Innovative businesses all over the world are increasing investment and partnership in the field of artificial intelligence (AI) since interest in it is fast rising. The market has paid close attention to SK Networks' decision to invest in an AI-powered device and software platform in the current environment, especially in light of the company's active move to transform into a business-oriented investment company by increasing investment into promising tech startups since 2018.
On March 9th, SK Networks revealed that the business has invested 22 million dollars, both directly and through SK Networks' U.S. investment arm Hico Capital, acquiring a total of 2.6% of ownership. With this round, $100 million was raised in order to commercialise Humane's product and advance technological advancement.
When Human's investment round recently came to an end, the facts of the investment choice that was reached late last year were publicly disclosed to stakeholders.
The round, which was led by Kindred Ventures, included new investors like SK Networks, Microsoft, Volvo, and LG Technology Ventures in addition to previous investors like OpenAI creator Sam Altman, Tiger Global, and Valia Ventures.
A firm called Humane employs AI to create the first of its type next-generation mobile phone device. Bethany Bongiorno and Imran Chaudhri, two well-known ex-Apple employees who each played significant roles in the development of market-leading IT hardware and software, including the iPhone and iPad, are co-founders of the business. Humane is developing an AI-based innovative device software platform as part of its objective to bring about the next generation of personal mobile computing that is powered by AI.
SK Networks made the decision to invest after realising the startup's tremendous development potential. It also took note of the facts that the business was founded by elite people who oversaw Apple's IT device innovation and that the startup is collaborating with major international IT companies like Microsoft, Qualcomm, and OpenAI.
Imran Chaudhri, co-founder of Humane, commented on SK Networks' investment, "It was very clear from the early conversations we had with SK Networks that we shared similar value and vision for the future," and added, "We are full of expectations as to how our partnership will allow Humane's innovation to expand to many countries around the world including Korea."
With this transaction, SK Networks hopes to get access to a top-tier global network and investment prowess in the field of artificial intelligence. The company will work with Humane to grow their presence in the future on the international market.
"Following an investment in Standard Cognition in 2021, which offers autonomous checkout solution for unmanned stores, the investment in Humane will enable SK Networks to lay the groundwork for collaborative framework with B2C and B2B businesses that utilize AI computing solutions" said Samuel Kim, managing director of Hico Capital. "We will strategically ramp up investment in Silicon Valley-based tech firms to bolster up our corporate value and share it with stakeholders."
Potential investors were given an update on the status and performance of SK Networks' early stage investments with an emphasis on the United States during its global annual general meeting in February. SK Networks has stated that it will continually improve its investing capabilities in order to increase the synergy between business and investment as it transitions towards becoming a business-oriented investment organisation.