Seoul: South Korean tech giant Naver Corp. announced plans to establish an investment-focused subsidiary in the United States, aiming to support promising local startups in the region. The new entity, named Naver Ventures, is set to launch later this month in Silicon Valley.
According to Yonhap News Agency, Naver Ventures has already identified its first investment target, Twelve Labs, a South Korean artificial intelligence startup with operations in the U.S. This initiative marks Naver's first venture into establishing an overseas investment subsidiary.
Naver CEO Choi Soo-yeon explained the rationale behind selecting Silicon Valley as the base for this new venture, citing it as a hub of innovation where skilled professionals and advanced technologies converge. The company aims to assist startups in securing stable funding amidst global economic uncertainties, thereby enabling them to continue developing their technologies and operations in the U.S. market.
Naver founder Lee Hae-jin emphasized the growing importance of diversity in the AI era, highlighting the necessity of collaborations with a wide range of partners for the company's growth and success.