Recently, LG Electronics announced an investment of $10 million into the newly established Alpha Intelligence Fund (AIF) by SBVA, aimed at fostering the development of AI and deep-tech startups. The Alpha Intelligence Fund totals $130 million and is managed by SBVA, originally a SoftBank Group subsidiary known as SoftBank Ventures Asia, which now operates independently. The fund targets high-growth potential startups in AI, deep-tech, and robotics, providing them with support.
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SBVA has over 20 years of experience investing in startups globally, accumulating extensive expertise in the ICT sector and strengthening its international network. LG's participation in this fund aims to share information on rapidly changing innovative technology trends and integrate these global market changes into its management strategy.
Eugene, the head of LG's open innovation mission, stated that through participation in the Alpha Intelligence Fund (AIF), LG seeks to enhance its AI capabilities and solidify its position in the AI value chain through proactive open innovation activities. LG plans to identify and collaborate with promising startups to explore future business opportunities.
Through this investment, LG hopes to strengthen collaborations with innovative startups and continuously strive to acquire future technologies, ultimately achieving qualitative growth. LG also plans to establish closer networks with global companies and startups, identify strategic investment opportunities, and acquire technological capabilities for future business.
LG is accelerating its transformation into a smart life solutions company, focusing on acquiring innovative technologies for key growth engines, including platform-based service businesses, B2B businesses, and other new business areas. Recently, LG acquired an 80% stake in a Dutch smart home platform company in Enschede and plans to acquire the remaining 20% within the next three years. Additionally, LG invested $60 million in Silicon Valley-based AI autonomous service robot startup Bear Robotics in March.
Furthermore, LG NOVA, LG's innovation hub in Silicon Valley, has been hosting an annual competition since 2021 to discover and nurture innovative startup ideas, support their commercialization, and seek new opportunities. LG NOVA focuses on sustainable growth and establishes robust development systems for future innovative industries such as digital healthcare, clean tech, and artificial intelligence.
Jay P. Lee, CEO of SBVA, stated that they will continue to invest, accelerate technological innovation, and leverage their expertise, global network, and investment experience to maximize the growth potential of these companies, support joint ventures with startups and major investors, and drive the implementation of collaborative projects.
Key Points:
🌟 LG Electronics invests $10 million in SBVA's Alpha Intelligence Fund to support AI and deep-tech startups.
🚀 SBVA has invested in over 100 companies globally, managing assets totaling approximately $2 billion.
💡 LG continues to expand its smart life solutions business through acquisitions and investments, focusing on acquiring future technologies.