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 LG Electronics and Canadian AI computing startup Tenstorrent said on Wednesday they are working together to develop next-generation chips that could potentially power the South Korean tech company's smart consumer appliances and automotive products.

Tenstorrent, founded in 2016, builds computers for artificial intelligence (AI). CEO Jim Keller is a microprocessor engineer, best known for his work at AMD and Apple, reports Yonhap news agency.

The collaboration is expected to boost "AI-enhanced features and high-performance computing in LG's future premium TVs, high-performance automotive chips and other smart products," the Toronto-based tech company said.

"This collaboration is just the beginning. Tenstorrent's market leading AI and RISC-V CPU technologies will strengthen SoC competitiveness of LG's future products, while our longtime proven video codec technology will help Tenstorrent take control of data center high-performance processor markets," said Byoung-hoon Kim, CTO of LG.

"Chiplets will be tested through this collaboration to see whether they can become a technology platform of collaboration. Tenstorrent and LG will share technology road maps and keep extending the scope of collaboration," Kim added.

LG has stepped up its efforts to diversify its business portfolio in recent years, aggressively advancing into the electric vehicle (EV) component business, robotics and EV charging services, among others.

Its shares hit a 52-week high to close at 124,900 won on Tuesday over the rosy growth prospects for its future businesses.