SoftBank Ventures Changes Name to SBVA... Establishes New Venture Fund Worth 200 Billion Won

SoftBank Ventures announced on the 29th that it will change its name to SBVA starting February 1st. This is the official name change following the completion of acquisition by D.E. Global from SoftBank Group in June last year.

SBVA explained that the new name reflects its aspiration to lead the era of change by embracing the singularity of emerging technologies and the broad impact of artificial intelligence advantages. It also emphasizes continuity of domestic and international business accumulated over the past 20 years, as well as ongoing connections with existing partners, infrastructure, and portfolio companies.

SBVA recently established the ‘2023 Alpha Korea Fund’ worth approximately 200 billion KRW, completing preparations for active investment this year. The fund size significantly exceeded the initial target of 100 billion KRW, with major investors including the Korea Development Bank, SoftBank Group, Hanwha Life, Industrial Bank of Korea, Nexon Korea, and KB Capital.

원본보기 아이콘

Through this fund, SBVA plans to focus on industrial changes brought by ICT technological innovations such as artificial intelligence (AI), robotics, and computing technologies, and actively discover early to mid-stage startups creating new business opportunities. Additionally, based on SBVA’s global investment capabilities and network, it plans to broadly support domestic startups’ overseas expansion.

Lee Jun-pyo, CEO of SBVA, stated, “Despite the venture investment winter and changes in major shareholders’ environment, we were able to successfully complete this fund formation based on the unwavering trust of existing investors. SBVA will continue to actively pursue investment activities by closely listening to entrepreneurs’ concerns, leveraging our expertise in the ICT sector and global business development competitiveness.”

© The Asia Business Daily(www.asiae.co.kr). All rights reserved.