[Public Notice+] NCN: "Nextchip Secures 5 Billion KRW Investment from VC"

[Asia Economy Reporter Hyunseok Yoo] NCN announced that its subsidiary Nextchip decided on a paid-in capital increase worth a total of 10.1 billion KRW on the 4th, of which 5.1 billion KRW will be participated by the parent company NCN in common stock, and 5 billion KRW will be participated by InterVest, a leading domestic VC, in redeemable convertible preferred stock (RCPS).

NCN’s investment of 5.1 billion KRW is the second following the 9.9 billion KRW investment in September last year. The approximately 15 billion KRW paid-in capital increase by NCN’s shareholder allotment last year was fully executed as operating funds for Nextchip as planned. InterVest’s investment of 5 billion KRW is the first case of external financing for Nextchip.

With the 10.1 billion KRW raised this time, Nextchip plans to invest in research and development of automotive semiconductors for ADAS, including Apache5, which is expected to be a driving force for entering the vehicle electronics market.

Kim Kyungsoo, CEO of NCN and Nextchip, said, “The success of this first external investment attraction is proof that Nextchip’s technology is recognized in the automotive semiconductor market,” adding, “There are many external investors who expect great success in the automotive semiconductor market based on Nextchip’s excellent technology.” He continued, “Additional investment attraction is scheduled to proceed within the first half of this year, and based on this, we will create more active market entry opportunities.”

Nextchip’s automotive semiconductors have been supplied to domestic and foreign automobile companies since the fourth quarter of last year, and active marketing is currently underway to expand sales with domestic and foreign automobile manufacturers and Tier 1 suppliers.

This content was produced with the assistance of AI translation services.