LG Electronics and Clearbrook, LLC, a global investment advisory and asset management firm, announced a strategic alliance to support companies developing solutions to bring positive change to people and the planet.
The two companies are collaborating in NOVA Prime Fund, a venture capital fund with a target of more than $100m.
The Fund’s objective will be to invest in companies advancing innovations to build a better future, drawing from the pool of companies participating in the Mission for the Future Program sponsored by LG Electronics’ North America Center for Innovation, LG NOVA.
ClearImpact Ventures, Clearbrook’s venture capital arm, will act as General Partner of the NOVA Prime Fund while LG Electronics will be a Limited Partner. The NOVA Prime Fund will focus on investing in mission-driven companies concentrated on sustainable energy, digital health, immersive AI, and industries of the future. It will be based in Silicon Valley and will invest across both national and international markets
LG is a manufacturer of consumer and commercial products ranging from TVs, home appliances, air solutions, monitors, service robots, automotive components. Its four companies – Home Appliance & Air Solution, Home Entertainment, Vehicle component Solutions and Business Solutions – had global combined revenue of over KRW 80 trillion in 2022.
LG NOVA, the North American Innovation Center for global innovation leader LG Electronics, is a team focused on bringing innovation from the outside to LG. LG NOVA is based in Santa Clara, Calif.
FinSMEs
03/08/2023