GWANGJU < invest Korea

According to Yonhap news,

The investment fund worth KRW 117.9 billion has been additionally formed in Gwangju, which aspires to be a leading city in AI.

On February 4, Gwangju-si signed an MOU with Buk-gu, Gwangju Bank, Gwangju Techno Park, five fund managers on AI 2nd investment fund at the City Hall.

The parties to the MOU agreed to cooperate on administrative and financial support, customized listing support to revitalize an investment ecosystem.

The fund was formed in connection with central policy funds including Korea Fund of Funds in order to attract investment and discover and foster AI companies in Gwangju.

In total, KRW 117.9 billion has been raised with Gwangju, Buk-gu, and Gwangju Bank jointly investing KRW 6 billion.

Gwangju's mayor said, "it will serve as pump priming for local AI companies to resolve their financial funding difficulties," adding that "we will actively support so that companies settled in Gwangju can succeed through national AI data center, Gwangju Station startup valley, and startup funds."

The 1st AI investment fund, formed in November 2020 with a scale of KRW 109.8 billion, has been invested to 13 AI companies in Gwangju.


sangwon700@yna.co.kr

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Source: Yonhap News (March 4, 2024)