LG Technology Ventures expands startup fund to $770 mn

2023.11.20 13:47:01 | 2023.11.20 18:16:15

[Courtesy of LG Technology Ventures]이미지 확대

[Courtesy of LG Technology Ventures]

South Korea’s LG Technology Ventures has expanded its operating fund to 1 trillion won ($770 million), the corporate venture capital firm under LG Group said on Sunday.

LG Technology Ventures — established in Silicon Valley in 2018 — aims to discover global startups with innovative technology.

Until now, LG Technology Ventures has raised 600 billion won from seven major LG companies including LG Electronics, LG Display, and LG Innotek to operate the fund. The venture capital firm has already executed about 70 percent of the entire funds.

This year, four LG affiliates — LG Energy Solution, LG Chem, LG Uplus, and LG CNS — have decided to invest in the fund, resulting in an operational fund exceeding 1 trillion won in total.

Over the past five years, LG has invested over 400 billion won in 64 entities, including global startups and venture capital funds, through LG Technology Ventures. Half of the investments have been made in the artificial intelligence (AI), biotech, batteries, and mobility sectors.

By Choi Seung-jin and Minu Kim

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]