LG Group seeks new partners in Silicon Valley’s startup scene

South Korea’s LG Group seeks new partnerships with global ventures to strengthen its new growth engines, such as batteries, biopharmaceuticals, information technology and clean technology, or tech for environmental protection. The fourth-largest conglomerate in Korea hosted an event to meet startups in Silicon Valley, California from June 26 to 27, with the attendance of the group's executives.

Some 240 participants, including LG affiliate leaders and chief executives from 140 startups and venture capital firms, discussed their businesses and investment plans during the event, LG’s first open innovation summit in Silicon Valley.

Among the LG executives were chief technology officers and chief strategy officers from LG Electronics Inc., LG Energy Solution Ltd., LG Display Co., LG Innotek Co., LG Chem Ltd., LG CNS Co., LG Uplus Corp. and research and development center LG Sciencepark.

The event was hosted by LG Technology Ventures, a Silicon Valley-based venture investment arm. Managing more than $400 million in assets, it has invested in some 60 global startups and VC managers specializing in artificial intelligence, mobility, advanced materials, life science, display and 5G networks since its inception in 2018.

The VC arm introduced some of its portfolio companies during the conference, such as display maker Brelyon.

A Massachusetts Institute of Technology (MIT) spin-off, the firm is developing a headset-free virtual reality display by using LG Display’s organic light-emitting diode (OLED) panels.

LG Technology Ventures participated in Brelyon’s $15 million Series A funding last September, which was led by Lockheed Martin Ventures and MIT-affiliated E14 Fund.    

Other Silicon Valley-based partners include South 8 Technologies, which develops liquid electrolyte formulations that can enhance the safety, energy and recyclability of batteries. LG Technology Ventures participated in the $12 million Series A funding for the company last August.

The LG unit also invested an unknown amount in cybersecurity firm Claroty, in the venture’s $140 million Series D financing round in 2021.

LG Chem, LG Energy Solution and LG Innotek had their respective sessions at the event, giving presentations on their investment and business plans for batteries, clean energy, biotech and IT.

The three LG affiliates’ executives had meetings with experts from some global VC firms, such as Playground Ventures, Robert Bosch Venture Capital and Sierra Ventures to discuss possible collaborations.

LG Technology Ventures Chief Executive Kim Dong-su said the firm has strived to secure the group’s growth engine over the past five years and will shore up partnerships with promising startups to support the conglomerate’s open innovation.

Write to Ik-Hwan Kim at lovepen@hankyung.com

Jihyun Kim edited this article.