News has leaked that LG is working on building its own smart watch along with a product similar to Google Glass.

The leak comes amid heavy investment in wearable electronic devices by a number of companies. It started with Apple, who is said to have a group of 100 designers developing a smartwatch. Competitor Samsung appears to be working on something as well. An executive from the company stated recently that it has been working on a smartwatch "for so long." And on Thursday March 21, news surfaced that Google's Android team is working on a similar device.

The news on LG comes from Korea Times, which cites a "source familiar to the matter." It appears that LG is working on the devices as part of a strategy to remain competitive. The source also indicates the gadgets symbolize "one major part of many currently non-commercialized products under development by LG Electronics."

"The company has spared no efforts to invest in products that it believes are must-haves to stay ahead technology wise in the market, whatever the situation may be," the source stated.

Further details about the device are unknown, and when asked which operating system the device would use, LG did not specify between Android or Firefox OS, despite the fact that it announced previously it would be using Firefox on its devices.

LG has built a few different types of smartwatch devices in the past, including the GD910, a watch with phone-like features including video calling, a touchscreen, an MP3 player and voice-recognition technology. The device never really took off but it's not surprising that LG is placing bets on a more high-powered smartwatch, given its increasing attention in the gadget world.

Are smartwatches going to be the next big thing? And if so, which company do you think will take the cake?