LG Electronics, through one of its US subsidiaries, Zenith Electronics LLC, announced it is making a significant investment in Alphonso Inc. to bring together the two TV industry leaders’ technologies and innovations in LG’s smart TV lineup.
With its investment, LG will become Alphonso’s largest investor with a controlling stake of more than 50 percent, the statement said.
LG plans to utilize Alphonso software and services – including Alphonso’s data analytics, media planning and activation, and Video AI capabilities – with its broad range of home entertainment products.
According to the company’s statement, Alphonso’s combined offerings will enrich consumer services including content recommendations and LG’s own streaming service, LG Channels, to create a robust owned and operated first-screen, cross-device advertising platform with integrated analytics for the smart TV marketplace generally and for LG smart TVs specifically.
This is Alphonso’s first investment round since its Series A financing of $5.6 million in 2017, led by Manifest Investment Partners. Alphonso will continue to operate as an independent business under its current brand and leadership based in Silicon Valley.
“Our investment in Alphonso is a key component of our digital transformation strategy focusing on AI, big data and cloud to fundamentally change how consumers interact with their devices,” said Park Hyoung-sei, president of the LG Home Entertainment Company. “With Alphonso’s TV data analysis capabilities, LG will be able to better fulfill consumers’ needs by providing them even more customized services and content. We are proud to welcome Alphonso to the LG family.”
“LG and Alphonso have a shared vision for advancing the smart TV ecosystem through innovative software and services oriented toward modern new consumer experiences on one end, and highly flexible, lucrative advertising, planning, and measurement offerings for brands, agencies, and broadcasters on the other,” said Ashish Chordia, founder and CEO of Alphonso.
“Becoming part of LG Electronics gives Alphonso the backing of one of the world’s leaders in home entertainment products, with access to a massive global inventory of connected TV screens,” he added. “We can now maximize our mutual impact on the TV marketplace as we bring our products together and deliver immense value for the ecosystem.”
The LG Home Entertainment Company is a globally recognized innovator for its leadership in OLED TVs which is revolutionizing the premium TV category.
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