LG to Invest in SoftBank Venture AI Fund

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  • The company unveiled a cloud-based AI platform for software developers to create synergy between its affiliates
  • LG Electronics Inc, LG Chem Inc, LG Uplus Corp, and LG CNS Co — will jointly raise $17 million

According to a report by IANS, the LG Group has announced that it will invest $17 million in SoftBank’s venture fund focused on artificial intelligence (AI) start-ups.

The company informed that LG Electronics Inc, LG Chem Inc, LG Uplus Corp, and LG CNS Co — will jointly raise $17 million for Softbank Ventures” early-stage AI fund of 320 billion won.

To develop advanced AI technologies

Yonhap news agency reported that the investment in the Japanese tech giant’s venture unit is part of the South Korean conglomerate’s broader plan to develop advanced AI technologies that can be applied in a broad range of its products and services.

The company also unveiled a cloud-based AI platform for software developers to create synergy between its affiliates, vowing to expand collaborations with global IT giants, such as Amazon and Google.

“We will pave the way for digital transformation through investment in AI technologies designed to break the existing framework and create more customer value,” said Ahn Seung-Kwon, the chief of LG Science Park.

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