SoftBank Ventures Asia Rebrands as SBVA
SoftBank Ventures Asia, effective February 1st, undergoes a name change to SBVA following its acquisition by The Edgeof from SoftBank Group Corp. in June of the previous year. The rebranded SBVA aligns with the principles of technological singularities and the broader impacts of artificial intelligence, showcasing its dedication to leadership in this transformative era. The new name also signifies the continuation of its domestic and international business, emphasizing the sustained connections with partners, infrastructure, and portfolio companies cultivated over the past two decades. SBVA is set to actively scout for startups that will revolutionize various industries through innovative technology, leveraging its expertise in ICT investments.
Recently, SBVA completed the fundraising for the '2023 Alpha Korea Fund', securing approximately ₩200 billion ($150M), surpassing the initial ₩100 billion target. This achievement is noteworthy, highlighting the success of exceeding fundraising targets in a challenging market environment. Key investors (LP) in the fund include the Industrial Bank of Korea as the anchor LP, SBG, Hanwha Life, IBK Industrial Bank, Nexon, KB Capital, and others. Through this fund, SBVA aims to actively identify early to mid-stage startups leveraging technological innovations in ICT, including artificial intelligence (AI), robotics, and computing, to create new business opportunities. Targeted investment areas span Enterprise SW, Healthcare, Content, and Industrial Deep Tech.
Looking ahead, SBVA plans to support the global expansion of domestic startups, leveraging its extensive investment capabilities and network. JP (JoonyPyo) Lee, the CEO of SBVA, emphasized their commitment to actively participating in investment activities and addressing entrepreneurs' concerns despite the challenges in the venture investment landscape. Yoshimitsu Goto, the CFO of SBG, expressed excitement about SBVA's new start with The Edgeof, emphasizing the expertise and network the venture capital entity has developed over more than two decades in the startup investment business. As an LP, SBG is pleased to be part of the first fund established by the new SBVA.