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KVIC, US tech player launch Korea VC fund

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Government-back fund-of-funds Korea Venture Investment Corporation (KVIC) and Applied Ventures, the VC arm of US-listed technology developer Applied Materials, have jointly launched a fund focused on Korea start-ups.

The Applied Ventures Innovation Fund will be managed by Applied and focus on sectors including semiconductors, display screens, robotics, healthcare and energy storage. Financial details were not disclosed.

“Korea’s outstanding talent, R&D intensity and manufacturing capability provide a fertile ground for start-ups,” Tony Chao, general manager and senior investment director of Applied Ventures, said in a statement. “Applied Ventures has been actively investing in Korea for several years and we are excited to build on this foundation.”

KVIC manages a KRW2.2 trillion ($1.9 billion) fund-of-funds which is said to have underpinned some KRW12.8 trillion in separate VC fundraisings. It claims to have backed about 3,400 small to medium-sized enterprises in Korea since 2005.

Applied Ventures typically makes investments of $500,000-$3 million per deal and deploys about $50 million in total annually. Stock in Applied Materials last closed at $44.09, after climbing steadily since the start of the calendar year from a range around $17.00. The company is currently valued at around $48.2 billion.

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