[Inside Major VCs]⑨From Early Discoveries to Group Infrastructure...KB Investment’s Deep Tech Scaling Up

AUM 3.2 Trillion Won, 45 Funds Under Management... 30% Overseas Investments
Outstanding in Deep Tech with Rebellions and RGnomics
Seven Investment Divisions, Separate and Independent Risk Review
"We Focus on Investing Properly, Not Just Investing More"

Editor's NoteUnprecedented amounts of capital are pouring into the venture investment market. With the full-scale operation of the government’s large policy funds, major venture capital (VC) firms are rapidly scaling up. However, an increase in capital does not necessarily mean effective investment. In this special series, The Asia Business Daily will conduct an in-depth analysis of trends in the VC market and major domestic VCs over 11 installments. We have selected the top houses by assets under management (AUM), excluding those with a high proportion of private equity (PE). After providing an overview of the market as a whole, we will explore the growth trajectories of each company, their representative portfolios, investment philosophies and decision-making structures, as well as key personnel and organizational culture.

In May 2026, KB Financial Group entered a strategic partnership with the artificial intelligence (AI) semiconductor company Rebellions. The agreement involves applying Rebellions' domestically developed AI semiconductors to the group's AI infrastructure. It was KB Investment, a subsidiary with about 70 employees, that first brought Rebellions into the group. KB Investment participated in the company’s Series A funding round in 2022, and from Series B onward, KB Securities joined in, providing funds through the Series C and pre-IPO rounds. By initiating venture investment that led to follow-up investments from other subsidiaries and to actual business collaboration, KB Investment set the foundation for a scaling up structure within the group.

Currently, KB Investment's assets under management (AUM) amount to approximately 3.236 trillion won. It manages 45 funds and has invested in over 1,200 companies, with more than 180 of those having successfully gone public through an IPO.

With the government emphasizing "productive finance"—redirecting financial sector funds from real estate and secured lending to innovative companies—the role of KB Investment, a VC affiliated with a financial holding group, is becoming increasingly significant. A company representative explained, "As the entire financial sector shifts its focus to productive finance, KB Investment is on the front line within the group. It is the VC's role to provide capital to businesses that cannot be reached by traditional deposits and loans, those at a stage where they have technologies but no sales yet."

A First-Generation VC Founded in 1990...Growing to 300 Billion Won Funds

KB Investment is a first-generation VC, established in 1990. It became a subsidiary of KB Financial Group in 2008 and changed to its current name the following year. KB Financial Group owns a 100% stake in the company.

The scale of each managed fund is also large. According to the DIVA (Digital Investment Venture Announcement) disclosure system, the "KB Digital Platform Fund" is worth 300 billion won. KB also manages the "KB Global Platform Fund II" at 250 billion won, the "KB Global Platform Fund" at 220 billion won, and the "KB Smart Scale-up Fund" at 200 billion won, among other funds in the hundreds of billions of won. In February 2026, KB Investment established the "KB Deep Tech Scale-up Fund" with a size of 185 billion won.

In addition to funds discovering early-stage companies, such as the "KB Founders Club 2022 Fund," KB Investment also operates secondary funds that acquire shares from existing venture investors. This enables the company to invest across all business development stages, from early discovery to growth, global, and secondary investment.

Recently, KB Investment also began managing the "KB AX Digital Asset Fund," a 100 billion won fund capitalized by KB Financial Group subsidiaries. KB Kookmin Bank, KB Securities, KB Insurance, KB Kookmin Card, and KB Life Insurance are among the contributors, and the fund invests not only in digital assets but also in AI models and application services, as well as companies with data inference and analysis technologies.

Semiconductors, Bio, Robotics...Focus on Deep Tech Scale-up

The core of the current investment strategy is deep tech scaling up. Key investment areas include system semiconductors, bio/health, future mobility, robotics, cybersecurity/networks, and aerospace. The company is particularly focused on supporting businesses that have secured core technologies as they cross into commercialization and expand into overseas markets.

The investment division is structured into seven departments. Kim Hyungjun serves as Chief Investment Officer (CIO) for growth investments, while Guk Chanwoo is CIO for deep tech investments. As of the end of June 2026, according to DIVA, KB Investment had 73 employees in total.

KB Investment has also established a separate "checks and balances" structure in its investment decision-making process. The company appoints a separate Chief Risk Officer (CRO) and separates the Risk Assessment Division from the Investment Division. A KB Investment official explained, "The investment manager who sources a deal does not judge its risk alone; the review process always includes an independent assessment from outside the sourcing line." This approach prevents the uncertainty of venture capital investment from resting solely on the judgment of an individual manager.

RGnomics Exit and Expansion into Boston...30% Overseas Investments

KB Investment stands out in deep tech and bio sectors for its investment performance. It has invested in Rebellions since the Series A round in 2022 and continued its involvement through subsequent rounds. In the bio sector, KB Investment led the pre-IPO investment round for RGnomics. After RGnomics was listed on KOSDAQ, KB Investment reportedly sold all of its shares, achieving a return multiple (relative to the original investment) of more than 15 times.

Orum Therapeutics is another representative bio portfolio, benefiting from long-term follow-up investment. Rather than limiting itself to a single round of funding for drug development companies, KB Investment has provided additional capital at various growth stages, recognizing that new drug development takes considerable time.

The portfolio also includes AI companies such as Nota AI, SelectStar, and DIQUEST, as well as Musinsa, a fashion platform; VINAW, a K-beauty company; and Mediquarters, which operates fashion and beauty businesses. Although the company is currently emphasizing deep tech, it pursues a comprehensive house approach that spans multiple sectors, rather than focusing exclusively on one industry as a specialized VC would.

Overseas investment is also a key pillar of KB Investment's strategy. By combining direct investments in Boston with local fund investments, the company is broadening its global investment network. Overseas assets now account for about 30% of KB Investment’s total invested assets. In September 2023, KB Investment established a branch in Boston to directly source local biotech opportunities. A representative example is Odyssey Therapeutics, a new drug development company that was listed on NASDAQ after receiving investment from KB Investment.

Challenges for a 3 Trillion Won House: "See More, Do It Right"

Yoon Beomryeol has been leading KB Investment as CEO since April last year. By dividing growth and deep tech investments between CIOs Kim Hyungjun and Guk Chanwoo and operating an independent CRO function, the company is strengthening both investment expansion and risk management systems.

The expansion of productive finance presents both opportunities and challenges for KB Investment. As the group and policy funds increase their supply of venture capital, the company needs to deploy more capital more quickly. However, in fields such as semiconductors, bio, robotics, and aerospace, where technology verification takes a long time, the quality of individual investment decisions cannot be compromised. Now, as a house managing 45 funds and 3 trillion won in assets, KB Investment is faced with the dual challenge of scaling both its investment volume and its review processes.

KB Investment focuses not on how much capital it "deploys," but on how well it is "deployed." A company representative said, "For capital to truly help the industry grow, it must be provided at the right time to the right place based on sound judgment. Otherwise, only track records of allocation will remain."

He added, "The challenge is to maintain the quality of decision-making for each investment even as we ramp up the speed and scale of deployment. Our goal is not to become a house that simply does a lot of productive finance, but one that does it properly."

<To be continued>

This content was produced with the assistance of AI translation services.