Jump to content

LG CEO Embarks on Strategic U.S. Visit to Enhance AI Initiatives

Recommended Posts

AI as Key Driver for Future Growth and Customer Experience Innovation


SEOUL, May 13, 2024 — LG Electronics’ (LG) CEO, William Cho, has embarked on a strategic business trip to the tech-rich western United States, a hotspot for global tech titans and dynamic AI dialogues. Throughout his week-long visit, Cho will focus on key tasks such as attracting top-tier AI talent, communicating the company’s vision and strategy to global investors and attending the influential MS CEO Summit. These endeavors are integral to LG’s comprehensive strategy to accelerate the incorporation of AI into all its business sectors.

AI as a Crucial Catalyst for Future Growth and Customer Experience Innovation
Throughout his trip, Cho aims to secure top-notch expertise in the AI field, an area that has recently surfaced as a critical turning point in the industry. He plans to leverage this as a springboard for transforming LG’s future business portfolio and revolutionizing the customer experience.

Annually, LG introduces approximately 100 million products to the market. Given a product lifespan of seven years, it’s estimated that nearly 700 million LG products are currently in use worldwide. Furthermore, the usage data gained from customers interacting with these devices exceeds 700 billion hours. Cho anticipates this enormous pool of usage data will help accelerate LG’s AI progression and the 700 million products will function not just as customer touchpoints but also as service platforms.

“AI, Cloud, and Big Data are new opportunities for LG”
Cho commenced his itinerary by hosting a tech conference in North America on the 11th in Cupertino, California. This program is aimed at drawing in top-notch talent from abroad. Key participants included LG’s AI Lab management team and executives from LG’s various businesses including Park Hyoung-sei, president of the LG Home Entertainment Company; Eun Seok-hyun, president of LG Vehicle component Solutions Company; Dr. Kim Byoung-hoon, CTO and executive vice president; Kim Weon-bum, CHO and executive vice president; and Dr. Sokwoo Rhee, head of LG’s North America Innovation Center.

LG extended invitations to about 50 AI experts currently working in large tech firms and startups in the Bay Area, as well as doctoral researchers from renowned universities in North America. The conference focused on discussions about the company’s vision, R&D strategy and the future trajectory of AI technology development.

Cho expressed, “In the face of transformative shifts such as electrification, servitization and digitalization sweeping across diverse industries, the application of AI, cloud and big data is paving the way for novel approaches and opportunities.” He further elaborated, “These emerging opportunities represent a new potential frontier for us, given our extensive accumulation of core technologies and expertise.”

He also provided detailed insights into LG’s AI vision of ‘Affectionate Intelligence’, which was unveiled earlier this year at CES 2024. Cho emphasized that “AI should fundamentally be used to care for and empathize with customers, provide tangible benefits and improve the customer experience,” a sentiment that deeply resonated with the attendees.

Following this, he announced, “LG is transcending its status from a global leader in the home appliance and consumer electronics to transform into a ‘Smart Life Solution Company’ that expands and interconnects various customer spaces and experiences.” He added, “I envision us collaborating to reinvent dreams as we undertake bold ventures, fueled by optimism for a brighter future and a better life.”

At the event, CTO Kim Byung-hoon spoke on the subjects of ‘Paradigm Shift’ and ‘LG’s Innovation Roadmap for the Future’, and vice president Han Eun-jung of AI Lab discussed ‘Daily Life with AI’. Professors from the University of Southern California and New York University were also invited to present on generative AI and robotics technology. A panel discussion on the theme of ‘Evolution of AI’ also attracted significant interest from the attendees.

Transition from a Leading Home Appliance Brand to a Smart Life Solution Company
Cho’s second agenda includes hosting a non-deal roadshow (NDR) on May 13, where he will interact with key executives from globally influential investment firms based in San Francisco. His strategy aims to depict LG’s transformation to a comprehensive ‘Smart Life Solution Company’. This transition is anchored in broadening the company’s business portfolio, which includes accelerating B2B business in areas such as EV components, HVAC, built-in appliances’ and signage solutions. The expansion of platform-based services like webOS, and venturing into new areas for LG such as robotics and EV charging, are also integral to this transformation plan.

In particular, Cho plans to highlight how LG is proactively engaging in the development and application of AI in its business operations. He aims to stress that creating tangible customer touchpoints is more crucial than merely having superior AI to provide authentic value and experience to customers.

In this regard, LG’s customer touchpoints, secured through its 700 million devices spanning diverse spaces from homes to vehicles and commercial areas, present a significant advantage that is unmatched by other global companies. LG’s goal is to realize Affectionate Intelligence in our daily lives by leveraging extensive real-time life data and expertise orchestrating devices and services to accelerate AI development using its devices as platforms.

Securing Global AI Allies and Discovering New Business Opportunities at the MS CEO Summit
Cho is also scheduled to attend the MS CEO Summit, a private, invitation-only event taking place in Seattle, where Microsoft’s headquarters is located, for three days starting from May 14. This summit serves as a platform for CEOs and representatives of globally leading companies to discuss and exchange ideas on various topics, including the economic and business environment, as well as industry trends.

LG is diligently working to establish world-class AI capabilities, guided by a ‘3B strategy’ that focuses on Building internal capabilities or Borrowing and Buying external resources. Given LG’s extensive global customer touchpoints and its possession of a vast amount of multi-faceted data and customer insights, the opportunities for future collaborations with globally influential tech companies are expected to become increasingly diverse.

 # # #

link hidden, please login to view

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Similar Topics

    • By News Reporter
      Company Aims to Lead Shift to Software-Defined Robotics

      SEOUL, Mar. 12, 2024 — LG Electronics (LG) is making a strategic investment move to expedite the advancement of its capabilities in service robotics, a key new business area of the company.
      LG has executed a stock purchase agreement to acquire a stake in Bear Robotics, a prominent Silicon Valley-based startup specializing in AI-driven autonomous service robots, through an investment of USD 60 million.
      Rather than seeking short-term returns, this strategic investment is aimed at bolstering LG’s portfolio for long-term growth. Upon closing the stock purchase, the company will hold the largest portion of shares in Bear Robotics on a single-shareholder basis.
      At CES 2024, LG’s CEO William Cho had discussed such potential equity investments, stating, “In the service robotics market, we’re focusing primarily on areas such as delivery and logistics. However, we are carefully considering future directions, keeping open the possibility of equity investments or mergers and acquisitions.”
      Founded in 2017 under the leadership of CEO John Ha, a former Senior Software Engineer and Technical Lead at Google, Bear Robotics has gained recognition for its AI-powered indoor delivery robots catering to markets in the United States, South Korea and Japan. The company boasts a team of skilled engineers, including its co-founder and CTO, with backgrounds in prominent tech companies. Notably, Bear Robotics is drawing attention for its expertise in platformizing service robotics software, robot fleet management technology and cloud-based control solutions.
      Leading the Shift to Software-Defined Robotics and Enhancing Synergy in Robot Business
      LG is preparing for a transition towards Software-defined Robotics (SDR), a shift from hardware to software emphasis, similar to what has been observed in the mobility industry. In anticipation of future growth, the company is committed to developing scalable service robots on an open architecture software platform so that it may cater to a variety of environments, recognizing the critical importance of standardizing AI-based autonomous robot platforms. With this understanding, LG views this strategic investment as a pivotal opportunity to propel its robot business capabilities.
      With years of experience in the robot business, LG has accumulated expertise in deploying robot solutions across various commercial spaces such as airports, hotels, restaurants, hospitals, retail stores, museums, smart warehouses and golf courses. LG operates a facility dedicated to the production of service robots at the LG Future Park in Gumi and boasts world-class capabilities in management of quality, supply chain and customer services.
      By combining Bear Robotics’ world-class R&D talents and software platform expertise with its own strengths, LG aims to spearhead efforts in standardizing robot platforms to significantly reduce market-entry costs, thereby enhancing operational efficiency and fostering synergies. “Just as Android revolutionized the smartphone era, standardized open platforms are essential for the activation of the robot market,” remarked Bear Robotics CEO John Ha.
      Charting a Course for Future Growth in the Service Robotics Market
      In recent years, LG has strategically reallocated resources towards high-growth sectors for the future, aligning with market dynamics and the strategic significance of its business models. The investment in Bear Robotics epitomizes LG’s dedication in accelerating the advancement of its service robot sector, a pivotal component of its future growth strategy.
      LG has been nurturing its robot business as one of its future core pillars. From the deployment of guide robots at Incheon International Airport in 2017, it has progressively introduced tailored solutions for diverse commercial settings, encompassing delivery and disinfection functionalities. Since the preceding year, LG has actively pursued expansion into international markets including the United States, Japan and Southeast Asia.
      The service robotics market is expected to experience rapid growth, propelled by the rapid advancement of technologies such as AI and communication. On a global scale, the market is anticipated to grow from USD 36.2 billion in 2021 to USD 103.3 billion by 2026.
      Last year, LG unveiled its Future Vision 2030, outlining its goal of evolving into a Smart Life Solution Company that can seamlessly connect and expand customer experiences across various domains, including home, commercial, mobility and virtual spaces. Aligned with this vision, LG aims to achieve the ‘Triple Seven’ goal: an average growth rate and operating profit of seven percent or more, alongside an enterprise value translating into an EBITDA ratio of seven.
      “As the service robot market enters a period of growth, this equity investment will significantly contribute to securing a ‘Winning Competitive-edge’ for the company,” emphasized Lee Sam-soo, chief strategy officer at LG Electronics. “From a mid- to long-term perspective, we will seek to develop our robot business into a new growth engine, exploring various opportunities through the integration of cutting-edge technologies such as Embodied AI and robotic manipulation.”
      # # #

      link hidden, please login to view
    • By News Reporter
      Targeting More Than USD $100 Million, the Fund Will Focus on Investments in
      Companies That Provide Positive Impact on People and the Planet

      SANTA CLARA, Calif., Aug. 2, 2023 — Global innovator
      link hidden, please login to view and , a global investment advisory and asset management firm with nearly two decades of experience in impact and sustainable investing, announced a strategic alliance to support companies developing solutions to bring positive change to people and the planet. The two companies are collaborating on NOVA Prime Fund, a venture capital fund with a target of more than USD $100 million. The Fund’s objective will be to invest in companies advancing innovations to build a better future, drawing from the pool of companies participating in the Program sponsored by LG Electronics’ North America Center for Innovation, . “As a part of our business transformation to a Smart Life Solution company, LG is innovating to expand its services and solutions in new areas of business growth,” said LG Electronics Global CEO William Cho. “The strategic investments we’ve made with LG NOVA and its Mission for the Future Program has led us to take the next step in working with Clearbrook and others to support the accelerated growth of new technological solutions in digital health, sustainability and future solutions platforms that benefit society. Clearbrook’s investment track record with a clear focus on impact and sustainable investing aligns perfectly with LG NOVA’s mission.”
      , Clearbrook’s venture capital arm, invests at the intersection of sustainability, profit and purpose, and will act as General Partner of the NOVA Prime Fund while LG Electronics will be a Limited Partner. The NOVA Prime Fund will focus on investing in mission-driven companies concentrated on sustainable energy, digital health, immersive AI and industries of the future. Based in Silicon Valley and investing across both national and international markets, the NOVA Prime Fund will seek to advance both companies’ long-standing commitment to societal impact, as the fund seeks to empower innovative startup companies to build the tools required for a more sustainable future.
      LG NOVA will serve as a contributing source of innovative companies for the fund to invest in and provide a commercial acceleration path for those companies selected through its programs. Selected portfolio companies are also expected to benefit from Clearbrook’s global commercial acceleration resources. LG NOVA’s Mission for the Future is a global program to identify leading companies with innovative concepts and transformative solutions that create a positive impact on people and the planet. Selected companies may have an opportunity to explore new venture creation, and may benefit from an accelerated path to growth with support from LG.
      “We anticipate that LG NOVA’s acceleration capabilities will help startups, as well as our portfolio companies, succeed in their business initiatives – providing a valuable scenario for the fund to achieve its mission of growing companies that provide a positive impact on society,” said Clearbrook’s Chairman and CEO Elliott Wislar. “Our strategic alliance is the result of a shared vision that impact investing is an essential part of a business ecosystem that contributes to an improved society for all. Through our combined forces, we will seek to accelerate and amplify innovation for a better tomorrow. Our focus will encompass environmentally friendly solutions with a reduced environmental impact, and we will actively seek to support cutting-edge innovations in healthcare, sustainable energy and other solutions that foster a smarter, healthier lifestyle.”
      “By investing in this fund, we are intentionally bridging sustainability and innovation to drive exponential growth in viable solutions for the challenges we face today,” said Sokwoo Rhee, Head of LG NOVA and SVP of Innovation for LG Electronics. “We, in collaboration with Clearbrook, are moving forward in our vision for a brighter future created with innovative solutions to help people live a better life.”
      For more information on the NOVA Prime fund visit
      Learn more about LG NOVA and the Mission for the Future Program 
      Submit your company for the Mission for the Future program .
      # # #

    • By News Reporter
      User Interface image as shown on 2021 LG TVs
      A user-friendly hub for content consumption, the modern smart TVs offer access to more movies, series, documentaries and live-streamed events than one can count. The downside to having such a wealth of content options so conveniently available is figuring out what to watch.
      To help users discover great, new content, LG continues to streamline and expand the viewing experience on its market-leading smart TVs. The company’s webOS smart TV platform is constantly evolving, growing its capabilities while simultaneously simplifying users’ path to greater viewing enjoyment.

      As part of these ongoing efforts, LG’s latest Smart TV models are the first to have an opted-in enhanced Prime Video experience, with easy access to personalized content suggestions available directly from the “Now Streaming” section on the LG TV home screen.

      This means watching a favorite show on the global streaming service is as easy as turning on the TV and heading to the “Now Streaming” section using either voice command or the Magic Remote. In addition to watching a movie or show right where they left off, users can browse Prime Video’s content recommendations on screen without having to open the Prime Video app. These recommendations reflect relevant content based on their tastes and viewing history. The TV will show the last two watched titles and a list of personalized content users might enjoy from new shows, movies or live sports.
      Pop-up notification
      The time and hassle-saving enhancement rolled out globally with a recent software update for LG’s 2021/2022 model Smart TVs. These TV owners will be alerted to the availability of the Prime Video user-experience enhancement by a pop-up notification when launching the Prime Video app and they will be able to opt in or out on the Prime Video settings page.
      Opt-in Settings
      One of the most popular streaming services on LG TVs worldwide, Prime Video can accommodate any taste or interest with its impressive selection of content. Among its expansive library of movies, TV shows, documentaries and more, are acclaimed Amazon Originals such as The Marvelous Mrs. Maisel, The Boys and Tomorrow War, as well as exclusive live sporting events like Thursday Night Football. The service is included with membership to Amazon Prime, see
      link hidden, please login to view for details.
      The optimized Prime Video experience on LG Smart TVs is representative of Amazon and LG’s continuing commitment to expanding and streamlining the user and viewing experience.
      # # #

    • By Jeeva J
      Default player don't have much options. Most of the times, it is not recognizing subtitles which is in the same folder. Pls include mx player or enhance the existing player
      Sent from my Redmi Note 4 using Tapatalk
  • Create New...