LG Group has reportedly set up a venture capital firm in Silicon Valley in a move to find emerging startups that focus on robotics, artificial intelligence and auto parts. On Monday, the holding company of the conglomerate, LG Corp., announced that the VC firm, named LG Technology Ventures, will manage a $400 million fund. The funding for the new firm is said to have come from four affiliates, namely: LG Electronics, LG Display, LG Chem and South Korea-based cellular carrier LG Uplus, The Investor first reported. "The newly established unit is aimed at finding new business opportunities, and startups to acquire," an LG official, who refused to be named, said of the company's latest venture. It was revealed that the VC firm is eager to invest in technology areas that are expected to flourish in the coming years. Hence, it is said to be focused on finding startups that specialize in robotics, artificial intelligence and autonomous vehicles.