LG Technology Ventures, a venture capital firm established by LG Group in Silicon Valley to look for future growth engines, is investing in a biotech startup this time.
The company recently participated in a US$85 million series B funding round promoted by Arcellx in the United States, according to industry sources on Oct. 9. Arcellx currently develops multiple myeloma and acute myeloid leukemia treatments. This is the second biotech firm picked by LG Technology Ventures after Lygos, a bio-chemicals producer.
LG Group jointly established LG Technology Ventures with its five affiliates, including LG Electronics, LG Chem, LG Display, LG Uplus and LG CNS, with a total investment of US$425 million (507.15 billion won) last year. LG Technology Ventures is investing mainly in mobility, artificial intelligence (AI), robot, virtual reality (VR), bio-materials and next-generation display that have big growth potential.
Starting with the US$5 million (5.97 billion won) investment in mobility sharing software startup Ridecell in October last year, LG Technology Ventures has invested in Optodot, a startup which owns technologies related to the next-generation lithium-ion batteries and optical films, and SideChef, a platform that provides recipes and grocery delivery services. It has also invested in mobile venture firm “Nautilus Venture Partners” and VR platform service startup “AmazeVR.”