LG Electronics Inc. rapidly building up its automotive electronics capabilities has led a series A funding for CerebrumX, a U.S. startup developing deep learning-based connected car data management platform.
LG Technology Ventures, venture capital arm of Korean electronics giant LG Electronics, recently closed the series A funding it spearheaded for CerebrumX, the U.S. startup said in a news release on Thursday. The funding was also joined by strategic investor Cerence Inc., an American company developing AI-powered mobility solutions. The financing amount was not disclosed.
CerebrumX develops an augmented deep learning platform for connected vehicles, which enables real-time processing of driving data to help prevent accidents and reduce travel time. Headquartered in New Jersey, the U.S., the startup was founded in 2020 by four experts with expertise in automotive, Internet of Things, data analysis, and telecommunication technologies.
Cerence is known for its latest development effort of building an AI data model with more than 50 million cars connected to its cloud system.
In a separate filing on the same day, LG Electronics disclosed that it liquidated an IVI parts production plant in Kunshan, a city next to Shanghai in China. Following the closure, the Korean tech giant will integrate the Chinese plant’s in-Vehicle Infotainment (IVI) system production into its IVI factory in Hải Phòng, Vietnam.
The firm is grooming the Hải Phòng plant as its overseas IVI system production hub and a manufacturing base in Nanjing, China as the key production site for electric vehicle’s powertrain. It also has plants in Korea.
On Tuesday, shares of LG Electronics are closed 1.05 percent higher at 144,500 won ($126.64).
