In an exciting development, LG Electronics and Clearbrook have announced a strategic alliance and the creation of the NOVA Prime Fund. This $100 million fund aims to invest in a diverse range of tech startups that are driving innovations for a better future. The fund will specifically focus on advancing sustainable energy, digital health, immersive AI, and industries of the future.
Empowering Innovative Startups
ClearImpact Ventures, the venture capital arm of Clearbrook, will be responsible for managing the NOVA Prime Fund. The primary goal of the fund is to empower innovative startup companies that are developing tools and technologies crucial for a more sustainable future. As a limited partner, LG Electronics will play a significant role in this venture.
LG NOVA, the North American Innovation Center for LG Electronics, will serve as a valuable source of innovative companies for the fund to invest in. It will also provide a commercial acceleration path for these selected companies through its programs. Furthermore, portfolio companies chosen by the fund will have the opportunity to benefit from Clearbrook’s global commercial acceleration resources.
LG Electronics’ Global CEO, William Cho, emphasizes the strategic significance of this alliance in LG’s transformation into a Smart Life Solution company. Cho states that LG’s investments in LG NOVA and its Mission for the Future Program have paved the way for collaboration with Clearbrook. Together, they aim to accelerate the growth of technological solutions in digital health, sustainability, and future solutions platforms that benefit society.
The NOVA Prime Fund will concentrate its investments on mission-driven companies in the fields of sustainable energy, digital health, immersive AI, and industries of the future. The fund’s overarching goal is to accelerate and amplify innovation for a better tomorrow. It specifically seeks environmentally friendly solutions with reduced environmental impacts. The fund will actively support cutting-edge innovations in healthcare and sustainable energy, among other solutions that promote a smarter, healthier lifestyle.
A Shared Vision for a Better Society
Clearbrook’s Chairman and CEO, Elliott Wislar, emphasizes the shared vision that impact investing is crucial for an improved society. Through their alliance, LG Electronics and Clearbrook aim to contribute to this vision, accelerating and amplifying innovation for a better future. They are committed to supporting environmentally friendly solutions with reduced environmental impacts and fostering cutting-edge innovations in healthcare and sustainable energy.
Sokwoo Rhee, the head of LG NOVA, highlights the intentional bridging of sustainability and innovation through this fund. By investing in NOVA Prime Fund, LG and Clearbrook are driving exponential growth in viable solutions for today’s challenges. Together, they are moving forward in their vision for a brighter future created through innovative technological solutions that enhance people’s lives.
This unique collaboration between LG Electronics and Clearbrook signifies a significant milestone in the pursuit of a sustainable future. The NOVA Prime Fund serves as a catalyst for innovation, empowering startups and investing in technologies that will shape a better tomorrow. With their combined resources and shared vision, LG and Clearbrook are poised to make a lasting impact on society.
Leave a Reply