SEOUL: South Korean tech giant Naver Corp. said Sunday (June 8) it will establish an investment-focused subsidiary in the United States to support promising local startups there.
Naver plans to complete the process of launching the new entity, Naver Ventures, later this month in Silicon Valley, the company said in a press release.
Naver Ventures has already selected Twelve Labs, a South Korean artificial intelligence (AI) startup with operations in the US, as its first investment target, the release said.
Naver Ventures will be Naver's first overseas investment subsidiary, the company said.
"Silicon Valley is a cradle of innovation where skilled professionals and cutting-edge technologies converge. That's why we chose it as the base for our first overseas investment firm," Naver CEO Choi Soo-yeon said.
In light of global economic uncertainty, startups are finding it increasingly difficult to attract investment. Naver aims to help these companies secure stable funding and continue developing their technologies and operations in the US market, she said.
Naver founder Lee Hae-jin (pic) said: "Diversity is increasingly important in the AI era. That's why collaborations with a broad range of partners are essential for Naver." - The Korea Herald/ANN
