KUALA LUMPUR, Jan 29 (Bernama) -- SoftBank Ventures Asia will officially change its company name to SBVA beginning Feb 1 after The Edgeof acquired the company from SoftBank Group Corp (SBG) in June of last year.
The new SBVA embraces the concept of technological singularities and the broader impacts of the virtues of artificial intelligence, reflecting its commitment to leading in this transformative era.
It also reflects the continuity of its business domestically and internationally, highlighting the sustained connectivity with its partners, infrastructure and portfolio companies developed over the past two decades.
SBVA Chief Executive Officer, JP Lee said despite the venture investment winter, the company is able to successfully conclude the establishment of this fund based on the trust of its investors.
“We will continue to actively engage in investment activities by closely listening to the concerns of entrepreneurs," he said in a statement.
SBVA is poised to actively seek out startups that will revolutionise various industries via innovative technology, building upon its information and communication technology (ICT) investment expertise.
The new SBVA has recently closed the “2023 Alpha Korea Fund,” with a total committed amount of approximately 200 billion Korean won (US$150 million), in which the funding amount significantly surpasses the initial target of 100 billion Korean won, underscoring the significance of successfully exceeding fundraising goals in a market downturn. (US$1=RM4.73)
Investors (Limited Partner [LP]) include Korea Development Bank (KDB) as the anchor LP, SBG, Hanwha Life, Industrial Bank of Korea (IBK), Nexon and KB Capital, among others.
SBVA, through this fund, aims to actively discover early to mid-stage startups that capitalise on technological innovations in ICT, as well as create new business opportunities, with major investment areas across industries including Enterprise SW, Healthcare, Content and Industrial Deep Tech.
Moving forward, SBVA plans to extensively support the international expansion of domestic startups leveraging its global investment capabilities and network.
-- BERNAMA
