Connected Health, Metaverse, Energizing Mobility Stand Out for New Business Exploration; $2 Million in LG Funding to Accelerate Business Development
SANTA CLARA, Calif., June 20, 2022 /PRNewswire/ -- LG Electronics' North American Innovation Center (LG NOVA) has announced the "Selected 20" startups advancing to the next stage of its Mission for the Future global challenge competition.
These top contenders were awarded $100,000 each, $2 million total for 20 proof of concept projects. As they proceed forward, the startups will be working on a business model with LG NOVA counterparts to create a business framework.
LG NOVA's "Selected 20" Startups Advancing to Next Phase of Incubation Program
"Over the last few months, our work with the First 50 startups has helped us continue to refine our vision for the future as we look at new areas of growth for LG," said LG Electronics Senior Vice President for Innovation Dr. Sokwoo Rhee, head of LG NOVA. "We're inspired by all of those who have participated to date with groundbreaking, thoughtful tech innovations to drive and contribute to our collaborative community and guiding principle of 'outside-in' innovation. With this announcement, we're sharing the results of our ongoing work in engaging with the startup and entrepreneur community to create impactful technologies that will lead society into the future."
Among the startups selected are strong businesses across the Connected Health, Metaverse, and Energizing Mobility sectors that are creating new solutions with the potential to transform markets and industries.
Moving forward to the next phase in the areas of Smart Lifestyles and Innovation for Impact are Digbi, a healthcare-related company exploring the area of gut and genetic microbiome; a·kin, an AI for the smarter home designed to support activities of daily living for caregivers and families; and Chefling, a smart kitchen assistant that offers recipes to cook based on ingredients from your groceries receipts. These three companies represent different aspects of people's changing priorities on simplifying life and living better with personalized services that will aid in nourishment and helping to complete daily tasks more efficiently.
In the Connected Health space, the epicenter of innovation is shifting to patient-focused care and wellness, quickened by the pace of new technology adoption in healthcare over the past two years. The startups selected in this area reflect this transition and the potential future services created as people change their perspective on new technology-based care and desire greater control over their health and the health services they receive. The startups singled out by LG NOVA in Connected Health offer innovative technology-based services through AI and the Metaverse, paired with data and services platforms centered around patient care, regardless of the setting.
With the focus on developing an advanced technology platform for providing services, MayaMD, Inc., LifeNome and Mindset Medical have been selected to move to the next phase of NOVA's challenge. Leveraging AI to provide greater information to patients and providers for better health services, MayaMD is a conversational digital human-AI health assistant. LifeNome is a precision and biological personalized enterprise health platform powered by genomics and AI. Mindset Medical is a camera sensor-based technology platform that can take health and biological readings through your personal device for medical diagnosis by doctors remotely. Expanding upon a platform for patient services, medZERO, an employer-sponsored financial wellness platform, gives employees a smarter way to pay for healthcare via on-demand access to funds to pay their out-of-pocket expenses over time at zero interest and zero fees.
XRHealth, TRIPP, Inc. and NeuroTrainer offer effective alternatives to health and wellness services for patients, through the capabilities of an XR/VR/AR environment. XRHealth is a virtual treatment room that provides patient care and rehabilitation through VR/AR paired with clinicians and real-time data analytics. TRIPP is an XR wellness platform pioneering innovative health and wellness technologies that deepen connection to self through fully immersive alternate realities. NeuroTrainer improves focus and performance with virtual reality brain training.
In the Metaverse space, LG is pursuing a variety of applications with the intent to drive broader adoption of new immersive, interactive technologies and create greater business opportunities. The LG NOVA team's choice of startups in this category include iQ3Connect, Snickerdoodle Labs, and YBVR. iQ3Connect provides immersive 3D workspace technology and a no-code platform to enable distributed teams to cost-effectively work, collaborate and train from anywhere, on any AR, VR, or 2D device. Snickerdoodle Labs is building a privacy-first, agnostic data-sharing layer where individuals own their data and the value it generates. YBVR brings live events to fans with the technology to quickly turn streaming live video content into new level of fan engagement through immersive viewing experiences.
Lastly, LG's Energizing Mobility category focuses on the electric mobility sector and EV charging infrastructure ecosystem, which are paramount to achieving a more sustainable future. The selected companies in this category provide a broad range of actionable solutions to increase the feasibility of adoption across the consumer and business markets.
SparkCharge offers an affordable and convenient way for electric vehicle owners to charge their EVs without a direct- access charger at home or on the road. Driivz provides an EV charging and energy management software platform that enables players in the hospitality industry to offer a disruptive business model of EV charging-as-a-service.
I-EMS Group, Ltd. uses innovative AI and blockchain-based DERMS and transactive energy software platforms to enable power optimization across smart cities, smart homes, and e-mobility. Kardome's 3D audio technology improves speech recognition accuracy in challenging soundscapes, transforming voice UI from cloud-dependent experience to a secure real-time, and customizable user experience in any environment. Faction has a unique approach to driverless technology and light electric vehicles that introduces a more efficient way to move goods and people.
Chosen from a group of more than 1,300 applicants, the Selected 20 will continue in the process to develop their ideas at the incubation and pilot level, while working closely with LG NOVA's team of innovation and entrepreneurial experts over the next couple of months—with the goal of being chosen as a Mission for the Future challenge "Top 10" finalist. To be named in August 2022, the Top 10 will have the opportunity to build their business in collaboration with LG on an accelerated path to success, with full access to LG expertise, mentorship, and from NOVA Capital Alliance and investments from LG.
Since its official launch in August 2021, the Mission for the Future challenge has invited innovators and entrepreneurs to submit their business ideas, technologies, and concepts that look to advance people, communities, and the planet. The initial "First 50" startups selected through the challenge program received access to basic business infrastructural support and networking after demonstrating exceptional proof-of-concept within emerging industries, as well as the potential for a successful partnership within the wider LG business.
Mission for the Future is an annual challenge program that seeks out great ideas, concepts, and businesses that will help improve the quality of life in the future. The goal of the challenge is to bring outside-in innovation to LG. In addition to the selected company prizes, the finalists can qualify for resources and investments from an allotted $20 million for new business development and with the opportunity to work with LG NOVA's Incubation team to scale their business.
About LG NOVA LG NOVA, the North American Innovation Center for global innovation leader LG Electronics, is a team focused on bringing innovation from the outside to LG. LG NOVA is based in Santa Clara, Calif. The center's mission is to build, nurture and grow innovations that impact the future. Learn more at www.lgnova.com.
About LG Electronics USA LG Electronics USA, Inc., based in Englewood Cliffs, N.J., is the North American subsidiary of LG Electronics, Inc., a $63 billion global innovator in technology and manufacturing. In the United States, LG sells a wide range of innovative home appliances, home entertainment products, commercial displays, air conditioning systems, energy solutions and vehicle components. LG is 2022 ENERGY STAR® Partner of the Year-Sustained Excellence. The company's commitment to environmental sustainability and its "Life's Good" marketing theme encompass how LG is dedicated to people's happiness by exceeding expectations today and tomorrow. www.LG.com.