South Korean conglomerate LG Group said on April 11 it has been looking for investment opportunities in various fields to keep pace with fast-changing technology trends and find new growth drivers.
LG Technology Ventures, its venture capital investment arm, has invested over $19 million in startups in emerging technology fields, including IT, automotive, manufacturing, bio, energy and advanced materials.
The amount is about 4.5 percent of $425 million fund assets raised by five LG affiliates in electronics, display, chemical, telecom and IT service provision for its establishment in 2018, the company said.
Among the companies are mobility software provider Ridecell and bio tech company Lygos, as well as cooking app SideChef and advanced material company Optodot.
Most recently, the investment arm invested in $2 million in AmazeVR, a virtual reality platform startup in Silicon Valley.
“LG Technology Ventures is monitoring the technology development of global startups, while searching for investment opportunities in various fields, including artificial intelligence, virtual and augmented reality, bio, materials and displays,” LG said in a release.
By Ram Garikipati and newswires (firstname.lastname@example.org)