SEOUL, Aug 20 (Bernama-dpa) -- South Korean conglomerate LG Electronics announced that it is significantly investing in startups focused on artificial intelligence (AI) and deep tech.
The company has pledged US$10 million as a key limited partner in the newly launched US$130 million "Alpha Intelligence Fund (AIF)" managed by SBVA, an early-stage venture capital arm of Japan's SoftBank Group, reported German news agency (dpa).
LG plans to accelerate its transformation into a "Smart Life Solutions" company by securing technologies for its key growth drivers, including platform-based service businesses and B2B.
The company said Monday it plans to continue efforts to expand its business areas beyond the home to business spaces, mobility and more.
Previously, in July, LG acquired an 80 per cent stake in Athom, a smart home platform company headquartered in Enschede, Netherlands, and signed a contract to acquire the remaining 20 per cent within the next three years.
In March, LG invested $60 million in Bear Robotics - an AI-based autonomous service robot startup headquartered in Silicon Valley - through a new stock acquisition agreement to acquire a stake in Bear Robotics.
-- BERNAMA-dpa
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