LG Electronics and Clearbrook companion on $100M NOVA Prime Fund

LG Electronics and Clearbrook introduced a strategic alliance the place they’re making a $100 million NOVA Prime Fund to spend money on a wide range of tech startups.

The fund will spend money on corporations which might be advancing improvements to construct a greater future, specializing in sustainable power, digital well being, immersive AI, and industries of the long run.

The NOVA Prime Fund can be managed by ClearImpact Ventures, Clearbrook’s enterprise capital arm, and it’ll goal investments on the intersection of sustainability, revenue, and objective. LG Electronics will function a restricted companion.

The Nova Prime Fund will search to empower progressive startup corporations to construct the instruments required for a extra sustainable future.

LG NOVA, the North American Innovation Middle for international innovation chief LG Electronics, will function a contributing supply of progressive corporations for the fund to spend money on and supply a industrial acceleration path for these corporations chosen via its packages. Chosen portfolio corporations are additionally anticipated to profit from Clearbrook’s international industrial acceleration sources.

“As part of our enterprise transformation to a Good Life Answer firm, LG is innovating to broaden its providers and options in new areas of enterprise development,” stated LG Electronics World CEO William Cho, in a press release. “The strategic investments we’ve made with LG NOVA and its Mission for the Future Program has led us to take the following step in working with Clearbrook and others to assist the accelerated development of latest technological options in digital well being, sustainability and future options platforms that profit society. Clearbrook’s funding observe file with a transparent deal with impression and sustainable investing aligns completely with LG NOVA’s mission.”

The NOVA Prime Fund will deal with investing in mission-driven corporations targeting sustainable power, digital well being, immersive AI, and industries of the long run. The fund seeks to speed up and amplify innovation for a greater tomorrow, encompassing environmentally pleasant options with a lowered environmental impression. The fund will actively search to assist cutting-edge improvements in healthcare, sustainable power, and different options that foster a better, more healthy life-style.

Clearbrook’s Chairman and CEO Elliott Wislar stated in a press release, “Our strategic alliance is the results of a shared imaginative and prescient that impression investing is an important a part of a enterprise ecosystem that contributes to an improved society for all. Via our mixed forces, we’ll search to speed up and amplify innovation for a greater tomorrow. Our focus will embody environmentally pleasant options with a lowered environmental impression, and we’ll actively search to assist cutting-edge improvements in healthcare, sustainable power, and different options that foster a better, more healthy life-style.”

LG NOVA’s head Sokwoo Rhee additionally stated in a press release, “By investing on this fund, we’re deliberately bridging sustainability and innovation to drive exponential development in viable options for the challenges we face as we speak. We, in collaboration with Clearbrook, are transferring ahead in our imaginative and prescient for a brighter future created with progressive options to assist folks reside a greater life.”

The fund will spend money on corporations which might be advancing improvements to construct a greater future, drawing from the pool of corporations taking part within the Mission for the Future Program sponsored by LG Electronics’ North America Middle for Innovation, LG NOVA.

Established in 2004, Clearbrook is an funding administration and consultancy agency with over $10 billion in belongings beneath advisement and administration.