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Global Investment

HICO Ventures Launches LP Summit in Collaboration with U.S. VC Firm Bow Capital, Marking Their First

- Showcasing Joint Fund Investments and Future Strategies: Insights into cutting-edge technologies such as AI. - “We will evolve into an independent VC and share investment performance in next-generation technologies from our Silicon Valley experience with LPs.” As global industries pursue agile investment strategies in future growth drivers like cutting-edge technologies such as artificial intelligence (AI), HICO Ventures, managed by U.S.-based HICO Management, held its inaugural annual general meeting (AGM) for limited partners. During the session, they laid out the current state of their fund operations and discussed future plans centered on companies developing next-generation technologies. HICO Ventures announced that it hosted the 'HICO-Bow AGM' for its investors on September 12th at the Samil Building in Seoul. This marked the first investor event since HICO Management teamed up with leading U.S. venture capital firm Bow Capital earlier this year to create the Bow-HICO Silicon Valley Fund. The joint fund is dedicated to investing in promising companies within emerging technology fields such as AI, machine learning (ML), robotics, web3, and digital transformation (DT). Attendees included SK Networks, SK Magic, and several other external investors who have backed the fund. While presenting the business status and future outlook of the companies financed through the joint fund, and sharing the latest trends in industry technology, HICO Ventures outlined its growth strategy as a specialized fund management company. After updating on the companies HICO Ventures is investing in, General Partner Samuel Kim stated, “Leveraging our expertise gained in Silicon Valley’s investment landscape, we aim to evolve into an independent venture capital firm, delivering stronger investment results in advanced technologies like AI to a global network of investors”. This move is expected to further solidify HICO Ventures' position and influence in the global venture capital market. [Photo] At the ‘Hico-Bow AGM’ on September 12, Samuel Kim, General Partner of Hico Ventures, discusses the fund’s operating status with attendees.

Global Investment

SK Networks Joins SBVA as Major Investor in $130 Million Global AI Fund

- $30M Investment in 'Alpha Intelligence Fund' - Expected to Unlock AI Business Opportunities and Drive Corporate Growth through Strategic Partnerships with Promising Startups - "We’ll Leverage Our Capabilities and Financial Resources to Fast-Track AI Implementation and Create New Value for the Future." SK Networks, committed to elevating corporate value through AI-driven innovation, is set to take a leading role in a major global AI fund, managed by top venture capital firm SBVA. This strategic move aims to strengthen its industry connections and unlock new business opportunities. On August 19, SK Networks (CEO: Hojeong Lee) announced its pledge of $30 million to the newly launched ‘Alpha Intelligence Fund,’ managed by SBVA With a total capital of $130 million, SK Networks’ contribution represents the second-largest investment among the participating companies. The Alpha Intelligence Fund will focus on nurturing promising early-stage startups within AI, robotics, and deep tech—areas where SBVA has established deep expertise. This aligns with SK Networks’ vision, unveiled earlier this year, to evolve into an AI-centric company. Beyond mere financial investment, SK Networks plans to forge strategic partnerships with these up-and-coming AI innovators. SBVA originally emerged as a startup investment firm under the SoftBank Group umbrella. In 2023, it was acquired by The Edgeof, a venture co-founded by Mistletoe Chairman Taizo Son, a prominent figure in the global venture investment landscape, SBVA CEO Lee Jun-pyo, and Mistletoe Managing Director Atsushi Taira. SBVA now manages assets worth 2.5 trillion won and operates offices in Seoul, Beijing, Singapore, San Francisco, and Israel, overseeing more than 100 global investment portfolios. SK Networks' engagement with the Alpha Intelligence Fund is a testament to its solid track record in AI and technology investments, as well as the strong bond and collaborative spirit it has cultivated with SBVA. Since its entry into the hyperscale data center fund in 2020, SK Networks has broadened its tech investments to include AI and beyond. This year, the company rolled out "PhnyX Lab," a state-of-the-art team of AI specialists dedicated to driving innovation across its subsidiaries. The company has also nurtured a robust relationship with SBVA since joining the Future Innovation Fund III in 2021. Towards the end of last year, the two organizations teamed up to host the "AI WAVE 2023" forum, where they exchanged insights on the transformative future impact of AI. Earlier this year, they further strengthened their partnership by investing in the AI startup "Upstage." By participating in the fund, SK Networks aims to work closely with investment management firms from the early stages of investment review to uncover new business opportunities. The strategy is to capitalize on SBVA's extensive AI startup portfolio and network, which spans from infrastructure to applications in the global market. Additionally, SK Networks is set to pursue new growth opportunities through strategic partnerships and acquisitions with promising AI startups. To facilitate this, the company has integrated provisions addressing business opportunities and rights in the contract structure. Furthermore, the company plans to speed up the implementation of its AI strategies by consolidating its capabilities and deploying SK Networks' own AI solutions, thereby increasing value for stakeholders, including employees, customers, and shareholders. An official from SK Networks stated, "This fund investment will help us explore new ways to enhance customer value by integrating AI into our business models, including SK Magic, Encore, and Walkerhill, and drive our company’s evolution." They also emphasized, "We are dedicated to channeling our resources and expertise into AI, aiming to launch groundbreaking products and services while continually creating economic and social value.""

Global Investment

Hico Management launches ‘Hico-Bow Joint Fund’, Attracting External LPs! Accelerating AI Investments in the Tech Innovation Hub of Silicon Valley

- Forming a joint fund with the globally renowned VC, Bow Capital - Focusing on early-stage tech startups in the field of AI, Web3, Digital Transformation (DT), healthcare - Holds significance in attracting external LPs... leaping into an independent VC and enhancing investment expertise SK Networks, through its US affiliate, which has expanded direct and indirect investments in early-stage companies home and abroad, harnessing its global network and investment management processes, has successfully attracted external limited partners (LPs), a rare move in the world of corporate venture capital (CVC). This was done through a joint fund formed in partnership with Bow Capital, a globally influential venture investment firm. According to Pitchbook, the global market research firm, the global venture capital(VC) investment market significant decline of nearly 35% compared to 2022. Considering the market condition, it is considered a remarkable achievement. SK Networks (CEO : Hojeong Lee) announced on February 1 that Hico Management and Bow Capital Management formed a joint fund. This joint fund was formed by Hico Management in collaboration with Bow Capital Management. Hico Management is an investment management subsidiary of Hico Capital that leads SK Networks’ operation in the U.S. The two management firms closed the first round at the end of last year with the participation of external investors. A final round is scheduled to be completed soon. As for fund management, both companies are looking for investment opportunities in the field of Artificial Intelligence (AI) and Machine Learning (ML). The joint fund 1st closing ceremony, held on January 31 at Walkerhill Wavehill, was attended by Samuel Kim, Managing Director of Hico Management, and Vivek Ranadivé, Managing Director of Bow Capital and owner of the Sacramento Kings, among other representatives from both companies. Sunghwan Choi, SK Networks President & COO, also attended. Before this, on January 30, President Sunghwan Choi and Managing Director Ranadivé signed a MOU for the ‘SK Networks Renaissance Project’ and expressed to strengthen their cooperation. Bow Capital operates various investment portfolios based on its close partnership with University of California (UC) system that includes the 10 campuses, 6 medical facilities and hospitals, and 3 national laboratories. With the new joint fund created by the partnership between Hico Management and Bow Capital, the industry now recognizes Hico Management for its business competency built upon SK's continuous investment in early-stage companies for years as the joint fund helped attract even external LPs this time. This leads to the expectation that Hico Management will evolve into a competitive independent venture investment firm with its unique and distinct strategy. This will allow Hico Management to strengthen its investment and business capabilities in cutting-edge technologies such as AI and accelerate the business growth through close collaboration. An official of Hico Management said, "Even amidst the downturn in the investment market, we were able to attract external LPs and achieve a first closing with raising a significant amount of funds,” also added “We plan to continue to grow the fund size by appealing to various global investors and accumulate achievements through managing joint fund, in an aspiration to become a competitive independent VC." [Photo 1] Samuel Kim(left), Managing Director of Hico Management, and Vivek Ranadivé, Managing Director of Bow Capital and owner of the Sacramento Kings. On January 31st, at the Walkerhill hotel, during the ‘Hico-Bow Joint Fund’ launching ceremony.