LG Kicks off Startup Initiative by Spinning off Two Projects
To show its commitment to startups as well as their own “open innovation” strategy, LG Electronics spun off two of its own initiatives that were originally incubated in-house: Acanvas and Infit & Company Inc. Both of the in-house startups will continue to receive support from LG’s patented technology, but both companies will be managed completely by former LG employees and will be responsible for their own fundraising strategy, LG explained in a statement.
Acanvas is an art streaming platform that will continue to focus on developing itself into a viable business, LG said. The company currently holds millions of licensed works of art displayed in cord-fee customizable digital frames. Acanvas just kicked off a Kickstarter campaign last week to help fund the completion of its development. The company will initially target North America with plans to extend into other markets next year, LG said.
Unfit & Company is the group behind the Imaging Modular Diagnosis Machine, a medical device that employs the “latest technologies” to diagnose conditions like rheumatoid arthritis, LG explained in its statement. The company’s technology uses an “affordable and safer optical imaging system” as opposed to radiation to get a glimpse at the inside of a patient.