Valve has issued a brief statement on the subject, saying only that the new device is "designed to deliver a high fidelity, next generation VR experience".
LG is reportedly looking forward to give stiff competition to HTC as it has partnered up with Valve to develop a VR headset. The VR headset will utilize StreamVR tracking and built on the OpenVR platform.
LG will be one of the first companies to offer a high-end alternative to Oculus and HTC/Valve's virtual reality headsets.
It is also notable that HTC is already working with Valve on its HTC Vive VR headset. Also, LG has experimented with VR in the past - like when it launched the 360 VR headset for LG G5 flagship.
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SteamVR, formerly known as Lighthouse is a royalty free Valve position tracking technology, which now runs on HTC Vive and is expected to run on LG's new VR headset as well.
Valve has confirmed today that it has roped in LG to work on its SteamVR platform at this year's GDC. This makes LG's upcoming VR headset a direct competitor to HTC Vive in that regard. According to the announcement, the headset will make sure of Valve's royalty-free SteamVR 3D tracking technology.
Valve announced that LG is developing a VR head mounted display, and a prototype of the headset will be demoed at the Game Developer Conference in San Francisco this week.