In a boost to bilateral ties, South Korea selected OurCrowd, Israel’s most active venture investor, to co-manage what will become an $80 million fund for DeepTech investments on Wednesday.
The fund, known as the NH-OC Global Open Innovation fund, will focus on investing in approximately 25-30 startups. These startups will be from core technology sectors including semiconductors, robotics, automotive, quantum computing, cybersecurity, digital health, and more. This initiative aims to create a synergistic relationship between Israeli innovation and South Korean industrial prowess.
So far, $48 million has been secured by the Korean partners, NH Venture Investment and K-Growth. The Jerusalem-based OurCrowd is currently in the process of raising the remaining funds from its network of over 240,000 registered investors worldwide.
“The establishment of the Israel-Korea bilateral fund with the backing of the South Korean government is wonderful news for Israeli high-tech,” said OurCrowd CEO Jon Medved.