LG Electronics says it intends to use data analytics, media planning and activation, and Video AI capabilities from Alphonso after becoming the start-up’s largest investor.
The $80 million investment is the first investment round since Alphonso’s Series A financing of $5.6 million in 2017.
“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 fulfil consumers’ needs by providing even more customized services and content to consumers. We are proud to welcome Alphonso to the LG family.”
Alphonso will continue to operate as an independent business under its current brand and leadership based in Silicon Valley.
“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.
TV manufacturers have become increasingly interested in monetising their smart TV ecosystems. The question is how this sits with largely advertising free platforms such as Netflix and Amazon Prime and AVOD services like ITV Hub that want to control their own destiny.
