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[Alpha Biz=(Chicago) Reporter Kim Jisun] LG Group will expand its investment in Silicon Valley venture companies to 1 trillion won through LG Technology Ventures, an enterprise venture capital (CVC).
"We are receiving investments from major affiliates of LG Group to create a second venture fund and plan to raise a total of nearly 1 trillion won combined with existing funds," said Kim Dong-soo, CEO of LG Technology Ventures, in an interview with the Seoul Economic Daily at its headquarters in Santa Clara, California, on the 27th of last month.
LG Electronics (066570), LG Energy Solution (373220) and LG Uplus (032640) have recently confirmed a new investment of 250 billion won through the board of directors, and LG Technology Ventures' fund has grown up to 870 billion won, and other affiliates are also taking internal steps to make new investments.
LG Technology Ventures, established by LG Group in May 2018 to increase investment in Silicon Valley, the world's largest venture cluster, has created funds invested by LG Electronics, LG Energy Solutions, LG Chem (051910), LG Display (034220), LG Uplus and LG CNS, and has been operating at $ 480 million (about 610 billion won).
Currently, Samsung Ventures, which was established in 1999, is the only CVC affiliated with major conglomerates with operating assets of KRW 1 trillion.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
