SB Next Media Innovation Fund is the fund set up by Naver and SoftBank Ventures for media related ventures.
The additional amount of KRW 50 billion was fully raised by Naver, bringing the size of the fund up to almost KRW 100 billion. Set up in November last year, the latest additional funding is planned to help expand its investment range to the artificial intelligence (AI) industry.
Companies in the AI industry that use deep learning algorithms and big data are growing fast. In fact, in the U.S., more than a thousand AI startups have appeared on the scene and investments have reached more than USD 5 billion (approximately KRW 5.7 trillion).
SoftBank Ventures will help accelerate the development of AI startups and foster ecosystems that will revolutionize the markets in the U.S., Korea and worldwide.
Lee Joon-pyo, a representative fund manager, said, “The AI field is attracting attention as it is an industry that will lead the future change with unprecedented growth”.
Meanwhile, SoftBank Ventures Korea announced that its SB Next Media Innovation Fund has invested in ObEN Inc (an AI company) and Radish (mobile web novel platform). There are several other companies that the fund has already planned to invest in, including domestic and overseas startups that provide communication platforms with AI technology and an e-commerce platform centered on individual creators.
This article, entitled “Naver and SoftBank’s SB Next Media Innovation Fund raises KRW 50 billion”, was written in Korean by Platum, edited by AllTechAsia.
(Top photo from 58pic.com)