KDB Industrial Bank Launches 'Tech Startup Value-Up Alliance' with Four Major Science and Technology Institutes

On the 5th, the Korea Development Bank signed a business agreement at the Korea Advanced Institute of Science and Technology (KAIST) headquarters with the four major science and technology institutes and Mirae Science and Technology Holdings to launch the 'Tech Startup Value-Up Alliance.' From the left in the photo: Kim Pan-geon, CEO of Mirae Science and Technology Holdings; Guk Yang, President of Daegu Gyeongbuk Institute of Science and Technology (DGIST); Shin Sung-chul, President of Korea Advanced Institute of Science and Technology (KAIST); Lee Dong-gull, Chairman of Korea Development Bank; Kim Ki-seon, President of Gwangju Institute of Science and Technology (GIST); and Lee Yong-hoon, President of Ulsan National Institute of Science and Technology (UNIST). Photo by Lee Dong-gull

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[Asia Economy Reporter Kangwook Cho] On the 5th, the Korea Development Bank announced the launch of the 'Tech Startup Value-up Alliance' in collaboration with the four major science and technology institutes?Korea Advanced Institute of Science and Technology (KAIST), Gwangju Institute of Science and Technology (GIST), Daegu Gyeongbuk Institute of Science and Technology (DGIST), Ulsan National Institute of Science and Technology (UNIST)?and Mirae Science and Technology Holdings.

This alliance was formed through cooperation among the science and technology institutes, which have established themselves as incubators for tech startup creation based on scientific research capabilities; Mirae Science and Technology Holdings, a specialized early-stage startup investment firm; and the Korea Development Bank, which supports startups through to unicorn status. It holds great significance in contributing to the success of the Digital New Deal by promoting technology commercialization through financial and non-financial support for tech startups incorporating innovative technologies from the science and technology institutes.

The main projects include the Korea Development Bank's rapid investment program for startups founded by or transferring technology from the science and technology institutes, called the 'IST-KDB Tech Startup Value-up Program,' and support for smooth fundraising for startups through the 'KDB Venture Ecosystem Support Platform,' represented by NextRound and NextRise.

Prior to the official launch of the alliance, the Korea Development Bank piloted the IST-KDB Tech Startup Value-up Program in July, investing a total of 10 billion KRW in five companies, including 5 billion KRW in Perigee Aerospace, a small satellite launch vehicle manufacturing startup founded by a KAIST student.

Following the agreement, the Korea Development Bank plans to invest 100 billion KRW over five years in tech startups founded by or transferring technology from the science and technology institutes through 2025, the duration of the Korean New Deal plan.

Lee Dong-gull, Chairman of the Korea Development Bank, emphasized, "To realize the Digital New Deal, which is the core axis of the Korean New Deal, it is essential to harmonize the accumulation of scientific and technological capabilities, the transfer of innovative technologies between companies to maximize synergy, and active investment for the commercialization of innovative technologies." He added, "As Korea's representative venture investment policy financial institution, we will contribute to the success of the Digital New Deal by enhancing the value of tech startups and strengthening the nation's digital foundational capabilities."

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