South Korea and Israel to Establish $80 million Fund for DeepTech Investments

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Photo Credit: Hillel Maheir/TPS

Jon Medved CEO of OurCrowd in Jerusalem, Jan. 31, 2018.

On Wednesday, South Korea chose OurCrowd – Israel’s most active investor in venture capital – to comanage an $80 million fund to invest in DeepTech.

The fund, called the NH-OC Global Open Innovation Fund, will invest in approximately 25-30 startups. These startups will come from core technology areas such as semiconductors, robotics and automotive, quantum computing, cybersecurity and digital health. This initiative aims at creating a synergistic connection between Israeli innovation, and South Korean industrial prowess.


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NH Venture Investment, a Korean partner, and K-Growth have secured $48 million so far. OurCrowd, based in Jerusalem, is currently raising the remaining funds through its global network of 240,000 registered investors.

OurCrowd CEO Jon Medved said, “The establishment by the South Korean government of a bilateral fund between Israel and Korea is a wonderful news for Israeli high tech.”

“South Korea is looking to Israeli innovation to establish their position in the future industries that they strive to lead by the year 2020 and beyond. Israeli DeepTech companies, in addition to the fund’s investment, will have direct access to South Korean industrial giants, and will be able forge global collaborations, including on the Asia-Pacific market. South Korean startups will benefit from Israel’s global connections with leading venture capitalists, entrepreneurs, and families offices. This will help them access foreign tech innovation ecosystems as well as much-needed funding.

K-Growth is an agency of the Korean Ministry of Trade Industry and Energy. It has committed $32 millions to the fund. It is one Korea’s biggest financial agencies, and plays an important role in managing government strategic investment funds. This is K-Growth’s largest international fund investment to date.

NH Venture Investment (the venture arm of NongHyup Financial Group) has contributed $16million to the fund. NongHyup Financial Group is one of the top five financial groups with assets in South Korea exceeding $400 billion.

“K-Growth established this fund to support global expansion of Korean businesses through open innovation with global high-tech companies such as innovative Israeli firms. OurCrowd’s extensive Israeli and Global Network will help us find Israeli innovation to collaborate with Korean high tech startups through this fund,” said NH Venture Investment’s CEO Kim Hyun Jin.


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