LG Electronics said on the 27th that four in-house ventures will become independent.
LG Electronics recently held Studio341 Demo Day, a startup showcase, at Magok Science Park in Gangseo District, Seoul, and selected four in-house venture teams that qualified for final spinoff. ▲ "Seka," a hardware design data error-detection AI solution ▲ "MachineFlow," an enterprise AI coding agent for code quality improvement ▲ "PreKitchenLab," a kitchen automation robot and operations management B2B solution ▲ "Atomer," a fabless-based advanced flame-retardant material design solution, plan to complete their spinoff procedures in July.
These startups advanced to the finals in July last year after beating odds of about 12 to 1, received mentoring from experts, and passed the final evaluation. The final review included LG Electronics, corporations specializing in startup nurturing, and venture capital officials. They evaluated competitiveness from multiple angles, including not only the business value of the items but also team composition and capabilities. Each team will receive up to 400 million won in seed investment, depending on the results.
An LG Electronics official said, "Even after the spinoff, we will continue providing the necessary support for a certain period until the startups gain a foothold in the market," and noted, "We will also seek mutual synergy in AI automation solutions, robots, and advanced materials."
Studio341 is a program launched in 2023 to discover in-house ventures that carry on the spirit of challenge and innovation from the time of Goldstar's founding. The name was inspired by 341, Yeonji-dong, Busanjin District, Busan, Goldstar's first address. It works in close collaboration from selection to nurturing and spinoff with Bluepointpartners, a corporation specializing in startup incubation.
The startups that first spun off in 2024 are being recognized for their business performance and technological prowess, being selected for TIPS, the Ministry of SMEs and Startups' technology startup support program, and DIPS, the super-gap startup program. Since last year, LG Electronics has also expanded the program to carry out open innovation with external startups that have solutions to create new customer experiences.
Kang Seong-jin, head of partnerships at LG Electronics, said, "As the era of physical AI arrives, partnership ecosystems among corporations with strengths in various technologies and solutions are becoming even more important," and added, "We will spare no effort to ensure that all in-house ventures spun off through Studio341 grow into strong partners for LG Electronics."