TLDR:
- South Korean trading company SK Networks has partnered with venture capital firm Bow Capital, based in Silicon Valley, for investment cooperation.
- South Korean company SK Networks will sell its treasury stocks to US investors, led by Bow Capital Chairman Vivek Ranadive, when forming consortiums for large investments in the AI industry.
South Korean trading company SK Networks has announced a partnership with US-based venture capital firm Bow Capital to collaborate on investment measures, including the sale of SK Networks’ treasury shares to US investors. The President and Chief Operating Officer of SK Networks, Choi Sunghwan, and Bow Capital Chairman Vivek Ranadive signed a memorandum of understanding (MOU) on collaboration in Seoul. According to the non-binding agreement, Ranadive and US investors will purchase some of SK Networks’ treasury shares when the company forms consortiums for large investments, particularly in the field of artificial intelligence (AI). The use of treasury stocks for cooperation with foreign investors is uncommon for South Korean companies. The MOU includes a condition that prohibits the chairman and investors from transferring the treasury shares during the funds’ investments. SK Networks expects that collaboration with Ranadive, an experienced individual in the global tech investment sector, will accelerate the company’s investments in various high-tech businesses, particularly AI. Ranadive, an entrepreneur, engineer, author, and philanthropist, established and managed TIBCO Software while studying at the Massachusetts Institute of Technology. Bow Capital, founded in 2016, has a diverse investment portfolio in collaboration with the University of California.
