LG Electronics (LG) has committed USD 10 million as a key limited partner in the newly established USD 130 million “Alpha Intelligence Fund (AIF)” by SBVA. This fund aims to support startups specializing in artificial intelligence (AI), deep tech, and robotics. SBVA will curate a portfolio for the AIF by selecting startups with high growth potential in these sectors, leveraging its global networks and resources to support their development.
By participating in the SBVA fund, LG aims to stay updated on rapidly changing innovative technology trends and incorporate these insights into its management strategies. This investment is part of LG’s broader effort to secure future technologies and foster qualitative growth through cooperation with innovative startups.
Let’s be honest though, instead of another robot vacuum, I think we would much prefer something that sorted and folded our laundry for us. Or picked up around the house.
Earlier actions by LG include acquiring an 80 percent stake in Athom, a smart home platform company, and investing USD 60 million in Bear Robotics, an AI-based autonomous service robot startup. Additionally, through LG NOVA, the company’s Silicon Valley-based innovation center, LG has been conducting annual contests to discover and nurture startups with innovative ideas, focusing on sectors such as digital healthcare, clean tech, and AI.
Eugene Yoo, vice president and leader of the Open Innovation Task at LG, stated that the company aims to secure AI capabilities through active open innovation activities and collaboration with capable startups. SBVA CEO JP Lee emphasized the firm’s commitment to supporting technological innovation by leveraging its expertise, global network, and investment experience.
For more information, view LG’s announcement here.
