How to build a $900M deep-tech CVC engine - My conversation with Dong-Su Kim
Inside Dong-Su Kim’s playbook for building one of the most disciplined and impactful corporate venture arms in tech.
Previously on Open Road Ventures: in the last episode of Venturing Insights, we explored a different kind of Venture Clienting Model with Christian Huttenheim (Pexus Ventures). If you missed it, you can catch up here!
About a month ago, I had the honour of interviewing Dong‑Su Kim, Ph.D., the founding CEO of LG Technology Ventures, the corporate venture capital arm of LG Group, founded in 2018. Dong-Su, who holds a Ph.D. in Electrical Engineering from Princeton and a B.S. in Applied Physics from Caltech, brings over 25 years of experience across technology strategy, venture investing, and corporate innovation programs .
Before leading LG’s CVC, he was Vice President and General Manager at Samsung Ventures America, overseeing offices in Menlo Park, Boston, London, and Tel Aviv and investing in more than thirty companies across semiconductors, materials, storage, and hardware .
Under Kim’s leadership, LG Technology Ventures has scaled to manage nearly $885 million in funds (currently cited as over $880 M-$885 M), investing in startups across information technology, automotive, manufacturing, life sciences, energy, and advanced materials . The firm has built thematic strength in batteries (LG Energy Solution), AI, robotics, and materials, backs include companies like Anthropic, Figure AI, Cresta Labs, Airalo (their most recent unicorn) and more . Dong-Su is consistently featured on Global Corporate Venturing’s Powerlist of top corporate venturing professionals.
Here are 10 takeaways that I take home from this conversation:
1. Lock in capital and autonomy from day one
Dong-Su wouldn’t accept the job until LG committed $400 million, and gave him full investment authority. He started with an admin assistant and built a 21-person team. That early governance clarity attracted even more capital, pushing assets under management to $880 million.
2. Make financial and strategic goals inseparable
Forget the “either-or” thinking. In his view, only companies that succeed in the market can move the needle for LG. That alignment between strategic value and financial return attracts top-tier founders and co-investors alike.
“Striving to have the strategic engagement between the portfolio and your mothership is what we call also differentiated value to your portfolio and help them accelerate their growth. Actually, we got into some of the very competitive deals, mainly because we were able to provide some strategic value to these companies.“
3. Treat deep tech as science-driven advantage
For LG, deep tech means anything grounded in rigorous science: solid-state batteries, carbon-neutral materials, generative AI models. The company’s Seoul-based Science Park gives the venture team direct access to labs, talent, and real testing environments.
4. Deploy business developers as cultural translators
A dedicated BD team in Silicon Valley (former LG insiders) helps bridge Korean and global expectations. They coach startups, manage pilots, and make sure internal and external teams speak the same language, both literally and culturally.
5. Offer startups real validation and pilot access
When LG Energy Solution pilots a startup’s material, it’s not just an experiment, it’s validation. That kind of traction derisks the next round, brings in serious investors, and can even lead to strategic acquisition down the line.
6. Stay disciplined when hype peaks
Dong-Su has seen fads come and go—from NFTs to overhyped AI wrappers. His advice: ignore the noise, focus on fundamentals, and plan for failure as part of the model.
“You just got to understand that there will be technology hype. And just at least try to understand what's there for the long term and what is a hype is very important, but also understand that, yes, some of your investments will fail.“
7. Structure for long-term horizons, not quick wins
Deep-tech breakthroughs aren’t fast. The LG fund is evergreen and designed to weather market cycles. That structure gives the team the space to back bold bets without getting whiplashed by quarterly performance reviews.
8. Build a reputation for win-win engagements
Their internal KPI? Create value for both LG and the startups. When either side feels shortchanged, future deal flow dries up. That balance is what sustains the model.
“A lot of CVCs have very bad reputation because they're just looking after the interest of the corporate headquarters, but not really, looking after the interest of the startups. And if you do that, then obviously you're going to pick up a very bad reputation, you're not going to be able to invest in companies. And as a result, you're not going to create a lot of strong strategic benefits either.”
9. Recruit globally fluent talent
Kim’s own career spans Korea and Silicon Valley. Many on his team share that cross-border background. It’s not just about language, it’s about navigating decision processes, pace, and trust on both sides of the table.
10. Secure follow-on flexibility through external LPs
Even a $900 million fund hits cheque-size limits. LG Technology Ventures is now exploring a side fund backed by outside LPs to write $10 million-plus follow-ons into breakout winners: strengthening both financial upside and strategic ties.
Why it matters
We’re entering a phase where corporate venture arms are expected to do more than just make headlines: they need to drive real, measurable growth. Dong-Su Kim’s model shows how it’s done: by combining clear governance, a science-backed thesis, and a BD layer that builds trust across cultures and units.
It’s not just theory. It’s $880 million at work, across 80+ startups, in sectors like AI, mobility, semiconductors, and clean energy. The kind of sectors that will define the next decade.
🎧 Want to hear the full conversation?
Find the episode on Apple Podcasts and Spotify. And if you found this useful, forward it to someone you know who’s wrestling with their CVC strategy. Could be the most valuable 30 minutes they spend this week.
A warm thank you to Dong-Su for generously sharing his time and insight. And to Ilsim Shin for supporting this.
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