Naver to establish US subsidiary for investment in local startups
Naver plans to complete the process of launching the new entity, Naver Ventures, later this month in Silicon Valley, the company said in a press release.
Naver Ventures has already selected Twelve Labs, a South Korean artificial intelligence (AI) startup with operations in the US, as its first investment target, the release said.
Naver Ventures will be Naver's first overseas investment subsidiary, the company said.
"Silicon Valley is a cradle of innovation where skilled professionals and cutting-edge technologies converge. That's why we chose it as the base for our first overseas investment firm," Naver CEO Choi Soo-yeon said.
In light of global economic uncertainty, startups are finding it increasingly difficult to attract investment. Naver aims to help these companies secure stable funding and continue developing their technologies and operations in the US market, she said.
Naver founder Lee Hae-jin (pic) said: "Diversity is increasingly important in the AI era. That's why collaborations with a broad range of partners are essential for Naver." - The Korea Herald/ANN
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Barnama
14 hours ago
- Barnama
APEC Preparation Meeting Approves Seoul-Led Action Plan For Development
SEOUL, Aug 15 (Bernama-Yonhap) -- A Seoul-led action plan for the capacity building of developing economies of the Asia-Pacific Economic Cooperation (APEC) was approved at a meeting of senior APEC officials held to prepare the upcoming APEC summit in South Korea, the South Korean Foreign Ministry said on Friday. According to Yonhap News Agency, the five-step Capacity Building Need Initiative (CBNI) for developing APEC economies was endorsed at the APEC 2025 Korea Third Senior Officials' Meeting (SOM3), held in Incheon, about 40 kilometres west of Seoul. The two-day SOM3 brought together some 5,800 officials from 21 APEC member economies, delegations from observers and the secretariat to discuss a road map on strengthening the service competitiveness of the Asia-Pacific region and improving the environment for business and trade as well as devising a new financial action plan for APEC.
The Star
19 hours ago
- The Star
Chinese man spends US$120,000 on 300-year gym membership, then owner vanishes
A man in eastern China has sued a gym after he paid it more than 870,000 yuan (US$120,000) for memberships lasting 300 years before the management fled with his cash. The man, known as Jin, has also sought the help of a television station to expose the Ranyan Gym in Hangzhou, Zhejiang province. Jin showed the station 26 contracts he signed with the gym for buying memberships and coaching sessions. 'From May 10 to July 9, I bought about 1,200 lessons and membership cards with an accumulative validity period of 300 years, at a total cost of 871,273 yuan,' Jin was quoted as saying. Jin, who has worked out at this gym for three years, said that on May 9, a sales worker told him that there was a promotion for existing customers. After the customers bought a one-year membership card for 8,888 yuan (US$1,200), the gym could sell it to new customers for 16,666 yuan (US$2,300), an ad for the gym read. Ten per cent of the mark-up would be kept by the gym while the rest goes to the customer, the sales worker said. At first, Jin was sceptical, but the sales worker guaranteed it would work out to his benefit. 'He said if they did not sell it within two months, they would return all the money to me,' said Jin. Lured by the high returns, Jin bought two such membership cards for more than 17,000 yuan (US$2,400). In the following weeks, he was persuaded by sales staff to buy more membership cards and private tutoring lessons. On one occasion, he spent more than 300,000 yuan (US$42,000). On July 15, when the gym was supposed to return some of the principal to Jin, he did not receive any money. When he checked with a sales worker, he was told that the finance department of the gym was still reviewing the transaction. But at the end of July, Jin discovered that the gym's management and all its sales staff had disappeared. The gym, in the Binjiang District of Hangzhou, is still open to customers, although only receptionists and administration staff are at work, Zhejiang TV found. Jin said he later found out that all the contracts he had signed with the gym did not mention the returns promised by the sales worker. Also, the contracts stipulated that the membership could not be transferred to others. 'I admit that I have been brainwashed by them, because I believed I was only one small step away from getting back all my money,' he told the media. Jin said he loved working out and regarded buying the memberships and lessons as a 'health investment'. 'I actually do not count on using it for 300 years. In my eyes, it was a kind of commitment to health,' said Jin. His story shocked and delighted millions of people on mainland social media. 'He bought the gym card for the grandsons of his grandsons, ha,' said one online observer. Another person quipped: 'When a person's wealth and his intelligence quotient do not match, the redundant wealth will flow back to society in some form.' - SOUTH CHINA MORNING POST
Barnama
a day ago
- Barnama
CT Group Propels Vietnam Into Global Tech Arena With UAV Export Deal
BUSINESS KUALA LUMPUR, Aug 15 (Bernama) -- Vietnam officially entered the global tech big leagues as CT Group signed a landmark deal to export 5,000 unmanned cargo aircraft to a major South Korean drone firm, marking the nation's first large-scale unmanned aerial vehicle (UAV) export. The signing of the memorandum of understanding (MoU) took place at the Vietnam-Korea Economic Forum on Aug 12 in Seoul, witnessed by Vietnam's General Secretary To Lam and South Korean Prime Minister Kim Min-seok. Developed by CT UAV, a member of CT Group, the heavy-duty transport UAV models, ranging from 60 kilogrammes (kg) to 300 kg, boast a localisation rate of up to 85 per cent and exclusive Vietnamese technology, earning high recognition from several nations, including South Korea. During the event, CT Group also managed to secure an order to export 100 million ATP semiconductor chips to a South Korean partner, strengthening its technical foundation to support Vietnam's comprehensive digital transformation. CT Group in a statement said mastering all core technologies in the cutting-edge UAV sector further affirms the strategic role of the company in shaping the nation's technological future. Being adopted in various sectors, UAVs have become one of the most critical technologies, with widespread applications spanning diverse industrial sectors to urban development and consumer markets, from specialised military and security fields to the defence of whole nations or vast regions. With the rapid technological advancements in South Korea, securing an export order for unmanned cargo aircraft for the selective market stands as vivid proof of a rising Vietnam in the new era while also opening opportunities for CT Group to expand UAV exports to a wide range of countries worldwide. The company's self-sufficiency in designing semiconductor chips for UAVs provides CT UAV with a distinctive competitive advantage, in addition to demonstrating Vietnam's readiness to compete in the global technology arena at a higher level. -- BERNAMA
