LG to invest $17 mn in SoftBank Venture's AI fund

The LG Group said Tuesday it will invest 20 billion won or $17 million in SoftBank's venture fund focused on artificial intelligence (AI) start-ups.

Four affiliates of LG Group -- LG Electronics Inc, LG Chem Inc, LG Uplus Corp and LG CNS Co -- will jointly raise 20 billion won ($17 million) for Softbank Ventures' early-stage AI fund of 320 billion won, LG said.

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, Yonhap news agency reported.

LG 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 R&D and 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.IANS