Under its fourth-generation leader Koo Kwang-mo, LG Group is expanding investments in startups in the fields of latest technologies such as mobility and virtual reality in Silicon Valley, according to the group on Thursday.
Chairman and CEO Koo visited Silicon Valley last week and toured the group’s venture capital arm, LG Technology Ventures, as part of the group’s efforts to increase investments in new future technologies.
The group said the investment unit has invested a total of $19 million in various US-based startups, including $5 million in mobility platform software developer Ridecell in October and $2 million in virtual reality platform firm AmazeVR recently.
LG Chairman Koo Kwang-mo poses for a picture with participants at the LG Tech Conference in San Francisco over the weekend. (LG Group)
LG Technology Ventures is a $425 million fund operator set up by LG Electronics, LG Display, LG Chem, LG Uplus and LG CNS.
It has invested in lithium-ion battery maker Optodot, recipe and food delivery platform SideChef and mobile industry venture capitalist Nautilus Venture Partners.
The visit to Silicon Valley was Koo’s first overseas trip as LG chief.
“Koo has emphasized the importance of discovering startups at home and abroad in pursuing open innovation,” the group said.
By Song Su-hyun (firstname.lastname@example.org)