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Hyosung Ventures, which is Hyosung’s first Corporate Venture Capital (CVC), has officially launched and is established with Hyosung Corporation’s investment of KRW 10 billion in paid-in capital. On Sept. 23, the Company said that it has completed the process of getting it registered as a new technology project financial business.
Hyosung Ventures plans to enable the Group’s source technologies for core materials to gain traction independently without relying on imported technologies through investments in startups specializing in materials, parts, and equipment, which can maximize the Group’s core businesses and synergistic effects.
The Company also plans to make bold attempts at new business areas like ICT and data aligned with the era of digital exchange (DX) to contribute to establishing an ecosystem, growing in partnership with the businesses that it invests in, while exploring and developing businesses with new technologies in a variety of fields.
Hyosung Chairman Cho Hyun-joon has highlighted the importance of agile management amid the rapid-paced traction of DX, commenting that, “We should embrace and leverage data-centered new technologies and trends rapidly, flexibly, and efficiently.”
The mantle of Hyosung Ventures’ first president has been assumed by Mr. Kim Cheol-ho, who was a former vice president at Hyosung Corporation’s Strategy Division. He has accumulated relevant experience with an accomplished career in investment banking, etc. at Iljin Investment Partners, STIC Investments, Deutsch Bank, etc.
Hyosung Ventures will engage in consultations with relevant departments and affiliates concerning the raising of paid-in capital with a fast turnaround time.