SoftBank Ventures Asia, a venture capital firm based in Seoul, has announced that it will change its name to SBVA starting February 1st. This name change comes after the firm was acquired by The Edgeof from the SoftBank Group in June 2023. The new name reflects the company’s commitment to lead in an era of change and technological advancement, particularly in the fields of artificial intelligence (AI) and robotics.
In addition to the name change, SBVA has also formed a 200 billion won fund called the “2023 Alpha Korea Fund.” This fund is double the initial target amount of 100 billion won and has major Limited Partners including the Industrial Bank of Korea, SoftBank Group, Hanwha Life Insurance, the Korea Federation of Small and Medium Business, and Nexon Korea. The fund will focus on investing in early and mid-stage startups in the fields of AI, robotics, and computing technologies, with a particular emphasis on healthcare, content, and industrial deep tech. SBVA also plans to support the international expansion of domestic startups.
Lee Joon-pyo, CEO of SBVA, expressed his gratitude for the trust of existing investors and the successful formation of the fund despite challenging circumstances in the venture investment industry and changes in major shareholders.
