Bluepoint Forms 5 Billion KRW Fund with LGU+... Linked to AI Demonstration
Opportunities for Business Collaboration with LG Uplus
for Startups in AI and Future Technologies
Deep tech accelerator (AC) Bluepoint Partners announced on the 17th that it has completed the formation of the 5 billion KRW-scale 'LG Uplus Bluepoint AX Shift Venture Investment Fund.'
The fund was established solely by LG Uplus, with a maturity of 8 years. It targets startups in the fields of artificial intelligence (AI) and future technologies, from the seed stage to Series A.
Bluepoint explained that the fund is significant as it is the first venture investment fund in the investment industry, excluding corporate venture capital (CVC), linked to corporate demonstration projects.
Bluepoint plans to operate the fund targeting promising AI and AI transformation (AX) startups, including those participating in the LG Uplus Shift program. Shift is a program jointly run by LG Uplus and Bluepoint that aims to advance AI technology by discovering startup teams from university research labs with high growth potential and related startups, supporting them to establish themselves in the market.
Selected companies are given opportunities such as business acceleration programs, business cooperation with LG Uplus, and consideration of equity investment through the dedicated fund. Currently, eight startups including Fairy, Lemong, Technometrics, and Squeeze Beats have been selected and are participating in the program, with recruitment for the second program scheduled for mid-year.
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Lee Mi-young, head of the Shift program at Bluepoint, said, "It is meaningful in that large corporations can expand the scope of new businesses and startups can gain new business opportunities through demonstration projects and investments via the dedicated fund." She added, "From the second program, as it expands into an open alliance centered on AI startups, Bluepoint will strive to help the startup ecosystem grow further."
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