The South Korean government has announced the launch of a $80 million bilateral fund that will invest in DeepTech (engineering and scientific innovation) startups. The aim of the fund is to raise $48 million, with $48 million already raised by the fund’s Korean partners, NH Venture Investment and K-Growth.
The NHOC Global Open Innovation fund intends to invest in approximately 30 startups from both countries, with a focus on technologies like robotics, cybersecurity, and digital health. OurCrowd CEO John Medved expressed his enthusiasm for the establishment of the Israel-Korea bilateral fund with the South Korean government’s support, stating that it was excellent news for Israeli high tech.
In addition to the fund’s investments, Israeli DeepTech companies will gain direct access to South Korean industrial giants and be able to establish cooperation on a global scale. This partnership will bring together some of the world’s leading technology innovators and investors, creating new opportunities for growth and development in both countries.
