LG Group's corporate venture capital unit has launched a new fund to back startups that are part of the energy transition.

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LG Technology Ventures, the corporate venture arm of the South Korean conglomerate, has formed a $309m fund to back global startups focusing on AI, batteries and mobility.

It is financed by LG Group’s four units: LG Energy Solution, LG Uplus, LG CNS and LG Chem.

Founded in 2018, LG Technology Ventures invests in seed to early-stage startups operating in IT, AI transport and energy sectors. The venture unit has 50 startups in its portfolio and has invested in more than 70 companies including Airalo, Innov-iot and Venti Technology.