Hyosung Ventures Selected as the Ministry of Industry's First 'CVC Fund' Outsourced Manager
On the 23rd, at Lotte Signiel in Songpa-gu, Seoul, a CVC fund formation agreement was signed jointly by Hyosung's corporate venture capital Hyosung Ventures and the Korea Institute for Advancement of Technology at the '2022 Korea Technology Commercialization Expo.' From the left: Yosung Cho, Vice President of Hyosung Advanced Materials; Hyunsang Cho, Vice Chairman of Hyosung; Youngjin Jang, 1st Vice Minister of the Ministry of Trade, Industry and Energy; Byungjoo Min, President of the Korea Institute for Advancement of Technology; and Cheolho Kim, CEO of Hyosung Ventures. Photo by XXX
View original image[Asia Economy Reporter Oh Hyung-gil] Hyosung Ventures announced on the 23rd that it has been selected as the entrusted operator (GP) of the corporate venture capital (CVC) business "CVC Innovative Company Support Scale-up Fund," a corporate-led venture capital project jointly funded with the Korea Institute for Advancement of Technology.
On the same day, Vice Chairman Cho Hyun-sang of Hyosung signed a CVC fund formation agreement at the Korea Technology Commercialization Expo held at Lotte Signiel in Songpa-gu, Seoul, attended by Cho Yong-su, Vice President of Hyosung Advanced Materials, Kim Cheol-ho, CEO of Hyosung Ventures, Jang Young-jin, 1st Vice Minister of the Ministry of Trade, Industry and Energy, Min Byung-joo, President of the Korea Institute for Advancement of Technology, Kim Jong-nam, President of the Korea Energy Technology Research Institute, and Choi Ik-soo, President of KEPCO Nuclear Fuel.
The CVC fund is a fund operated by venture capital established for future new businesses and industrial advancement. This fund is the first corporate-led venture capital investment project promoted by the Ministry of Trade, Industry and Energy.
The Korea Institute for Advancement of Technology is investing 20 billion KRW, and Hyosung Ventures is investing 30 billion KRW, operating a total of 50 billion KRW. Hyosung Ventures plans to actively cooperate in scale-up investments and the creation of new business models, focusing on small and medium-sized enterprises and mid-sized companies in the future.
Hot Picks Today
"Stocks Are Not Taxed, but Annual Crypto Gains Over 2.5 Million Won to Be Taxed Next Year... Investors Push Back"
- "Don't Throw Away Coffee Grounds" Transformed into 'High-Grade Fuel' in Just 90 Seconds [Reading Science]
- Despite Warnings of "Do Not Enter, You May Not Make It Out Alive"... Foreign Tourist Stranded After Unauthorized Climb on Jeju Sanbangsan
- Signed Without Viewing for 1.6 Billion Won... Jamsil and Seongbuk Jeonse Prices Jump 200 Million Won in a Month [Real Estate AtoZ]
- "Even With a 90 Million Won Salary and Bonuses, It Doesn’t Feel Like Much"... A Latecomer Rookie Who Beat 70 to 1 Odds [Scientists Are Disappearing] ③
Vice Chairman Cho stated, "Although Hyosung Ventures is a newly established CVC founded this year, based on Hyosung Group's technology management philosophy, we will strive to grow together with Korean venture companies through collaboration and support with the invested small and medium-sized enterprises and mid-sized companies."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
