CityLabs Signs MOU with Goldford Holdings Consortium to Foster Innovative Startups

On the 8th, a non-face-to-face MOU signing ceremony was held for a cooperative consortium consisting of five organizations: △Hong Kong venture capital Goldford Holdings (left), △its subsidiary Girocket Limited Liability Company, △City Labs (right), △Korea-China specialized media OnChina, and △Dongseo University. / Photo by City Labs.

[Asia Economy Reporter Jang Hyowon] City Labs, an ICT solutions company specializing in 4th industrial revolution technologies, has embarked on building a Korea-China network aimed at fostering innovative startups. The company plans to nurture startups that can grow together as partners in related industry sectors, focusing on smart city solution businesses centered around the Korean New Deal.

City Labs announced that on the 8th, it held a memorandum of understanding (MOU) signing ceremony for a cooperative consortium consisting of five organizations, including Hong Kong-based venture capital Goldford Holdings and its subsidiary Girocket LLC, Korea-China specialized media OnChina, and Dongseo University.

This MOU aims to discover innovative startups domestically and internationally, centered on the Greater Bay Area (Weigang'ao, ?港澳), known as the Chinese Silicon Valley, and to provide comprehensive support among the consortium members in areas such as funding, technology, knowledge, and infrastructure for their growth. The main investment and nurturing sectors include core technologies related to the 4th industrial revolution such as ▲Artificial Intelligence (AI) ▲Blockchain ▲Renewable and Eco-friendly Energy ▲Internet of Things (IoT) ▲Fintech ▲Big Data ▲Digital Content.

Following the MOU signing, City Labs plans to establish a joint venture (JV) corporation within this month to facilitate smooth consortium project progress. The JV will be led by City Labs CEO Cho Youngjoong. In this project, City Labs will be responsible for discovering startups, providing growth mentoring through technical support, building infrastructure, and offering references. OnChina will handle market research and marketing for overseas expansion. Dongseo University will focus on talent development, employment, and entrepreneurship education for selected startups. Fund formation and securing investment resources will be primarily managed by Goldford Holdings and Girocket LLC.

Cho Youngjoong, CEO of City Labs, stated, “Goldford Group, participating in this consortium, is a global VC chaired by Dr. Wu Jiezhuang (?杰庄), a member of the Chinese Political Consultative Conference. It holds major investment references including Ehang International, the number one drone company in China, and Oriental Payment, the leading payment company in Thailand. With OnChina specializing in Chinese market research, Dongseo University playing a central role in global talent development, and City Labs providing technical support, we expect excellent results in discovering innovative startups.”

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