SoftBank Ventures launches new start-up fund in KoreaSoftBank Ventures organized a 320 billion won ($271 million) fund based in Korea to support artificial intelligence-related start-ups.
The venture capital firm wholly owned by Japan’s SoftBank Group announced Monday it has closed the first round of applications for the “Growth Acceleration Fund.” It raised 320 billion won from SoftBank Group, the National Pension Service and multiple investment companies in and outside Korea.
SoftBank Ventures plans to launch a second round of funding to boost the fund over 400 billion won from the current 320 billion won.
Its main purpose will be investing in start-ups with artificial intelligence (AI) technology from Asia, and early-stage start-ups that innovate markets.
“We have high expectations for early start-ups that aim to change the future of AI technology,” said SoftBank Ventures CEO and managing partner JP Lee. “We will actively discover potential tech companies and help them grow into a global company using SoftBank Group’s network.”
By Song Kyoung-son