Will LG’s AI strategy succeed?
As LG Electronics, Korean conglomerate, is diversifying its business, artificial intelligence is also drawing attention, as it has become the core pillar of the company. Chairman Koo has put a lot of efforts into the AI and robot business recently.
As a first step towards such efforts, the corporate venture capital (CVC) “LG Technology Ventures” was established in 2018, same year of Mr. Koo’s debut as Chairman, in cooperation with LG Electronics, LG Display, LG Chem, LG Uplus, and LG CNS.
In addition, a joint venture with Magna International, a Canadian Automotive Manufacture company was established. Also, the investment in start-ups related with AI, robots and autonomous driving is growing. The acquisition of stock in Acryl, a domestic AI start-up, also attracted attention.
Recently, LG AI Researcher, an organization dedicated to artificial intelligence involving 16 affiliates was created and Professor Lee Hong-rak of Michigan University, a former “Google Brain” was recruited in order to expand the AI business at the group level.
During the IMF financial crisis, LG Electronics handed over its LG Semiconductor business to Hyundai. Later on, it was handed over again to SK, which is now called SK hynix, 3rd largest semiconductor company in the world by sales. LG Electronics is also lagging far behind Samsung in the smartphone business and is even rumored to sell the smartphone sector. That’s why we may understand LG’s passion for seeking an opportunity in artificial intelligence.
In connection with this article, it’s worth mentioning that Common Computer, an AI network developer, is also building a robot cloud through artificial intelligence with LG ETRI-Seoul National University. We’re working on a project to create a common intelligence-enhancing platform that brings intelligence to the cloud and simultaneously distributes augmented intelligence.
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