LG announces Startup initiative
ISLAMABAD—LG Electronics (LG) is taking its “open innovation” strategy to the next level by spinning off of two initiatives originally incubated in-house: Acanvas and Infit& Company Inc. While LG will provide use of the patented technology, both companies will be managed completely by former LG employees and will be responsible for their own fundraising and strategy.
Acanvas will focus on developing its art streaming platform into a viable business. The art streaming platform contains millions of licensed works of art displayed in cord-free customizable digital frames. Acanvas just started a Kickstarter campaign last week to fund its completion of development.
Acanvas will initially target North America with plans to expand to other markets next year. Infit & Company Inc. is the company behind the Imaging Modular Diagnosis Machine, a medical product which employs the latest technologies to diagnose conditions such as rheumatoid arthritis. By using an affordable and safer optical imaging system instead of radiation to peer inside patients, Infit& Company Inc. hopes to revolutionize medical care.