TLDR:
- SoftBank Ventures Asia is changing its name to SBVA after closing a $150 million fund.
- The name change reflects the company’s commitment to leading in the transformative era of artificial intelligence and its continuity in business domestically and internationally.
- SBVA recently closed the “2023 Alpha Korea Fund” with a total committed amount of approximately $150 million.
- The funding amount significantly surpassed the initial target, indicating successful fundraising goals in a market downturn.
- SBVA aims to actively discover early to mid-stage startups that capitalize on technological innovations in ICT and create new business opportunities.
SoftBank Ventures Asia (SBVA) has announced its official name change to SBVA after closing a $150 million fund. The name change comes after The Edgeof acquired the company from SoftBank Group Corp. last year. The rebranding reflects SBVA’s commitment to leading in the transformative era of artificial intelligence and its continuity in business domestically and internationally.
SBVA has recently closed the “2023 Alpha Korea Fund” with a total committed amount of approximately $150 million, surpassing the initial target of $100 million. The successful fundraising amid a market downturn highlights the significance of the fund and SBVA’s investment expertise in information and communication technologies (ICT). The fund aims to actively discover early to mid-stage startups that leverage technological innovations in ICT, such as artificial intelligence, robotics, and computing, to create new business opportunities.
The investors in the “2023 Alpha Korea Fund” include Korea Development Bank (KDB) as the anchor LP, SBG, Hanwha Life, Industrial Bank of Korea (IBK), Nexon, KB Capital, and others. SBVA plans to invest in major areas across industries, including Enterprise SW, Healthcare, Content, and Industrial Deep Tech.
Moving forward, SBVA plans to support the international expansion of domestic startups by leveraging its global investment capabilities and network. The Chief Executive Officer of SBVA, JP (JoonyPyo) Lee, stated that despite the venture investment winter, the establishment of the fund was successful due to the trust of investors. SBG’s Chief Financial Officer, Yoshimitsu Goto, expressed excitement in joining the first fund established by the new SBVA and highlighted the expertise and network of the startup investment business that SBVA brings to the partnership with The Edgeof, an ecosystem builder and venture capital entity.
