LG Electronics Inc. announced on Thursday that it was teaming up with Clearbrook LLC, a US-based investment firm, to raise more than US$100 million for investments in digital health, renewable energy, and artificial intelligence. The South Korean tech company’s North American Innovation Center (LG NOVA) is aiming to complete the fundraising for the NOVA Prime Fund by the end of next year. Clearbrook, which was founded in 2004, has over $10 billion in assets under advisement and management. The fund will be investing in companies participating in the Mission for the Future Program, sponsored by LG NOVA. This amount is five times the amount LG NOVA initially pledged to invest in such companies when it was established to incubate innovative startups in Silicon Valley in the fall of 2021. LG Electronics CEO Cho Joo-wan said that Clearbrook’s investment track record with a focus on impact and sustainable investing aligns with LG NOVA’s mission. Last month, LG unveiled a long-term plan to turn itself into a total life solutions provider, by focusing on non-hardware products, business-to-business solutions, and new growth areas. The company is aiming to increase annual revenue levels to 100 trillion won (US$77 billion) by 2030. LG NOVA, led by Rhee Sok-woo, corporate senior vice president of innovation at LG Electronics, will be at the forefront of the company’s strategic investment in digital health care, in particular.
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