Fair to screen startup hosted by LG

Technology-related subsidiaries of LG hosted a fair on Monday in which 20 local start-ups presented their cutting-edge developments in areas such as autopilot technologies, artificial intelligence and big data. The small firms are seeking partnerships with and support from the fourth-largest conglomerate in Korea.

LG picked the start-ups jointly with the Korea International Trade Association (KITA), hoping to revitalize local start-up ecosystem.

The conglomerate is providing a venue for the fledgling firms to mingle with their larger counterparts and find new business opportunities.

LG subsidiaries participating in the event include LG Electronics, LG Display, LG Innotek, LG Chem, LG U+ and LG CNS.

Executives and researchers from those companies as well as KITA CEO Kim Young-ju paid a visit to the start-up fair, which took place at the LG Science Park in Magok, western Seoul, and had a closer look at technologies and services featured.

Funnel, for instance, has developed a voice-recognition system that automatically collects information from television broadcasts. The resulting database can be used for artificial-intelligence smart speakers and voice-command chat bots.

Venta VR owns a technology that is able to tape high-resolution 3D videos and calibrate the video images afterwards in a way that enhances the level of immersion and minimizes visual fatigue.

LG will offer some of the participating start-ups office and research space inside the LG Science Park as well as technology-related consulting and funds.

Companies under the LG umbrella have been increasing support for start-ups.

LG Electronics is backing four start-ups that are in the web operating system business, whereas LG CNS and LG Display have been running their own programs.

LG-led tech fairs aimed at locating and supporting promising local start-ups have been held in the United States, Germany, Israel and Russia.

With a German start-up discovered during a tech fair in Europe, LG developed a linear compressor technology for refrigerators.

LG says it will apply the cooperation system it developed overseas to Korean start-ups and smaller companies.

“Future cooperation with start-ups will propel their global outreach,” said an executive at the LG Science Park.