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LG & Clearbrook Launch $100M Innovation Fund

Source: LG Electronics

SANTA CLARA, California - LG Electronics and Clearbrook LLC announced a partnership to drive global innovation.

At the heart of the collaboration is the NOVA Prime Fund, an ambitious venture capital effort targeting investments of over $100 million.

Why it matters:

  • Investing with Purpose: When social and environmental consciousness is high on the corporate agenda, this fund seeks to channel significant investments into companies with the potential for positive societal impact and robust business growth.
  • Empowering Innovators: LG NOVA, LG Electronics' North American Center for Innovation, will play a key role by acting as a feeder mechanism, identifying potential companies from its Mission for the Future program that can benefit from the fund's resources.

The Key Points

  • Growth through innovation: William Cho, Global CEO of LG Electronics, underscores LG's strategic pivot toward becoming a "Smart Life Solution" company. The collaboration with Clearbrook is part of this transformation, enabling LG to expand its footprint in digital health, sustainable platforms, and other futuristic solutions that address societal needs.
  • Collaborative Dynamics: The investment fund will operate with ClearImpact Ventures, the venture capital arm of Clearbrook, as the general partner and LG Electronics as a limited partner. Investment focus areas include sustainable energy, digital health, immersive AI, and future industries.
  • Shared Vision: In keeping with the initiative's ethos, Clearbrook Chairman and CEO Elliott Wislar envision the partnership as a blend of impact investing and business growth. The alliance plans to advance green solutions and innovations in healthcare and sustainable energy that address today's need for more innovative, healthier lifestyles.
  • Futuristic Outlook: Sokwoo Rhee, who heads LG NOVA, sees the partnership as essential in combining sustainability with breakthrough innovation to address today's pressing challenges.

The Big Picture

By bridging the innovation divide and ensuring a more sustainable future, LG and Clearbrook's alliance signals a shift in the investment paradigm.