SparkLabs launches Korea deep tech fund
Early-stage VC investor and accelerator SparkLabs Korea has achieved a first close of USD 15m on a deep tech fund. That target corpus has not been confirmed.
The fund will invest across artificial intelligence (AI), biotech, space-tech, smart cities, virtual reality (VR) and augmented reality (AR), quantum computing, and advanced materials. It will be led by Eugene Kim, a managing partner at SparkLabs Korea, with Daniel Kim, a director of engineering at Meta (formerly Facebook) joining as a venture partner.
Eugene Kim previously served as a director of global business development at Tencent Korea. He has significant experience in gaming, having headed the global sales of Tencent game titles and managed relationships with Tencent’s global publishing partners.
Daniel Kim joined Facebook in 2007, making him the technology giant’s 11th most tenured employee. He was a founding member of Facebook's Android team and is credited with helping pivot the company to mobile in 2010. Most recently, he has been responsible for Meta’s Korea-based incubator activities and in-house product development.
“His experience and knowledge from the early days of Facebook is incredibly relevant and transferable to our founders,” Eugene Kim said in a statement. “He will have such an impact throughout our portfolio, so we will value any time that he can provide as our new venture partner.”
US-headquartered SparkLabs Group has been investing in deep tech since its inception in 2013. It has a strong Asia focus, with flagship funds that invest globally and in Korea, as well as dedicated funds operated in partnership with Korean corporates such as Shinhan Capital, SK Telecom, and L&P Cosmetics.
The firm also has accelerators in Taiwan, Hong Kong, Australia, and Singapore. Earlier this month, it raised USD 100m through a special purpose acquisition company (SPAC) offering on NASDAQ that will likely focus on late-stage technology start-ups in Asia or US start-ups with a strong Asian angle.
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