LG is accelerating its preparation for the future by expanding the operational fund size of LG Technology Ventures, established in Silicon Valley in the U.S., to 1 trillion won (US$775 million).
In 2018, LG established LG Technology Ventures, a corporate venture capital (CVC) firm, in Silicon Valley to identify global startups with innovative technologies that can synergize with the key businesses of LG affiliates and become future growth engines.
LG Technology Ventures has been managing a fund of about 600 billion won, contributed by seven major LG companies including LG Electronics, LG Display, LG Innotek, LG Chem, LG Energy Solution, LG Uplus, and LG CNS, and has utilized about 70% of it.
This year, four affiliates including LG Energy Solution, LG Chem, LG Uplus, and LG CNS decided to contribute to the creation of a follow-up fund, thus operating a fund exceeding 1 trillion won. Through this, LG Technology Ventures plans to continuously discover new startups and strengthen the virtuous cycle of new technology investments.