LG Electronics and Clearbrook have recently announced a strategic alliance that aims to invest in a variety of tech startups. The two companies will create a $100 million fund called the NOVA Prime Fund, which will focus on supporting companies that are advancing innovations to build a better future. This fund will specifically target areas such as sustainable energy, digital health, immersive AI, and industries of the future.
Managed by ClearImpact Ventures
Clearbrook’s venture capital arm, ClearImpact Ventures, will be responsible for managing the NOVA Prime Fund. With a focus on the intersection of sustainability, profit, and purpose, the fund aims to empower innovative startup companies to develop the tools required for a more sustainable future. In addition, LG Electronics will serve as a limited partner in this venture.
LG NOVA, the North American Innovation Center for LG Electronics, will play a crucial role in sourcing innovative companies for potential investments. Through its programs, LG NOVA will identify and select companies that align with the fund’s objectives. Furthermore, LG NOVA will provide a commercial acceleration path for the selected portfolio companies. These companies will also benefit from Clearbrook’s global commercial acceleration resources.
Supporting Accelerated Growth in Technological Solutions
As part of LG Electronics’ business transformation to a Smart Life Solution company, the strategic alliance with Clearbrook reflects their commitment to expanding services and solutions in new areas of business growth. LG Electronics Global CEO William Cho states, “Clearbrook’s investment track record with a clear focus on impact and sustainable investing aligns perfectly with LG NOVA’s mission.” By joining forces, they aim to support the accelerated growth of new technological solutions in digital health, sustainability, and future solution platforms that benefit society.
Investing in a Sustainable Future
The NOVA Prime Fund will prioritize mission-driven companies focused on sustainable energy, digital health, immersive AI, and industries of the future. The fund aims to accelerate and amplify innovation for a better tomorrow by supporting environmentally friendly solutions with reduced environmental impact. It will actively seek to invest in cutting-edge innovations in healthcare and sustainable energy, among other areas, promoting a smarter and healthier lifestyle.
Clearbrook’s Chairman and CEO Elliott Wislar emphasizes that impact investing is essential for an improved society. With a shared vision, LG Electronics and Clearbrook will collaborate to accelerate and amplify innovation for a better tomorrow. The focus of this collaboration lies in environmentally friendly solutions with reduced environmental impact. They are particularly interested in supporting cutting-edge innovations in healthcare, sustainable energy, and other areas that contribute to a smarter and healthier lifestyle.
Driving Exponential Growth for a Better Future
By investing in the NOVA Prime Fund, LG Electronics and Clearbrook aim to bridge sustainability and innovation, driving exponential growth in viable solutions. This collaboration envisions a brighter future created with innovative solutions that ultimately help people live better lives. LG NOVA’s head, Sokwoo Rhee, expresses their commitment by stating, “We, in collaboration with Clearbrook, are moving forward with our vision for a brighter future created with innovative solutions to help people live a better life.”
The NOVA Prime Fund will invest in companies participating in LG Electronics’ Mission for the Future Program. This program, sponsored by LG NOVA, serves as a pool for potential investments. It identifies promising companies that align with the fund’s focus on building a sustainable future through innovation.
With over $10 billion in assets under advisement and management, Clearbrook brings extensive experience and expertise to this strategic alliance. Established in 2004, they are an investment management and consultancy firm committed to making a positive impact on society.
Through this strategic alliance and the creation of the NOVA Prime Fund, LG Electronics and Clearbrook are paving the way for a more sustainable future by supporting and investing in innovative tech startups.
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