LG Technology Ventures, the investment arm of LG Group, has established a new fund worth $309 million to bolster global startups specializing in artificial intelligence, batteries, and mobility.
The company announced this development in a statement released on Sunday.
The fresh injection of capital originates from four LG units, including LG Energy Solution and LG Chem, elevating the company’s total managed assets to a trillion Won.
This move comes as South Korea’s industry leaders, like LG, intensify their efforts to build more advanced AI models and nurture relationships with startups at the forefront of this field.
LG initiated its venture capital enterprise in Silicon Valley in 2018 with an initial fund of 600 billion Won. Since then, LG has invested over 400 billion Won in various companies.
Among these investments is Anthropic, an AI startup founded by former employees of OpenAI, which aims to create safer versions of chatbot software.
Another notable investment includes Allganize, a company offering specialized corporate chatbot software in Korea, the United States, and Japan.
This strategic funding initiative by LG Technology Ventures signifies a significant commitment to fostering innovation and collaboration in the rapidly evolving sectors of artificial intelligence, battery technology, and mobility solutions.
It reflects the conglomerate’s broader strategy to stay at the forefront of technological advancement and support the development of cutting-edge startups around the globe.
