, four affiliates, LG Energy Solutions, LG Chem, LG Uplus, and LG CNS, have opted to contribute to a follow-on fund, bringing the total to over KRW 1 trillion. With this additional capital, LG Technology Ventures can continue to seek new startup opportunities and reinforce its commitment to investing in innovative technologies.
 
Over the past five years, LG has invested more than KRW 400 billion in 64 global startups and venture capital funds through LG Technology Ventures. This strategic investment is aimed at finding new business opportunities and securing future technologies. Approximately, half of this investment has gone into sectors such as AI, bio, battery, and mobility.
 
LG Technology Ventures recently expanded its investment portfolio by adding Allganize, a company that develops and provides all-in-one solutions based on LLM, and Anthropic, a company founded by researchers from ChatGPT developer OpenAI.
 
Allganize operates in Korea, the US, and Japan, providing AI solutions to over 200 companies and public institutions to improve workplace productivity. Anthropic launched in July and has gained significant traction in the AI industry for its large-scale language model Claude2, with significant investments secured from tech giants such as Google ($2 billion) and Amazon ($4 billion).
 
LG Technology Ventures is actively investing in other promising startups. This year, the company made additional investments in Inworld AI, a US-based startup creating character platforms for virtual environments such as metaverses, VR/AR, and games. Using Inworld AI's advanced AI technology, LG U+ launched a global version of Kidstopia, a metaverse service for children, in the first half of this year. LG also led three investment rounds in Element Energy and May Mobility, which specialize in lithium-ion battery management systems and autonomous public transport and shuttle services, respectively.
 
In addition to startups, LG Technology Ventures is expanding its investments in global venture capital funds such as Northzone Ventures, U.S. Venture Partners, Sierra Venture Partners, Soft Bank Ventures Asia and Primer Sazze Partners.
 
"We will actively search for startups that can collaborate with LG affiliates to strengthen their future capabilities in line with our strategic direction," said Kim Dong-soo, CEO of LG Technology Ventures.
 
LG CEO Kwang Mo Koo's visit to LG Technology Ventures in 2019 underscores LG's commitment to discovering promising global startups and preparing for the future.