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LG Group, South Korea’s fourth-largest conglomerate, has put $97 million into a fund managed by Vista Equity Partners Management LLC to invest in promising technology companies that will drive future growth, such as artificial intelligence. Injected.
The group’s holding company, LG Corporation, last year invested 129.8 billion won (9690 million yen) in a fund managed by Vista, one of the world’s three largest private equity firms focused on the high-tech sector, industry officials in Seoul said on Wednesday. Invested $1,000,000.
The Korean company aimed to invest in promising technology companies around the world across industries such as AI, bio, and automotive electronics through this fund.
Founded in 2000 in Austin, Texas, Vista is a leading U.S. private equity firm focused on investing in software, data, and technology companies. As of 2023, it has assets under management of over $100 billion.
direct investment
LG Group made a direct investment in the startup company. According to industry sources, the conglomerate has invested 2 billion won in South Korean AI drug developer Galax. The startup, founded in 2020 by Seok Cha-ok, a chemistry professor at Seoul National University, along with his students, is working on new drug development technology based on protein structural analysis.
LG Electronics, the world’s leading home appliance manufacturer, recently invested 5 billion won in Goqual Inc., a domestic smart home startup. A smart home is a residential setup that allows you to automatically and remotely control Internet-enabled appliances and devices using network-connected devices.
Goqual provides Internet of Things (IoT) services that allow users to control various home devices such as home security cameras and smart curtains.
LG Group is expanding its investments in startup companies through its investment arm LG Technology Ventures.
The Silicon Valley-based corporate venture capital unit, established in 2018, currently operates a fund in which seven group affiliates invest. Last year, the amount under management was 1 trillion won, far exceeding the 600 billion won in 2018.
Write destination Kim Ik-hwan, lovepen@hankyung.com
Jung Jeong-woo edited this article.
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