Officially launched last September as a business-led venture capital, Hyosung Ventures has started taking steps for investment in v
enture businesses in earnest.
On November 23, Hyosung Ventures said that it was selected as GP (General Partner) for corporate scale-up fund for providing support for innovative businesses (CVC Fund) that it jointly invested in with the Korea Institute for Advancement of Technology (KIAT), which is a subsidiary of the Ministry of Trade, Industry, and Energy (MOTIE).
CVC Fund is a fund operated by a venture capital established for new future businesses and sophistication of industries unlike other funds focusing on earning profit from investment. It is the first of its kind promoted by MOTIE.
The CVC Fund amounts to 50 billion won in all, with 20 billion won invested by KIAT and 30 billion won by Hyosung Ventures. Hyosung Ventures plans to create new business models and engage in scale-up investment particularly for small/mid-sized businesses.
The agreement for the formation of the CVC Fund was signed by the following on November 23 at the ROK Contest for Commercialization of Technologies held at the Lotte SIGNIEL in Songpa-gu, Seoul: Hyosung Vice Chair CHO Hyun-sang; Hyosung Advanced Materials VP JO Yongsu; Hyosung Ventures President KIM Cheolho; Vice Minister-1 of Trade, Industry, and Energy JANG Yeongjin; KIAT President MIN Myeongju; KIER President KIM Jongnam; and KNFC President CHOI Iksu.
″Hyosung Ventures is a CVC business that has just been established this year, but it will strive to grow with the country′s venture businesses through cooperation and mutual support with small/mid-sized businesses based on its philosophy that emphasizes technology management,″ Mr. CHO Hyun-sang said after the signing ceremony.
