LG Spins Off Two Projects Into Start-ups
LG is spinning off two initiatives originally developed in-house, Acanvas and Infit & Company, with the companies to be managed completely by former LG employees, along with being responsible for their own fundraising and strategy.
LG additionally states that it is looking to “expand its initiatives to encourage more of the type of thinking” that led to the establishment of the two companies.
Acanvas will focus on the development of its art streaming platform, having last week started a Kickstarter campaign, with the platform containing “millions of licensed works of art displayed in cord-free customisable digital frames”.
LG states that Acanvas will initially target North America, with plans to next year expand to other markets.
Infit, meanwhile, has developed the Imaging Modular Diagnosis Machine, employing “the latest technologies to diagnose conditions such as rheumatoid arthritis”, using “an affordable and safer optical imaging system instead of radiation to peer inside patients”.
In supporting the ventures, LG has promised employees joining either of the two new companies that they will have guaranteed positions at LG if they decide to return within three years.
“By giving these two start-ups their own identity and freedom from the bureaucracies of a large organisation, we are sending a very clear message to innovator and the public that we are not interested in maintaining the status quo,” Dr Skott Ahn, LG Electronics president and CTO, commented.