[Alpha Biz=(Chicago) Reporter Kim Jisun] LG Electronics, which has declared its transition to a service and platform company, is making a series of changes in behavior.

LG Electronics CEO Cho Joo-wan has decided to increase the amount of funds to invest in startups in the digital healthcare sector, which he has cited as a new business in the future, and actively seek out them.

LG Electronics North American Innovation Center (LG Nova and NOVA) announced on the 3rd that it has signed a business agreement with Clearbrook, a global venture investment company.

LG NOVA and Clearbrook will raise more than $ 100 million (about 129.8 billion won) as a global startup development fund by the end of 2024. Considering that the fund raised at the time of LG Nova's launch was $ 20 million (about 25.9 billion won), the fund's amount has increased five times in about three years.

LG NOVA is an organization founded by LG Electronics in 2020 to find a new business model in Silicon Valley, USA. In particular, it is noteworthy to invest in promising start-ups for future technologies such as digital healthcare and Metaverse. LG Electronics is using LG NOVA to upgrade its business portfolio to secure future growth engines rather than short-term profits.

LG NOVA will host the 'Innovation Festival' in San Francisco, USA in October to raise investment destinations. The Innovation Festival, which marks its third anniversary this year, is a gathering of Silicon Valley venture companies and investors.

LG NOVA plans to look for future investment candidates and co-investors.

 

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