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

LG Electronics and Clearbrook announced a strategic alliance where they are creating a $100 million NOVA Prime Fund to invest in a variety of tech startups.

The fund will invest in companies that are advancing innovations to build a better future, focusing on sustainable energy, digital health, immersive AI, and industries of the future.

The NOVA Prime Fund will be managed by ClearImpact Ventures, Clearbrook’s venture capital arm, and it will target investments at the intersection of sustainability, profit, and purpose. LG Electronics will serve as a limited partner.

The Nova Prime Fund will seek to empower innovative startup companies to build the tools required for a more sustainable future.

LG NOVA, the North American Innovation Center for global innovation leader LG Electronics, 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.

“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, in a statement. “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.”

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. The fund seeks to accelerate and amplify innovation for a better tomorrow, encompassing environmentally friendly solutions with a reduced environmental impact. The fund will actively seek to support cutting-edge innovations in healthcare, sustainable energy, and other solutions that foster a smarter, healthier lifestyle.

Clearbrook’s Chairman and CEO Elliott Wislar said in a statement, “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.”

LG NOVA’s head Sokwoo Rhee also said in a statement, “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. 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.”

The fund will invest in companies that are advancing innovations to build a better future, drawing from the pool of companies participating in the Mission for the Future Program sponsored by LG Electronics’ North America Center for Innovation, LG NOVA.

Established in 2004, Clearbrook is an investment management and consultancy firm with over $10 billion in assets under advisement and management.