LG will strengthen global open innovation to secure future growth engines in partnership with Massachusetts Institute of Technology (MIT).
LG Technology Ventures, a corporate venture capital run by LG, co-hosted 'MIT Startup Showcase' with MIT on Oct. 10 (local time) in Silicon Valley.
LG Technology Ventures CEO Kim Dong-soo, MIT faculty and other promising startups from MIT participated in the conference on trends in artificial intelligence technology, digital topics, and ways to cooperate with startups.
MIT professor Ramesh Raskar and Google's Senior Director Vincent Vanhoucke participated as speakers to announce research results on robot development using AI and nine promising U.S. start-ups that are making progress by utilizing AI such as 'Posh' that provides AI-based chatbot services attended as presenters to explain their business models.
LG Technology Ventures plans to expand opportunities for cooperation with innovative startups from MIT in the future.
Meanwhile, LG Technology Ventures was established in Silicon Valley in May last year and operates a total investment fund worth $425 million, which was invested by LG Electronics, LG Display, LG Chem, LG Uplus and LG CNS.
Since it started making its first investment into a mobility-sharing software startup called 'Ridecell' in October last year, it has been making investments and cooperating with other groups to secure new technologies and capabilities in preparation for the future of its self-driving, artificial intelligence, robot, augmented reality, VR and bio. Up to now, investment in a total of 13 start-ups amounted to $33 million.
