LG U+ and KVIC to cooperate on nurturing start-ups

Industry

Published: 29 Sep. 2021, 14:58

LG U+ and KVIC to cooperate on nurturing start-ups

Koo Hyung-chul, director of the global growth division at the Korea Venture Investment Corp., left, and Park Jong-wook, chief strategy officer at LG U+, pose for a photo after signing a memorandum of understanding to jointly nurture promising start-ups on Wednesday. [LG U+]

LG U+ and the Korea Venture Investment Corp. (KVIC) will join forces to nurture start-up companies, LG U+ said on Wednesday.

The telecom company signed a memorandum of understanding with the investment corporation to seek out promising tech start-ups and establish a fund to help them grow.

The KVIC will start by sharing a list of start-ups that specialize in LG U+’s fields of interest, such as augmented reality (AR), virtual reality (VR), artificial intelligence (AI), data, digital advertising and content production.

From that list, LG U+ will choose start-ups that show most potential and give them a chance to prove themselves and carry out partnerships if they fit with the telecom company’s businesses.

The KVIC was established in 2005 under the Ministry of SMEs and Startups as a start-up investment and fund institution.

“We hope that the collaboration will help to strengthen Korea’s global competitiveness,” said Koo Hyung-chul, director of the global growth division at KVIC.

BY YOON SO-YEON [yoon.soyeon@joongang.co.kr]