TLDR:
- South Korea and Israel are establishing an $80 million fund for DeepTech investments.
- The fund, known as the NH-OC Global Open Innovation fund, will focus on investing in startups in core technology sectors such as semiconductors, robotics, automotive, cybersecurity, and more.
In a significant boost to bilateral ties, South Korea has selected OurCrowd, Israel’s most active venture investor, to co-manage an $80 million fund for DeepTech investments. The fund, named the NH-OC Global Open Innovation fund, will specifically target startups in key technology sectors including semiconductors, robotics, automotive, quantum computing, cybersecurity, and digital health. The aim is to foster a synergistic relationship between Israeli innovation and South Korean industrial prowess.
So far, $48 million has been secured by the Korean partners, NH Venture Investment and K-Growth, with the remaining funds being raised by OurCrowd through its extensive network of over 240,000 registered investors worldwide. This initiative is expected to not only benefit Israeli high-tech companies but also provide South Korean startups with global exposure and connections to leading venture capital investors, entrepreneurs, and family offices.
K-Growth, a key agency under the Korean Ministry of Trade Industry and Energy, has committed $32 million to the fund, while NH Venture Investment, the venture arm of NongHyup Financial Group, has contributed $16 million. This marks one of K-Growth’s largest international fund investments to date, and it highlights the strategic importance of the fund in fostering global expansion and innovation collaborations between Korean and Israeli companies.
