LG Technology Ventures has invested 19 million dollars into start-upsLG Group has invested $19 million in U.S. start-ups since October, the company announced Thursday.
To secure new growth engines, the company has been making heavy investments in U.S. start-ups through the group’s venture fund, LG Technology Ventures.
The first investment was on Ridecell, a mobility platform, in October. A total of $5 million was pumped into Ridecell.
LG also invested $2 million in AmazeVR, a virtual-reality (VR) platform, to fortify its strength in the content industry for the 5G era. AmazeVR, established by former employees from KakaoTalk, offers around 300 different pieces of VR content and produces interactive VR movies.
Last year, five LG affiliates - LG Electronics, LG Display, LG Chem, LG U+, LG CNS - invested $425 million to establish LG Technology Ventures in Silicon Valley.
The capital was raised to invest on promising start-ups in the fields of high technologies, including automatic driving, augmented reality, artificial intelligence and next-generation displays.
Some of the companies that received LG’s investment are lithium-ion battery maker Optodot, SideChef, which delivers groceries and shares recipes through a platform, and venture capital firm Nautilus Venture Partners.
Separate from LG Technology Ventures, LG Electronics is fostering future-oriented businesses through investments in start-ups like wearable robot manufacturer LG Robotics.
By Jin Min-ji