LG plans to utilise 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, the statement added.
Speaking about the development, Park Hyoung-sei, President, LG Home Entertainment Company, said, “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. With Alphonso's TV data analysis capabilities, LG will be able to better fulfill consumers' needs by providing even more customised services and content to consumers.”
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.
“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, Alphonso.