Korean NH Venture Investment Targets Israeli Tech Startups for Strategic Collaboration
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Korea's NH Venture eyes investments in Israeli tech startups
JERUSALEM, March 13 (Reuters) - Korea's NH Venture Investment is looking to invest millions of dollars in Israeli tech firms, its chief executive said, seeking to combine Israeli ingenuity with Korean manufacturing prowess to build larger companies. NH Venture, started in 2019, is an arm of the NongHyup Financial Group. Last July, NH teamed up with Israeli investment platform OurCrowd in an $80-million fund called Trepont to invest in and connect as many as 30 startups from Korea, Israel and Silicon Valley in so-called deep tech, which includes artificial intelligence, semiconductors, defence, healthcare and quantum computing. Hyun Jin Kim, CEO of NH Venture, said he aims to invest at least $40 million of the fund in Israeli startups. NH has already invested in Israel's Kardome, an AI voice recognition company that works with Korean firms LG and Hyundai Motors. During a brief visit to Israel this week, Kim - who said he is also interested in Israel's defence technologies - met with eight startups, including Israeli unicorn Hailo. "I believe Israel is a good starting point to make a global market with Korean manufacturing," Kim told Reuters on Wednesday, adding NH aims to penetrate the U.S. market. "We will make an investment as soon as possible." He said he was not overly worried about Israel's war with Palestinian militant group Hamas in Gaza, since innovation and development have continued throughout the conflict. OurCrowd partner Ely Razin said the joint fund is seeking early-stage companies that have proven products. He noted that Korean interest has grown since the Israel-Hamas ceasefire. Korea is no stranger to Israel. Samsung, LG and Hyundai have venture capital arms in the country. Both countries are among the biggest in research and development spending. Seong Ryong Kang, CEO of Korea-Israel Industrial R&D Foundation, said it was easier to cooperate with Israel than other Asian countries with similar industries since the relationship would be complementary. Having other Korean venture firms here "reflects on Korean companies' strong willingness to cooperate and invest in Israeli companies," he said. Reporting by Steven Scheer; Editing by Rod Nickel Our Standards: The Thomson Reuters Trust Principles., opens new tab Suggested Topics:Technology
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Korea's NH Venture Eyes Investments in Israeli Tech Startups
JERUSALEM (Reuters) - Korea's NH Venture Investment is looking to invest millions of dollars in Israeli tech firms, its chief executive said, seeking to combine Israeli ingenuity with Korean manufacturing prowess to build larger companies. NH Venture, started in 2019, is an arm of the NongHyup Financial Group. Last July, NH teamed up with Israeli investment platform OurCrowd in an $80-million fund called Trepont to invest in and connect as many as 30 startups from Korea, Israel and Silicon Valley in so-called deep tech, which includes artificial intelligence, semiconductors, defence, healthcare and quantum computing. Hyun Jin Kim, CEO of NH Venture, said he aims to invest at least $40 million of the fund in Israeli startups. NH has already invested in Israel's Kardome, an AI voice recognition company that works with Korean firms LG and Hyundai Motors. During a brief visit to Israel this week, Kim - who said he is also interested in Israel's defence technologies - met with eight startups, including Israeli unicorn Hailo. "I believe Israel is a good starting point to make a global market with Korean manufacturing," Kim told Reuters on Wednesday, adding NH aims to penetrate the U.S. market. "We will make an investment as soon as possible." He said he was not overly worried about Israel's war with Palestinian militant group Hamas in Gaza, since innovation and development have continued throughout the conflict. OurCrowd partner Ely Razin said the joint fund is seeking early-stage companies that have proven products. He noted that Korean interest has grown since the Israel-Hamas ceasefire. Korea is no stranger to Israel. Samsung, LG and Hyundai have venture capital arms in the country. Both countries are among the biggest in research and development spending. Seong Ryong Kang, CEO of Korea-Israel Industrial R&D Foundation, said it was easier to cooperate with Israel than other Asian countries with similar industries since the relationship would be complementary. Having other Korean venture firms here "reflects on Korean companies' strong willingness to cooperate and invest in Israeli companies," he said. (Reporting by Steven Scheer; Editing by Rod Nickel)
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NH Venture Investment, a Korean firm, is planning significant investments in Israeli tech startups, aiming to combine Israeli innovation with Korean manufacturing expertise. The move is part of a broader strategy to build global tech companies and expand into the U.S. market.
Korean Investment Firm Sets Sights on Israeli Tech Startups
NH Venture Investment, a subsidiary of Korea's NongHyup Financial Group, is making strategic moves to invest millions of dollars in Israeli tech firms. The company's CEO, Hyun Jin Kim, sees this as an opportunity to merge Israeli innovation with Korean manufacturing expertise, aiming to create larger, more competitive global companies 12.
The Trepont Fund: A Bridge Between Korea, Israel, and Silicon Valley
In July 2024, NH Venture partnered with Israeli investment platform OurCrowd to establish an $80 million fund named Trepont. This collaborative effort aims to invest in and connect up to 30 startups from Korea, Israel, and Silicon Valley, focusing on deep tech sectors including artificial intelligence, semiconductors, defense, healthcare, and quantum computing 12.
Investment Strategy and Current Progress
Kim has outlined plans to allocate at least $40 million of the Trepont fund specifically to Israeli startups. NH Venture has already made its first move in this direction by investing in Kardome, an Israeli AI voice recognition company that has established working relationships with major Korean corporations like LG and Hyundai Motors 12.
Exploring Israeli Tech Landscape
During a recent visit to Israel, Kim met with eight startups, including the Israeli unicorn Hailo. He expressed particular interest in Israel's defense technologies, viewing Israel as an ideal starting point for creating a global market that leverages Korean manufacturing capabilities 12.
Geopolitical Considerations
Despite the ongoing conflict between Israel and Hamas in Gaza, Kim remains optimistic about the investment prospects. He noted that innovation and development have continued unabated throughout the conflict. Ely Razin, a partner at OurCrowd, observed an increase in Korean interest following the Israel-Hamas ceasefire 12.
Strengthening Korea-Israel Tech Ties
The move by NH Venture is part of a broader trend of Korean companies engaging with the Israeli tech ecosystem. Major Korean corporations such as Samsung, LG, and Hyundai already maintain venture capital arms in Israel. Both countries are recognized for their substantial investments in research and development 12.
Complementary Relationship
Seong Ryong Kang, CEO of the Korea-Israel Industrial R&D Foundation, highlighted the complementary nature of the relationship between Korean and Israeli industries. This synergy makes collaboration between the two countries particularly attractive compared to partnerships with other Asian nations with similar industrial profiles 12.
Future Outlook
NH Venture's initiative reflects a growing trend of Korean companies seeking to cooperate and invest in Israeli firms. As Kim stated, "We will make an investment as soon as possible," signaling a strong commitment to this strategy. The company also aims to leverage these investments and collaborations to penetrate the U.S. market, further expanding its global reach 12.
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