TLDR:
– SK Networks, a rental business and investment unit owned by SK, has partnered with Bow Capital Management, a California-based venture capital firm, to collaborate on future investments in the field of AI.
– The agreement includes the acquisition of a portion of SK Networks’ Treasury shares by Bow Capital when the Korean company forms a consortium for large-scale AI investment.
SK Networks and Bow Capital Management have announced a partnership to collaborate on future investments in artificial intelligence (AI). The two companies signed a memorandum of understanding (MOU) to work together on mergers and acquisitions related to AI. Bow Capital, a venture capital firm based in California, will acquire a portion of SK Networks’ Treasury shares when the Korean company forms a consortium for large-scale AI investment.
The specific target of the investment was not disclosed by SK Networks. However, the company stated that the collaboration with Bow Capital will help them actively involve external investors and divest shares to influential partners when joint investment targets are confirmed. The ultimate goal is to reinvent SK Networks as a global technology company.
Both SK Networks and Bow Capital will closely cooperate in identifying investment targets in the field of AI. SK Networks expressed its hope that the collaboration will have positive effects on its existing business units, including information and communications business, SK Magic, En-core, and the recently revitalized Walkerhill Hotel. The company aims to cultivate innovative business models by acquiring relevant technologies and fostering collaborations with academic and industry partners.
Managing Director Vivek Ranadive of Bow Capital expressed his excitement about partnering with SK Networks and shared expectations for the success of the collaboration. Ranadive is best known as the owner of the NBA’s Sacramento Kings. SK Networks believes that the cooperation with Bow Capital will contribute to its transformation into a global technology company and help it stay competitive in the AI industry.
In conclusion, SK Networks and Bow Capital have formed a partnership to collaborate on AI investments and identify potential investment targets in the field. SK Networks aims to reinvent itself as a global technology company, while Bow Capital sees this collaboration as an opportunity to find transformative acquisitions. Both companies are looking forward to the successful implementation of their joint efforts in the AI industry.
