Latest news with #KoreaDevelopmentBank
Bloomberg
30-07-2025
- Business
- Bloomberg
FuriosaAI Raises $125 Million in Bid to Become Nvidia Challenger
FuriosaAI Inc., the Seoul-based semiconductor startup seeking to challenge Nvidia Corp., secured $125 million in a financing round to accelerate production of its artificial intelligence chip. The round exceeded its target of about $80 million and drew investors including the Korea Development Bank, Industrial Bank of Korea, Keistone Partners and Kakao Investment, the company said in a statement. FuriosaAI's latest valuation stands at $735 million.
Yahoo
17-07-2025
- Business
- Yahoo
Amogy Increases Latest Funding to $80M to Accelerate Global Growth and Advance Ammonia-to-Power Solutions
Following the raise announced earlier this year, Amogy closes additional $23M equity financing round to drive market entry in Asia and scale stationary power applications alongside maritime innovation. NEW YORK, July 15, 2025--(BUSINESS WIRE)--Amogy, a provider of mature, scalable, and efficient ammonia-to-power solutions, today announced it has secured an additional $23M in venture financing, successfully expanding the fundraise initially announced in January 2025. This latest investment strengthens the company's momentum in delivering stationary power generation systems, while accelerating the development of Amogy's maritime products and supporting its expansion into the Asian market. The round was co-led by Korea Development Bank (KDB) and KDB Silicon Valley LLC, with participation from new investors BonAngels Venture Partners, Pathway Investment and JB Investment. With this increase, Amogy has now raised a total of nearly $300M since its inception and reached a new high in the company valuation. After sailing the world's first carbon-free, ammonia-powered maritime vessel in September 2024, Amogy has continued advancing partnerships with maritime industry leaders to deploy its technology in newbuild and retrofit vessel applications in support of international goals to decarbonize global shipping. In addition, the company has expanded operations in South Korea and rapidly accelerated the applications of its technology in stationary power generation. Most recently, this included a partnership with the South Korean city of Pohang to deploy a clean, ammonia-fueled distributed power generation system up to 40 MW for commercial operations by 2028-2029. "We've long recognized the strong demand for ammonia-to-power technology in the shipping industry, but we also see much broader opportunities to use ammonia as a clean fuel – especially with the growing demand for the 'clean power' globally. We're ready to meet that market demand," said Seonghoon Woo, co-founder and CEO at Amogy. "Support for a hydrogen-based economy is especially strong in Asia, and as the most cost-effective hydrogen carrier, ammonia is quickly evolving into the leading zero-carbon fuel solution for these markets. We are deeply grateful for the strong confidence our investors have placed in our vision and growth trajectory. We are especially proud to partner with institutions like Korea Development Bank, whose deep expertise in scaling energy infrastructure brings significant value to our mission." For South Korea, Japan, Singapore, and other Asian nations that do not have abundant fossil fuel deposits and must import most of their fuels, ammonia is an attractive and economic means for transporting and storing zero-carbon energy. In South Korea, policies like the Clean Hydrogen Portfolio Standard (CHPS) and the Distributed Energy Act (DEA) are driving a new energy economy, with hydrogen and ammonia projected to generate 2% of the country's electricity by 2030 and 7% by 2035. To learn more about Amogy, please visit About AmogyAmogy provides carbon-free energy solutions to decarbonize hard-to-abate sectors like maritime shipping, power generation, and heavy industry. Proven in real-world applications, its patented ammonia cracking technology offers a mature, scalable, and highly efficient method for splitting ammonia into hydrogen and nitrogen. The resulting hydrogen is directed into an integrated fuel cell or hydrogen engine, generating high-performance power with zero carbon emissions. Amogy is headquartered in Brooklyn, New York, with additional locations including Texas, South Korea, Norway, and Singapore. Amogy is backed by investors including Amazon's Climate Pledge Fund, SK Innovation, Aramco Ventures, Mitsubishi Corporation, Samsung Heavy Industries, BHP Ventures, and AP Ventures. For more information, follow Amogy on LinkedIn, X, Instagram, Threads, Facebook, and YouTube, or visit About Korea Development Bank (KDB)Korea Development Bank is a South Korean state-owned development bank which aims to encourage the industrial development of South Korea. It was founded in 1954 in accordance with The Korea Development Bank Act to finance and manage major industrial projects to expedite industrial development of Korea. About BonAngels Venture PartnersFounded in 2007, BonAngels Venture Partners is South Korea's pioneering early-stage venture capital firm. It has invested in more than 300 startups, including over 50 overseas, and has helped to create four unicorns, 22 M&A exits, and two IPOs. Supported by a long-term capital base and a global footprint, the firm remains a dependable partner from incorporation through growth, offering sustained follow-on financing and cross-border market access. About Pathway InvestmentPathway Investment is a South Korea-based venture capital firm investing in innovative technology companies from early to growth stages. With a team of professionals from diverse industry backgrounds, Pathway focuses on high-growth companies leading the future of technological innovation. The firm provides both capital and strategic support to help its portfolio companies generate long-term value across Asian and global markets. About JB InvestmentJB Investment, a subsidiary of JB Financial Group, is a leading venture capital firm established in 2012. Since joining JB Financial Group in 2022, JB Investment has actively recruited external talent and improved its organizational structure, leading to the formation of multiple blind funds and increased investment activity. View source version on Contacts Media Contact: amogy@ Sign in to access your portfolio
Business Wire
15-07-2025
- Business
- Business Wire
Amogy Increases Latest Funding to $80M to Accelerate Global Growth and Advance Ammonia-to-Power Solutions
NEW YORK--(BUSINESS WIRE)-- Amogy, a provider of mature, scalable, and efficient ammonia-to-power solutions, today announced it has secured an additional $23M in venture financing, successfully expanding the fundraise initially announced in January 2025. This latest investment strengthens the company's momentum in delivering stationary power generation systems, while accelerating the development of Amogy's maritime products and supporting its expansion into the Asian market. The round was co-led by Korea Development Bank (KDB) and KDB Silicon Valley LLC, with participation from new investors BonAngels Venture Partners, Pathway Investment and JB Investment. With this increase, Amogy has now raised a total of nearly $300M since its inception and reached a new high in the company valuation. After sailing the world's first carbon-free, ammonia-powered maritime vessel in September 2024, Amogy has continued advancing partnerships with maritime industry leaders to deploy its technology in newbuild and retrofit vessel applications in support of international goals to decarbonize global shipping. In addition, the company has expanded operations in South Korea and rapidly accelerated the applications of its technology in stationary power generation. Most recently, this included a partnership with the South Korean city of Pohang to deploy a clean, ammonia-fueled distributed power generation system up to 40 MW for commercial operations by 2028-2029. 'We've long recognized the strong demand for ammonia-to-power technology in the shipping industry, but we also see much broader opportunities to use ammonia as a clean fuel – especially with the growing demand for the 'clean power' globally. We're ready to meet that market demand,' said Seonghoon Woo, co-founder and CEO at Amogy. 'Support for a hydrogen-based economy is especially strong in Asia, and as the most cost-effective hydrogen carrier, ammonia is quickly evolving into the leading zero-carbon fuel solution for these markets. We are deeply grateful for the strong confidence our investors have placed in our vision and growth trajectory. We are especially proud to partner with institutions like Korea Development Bank, whose deep expertise in scaling energy infrastructure brings significant value to our mission.' For South Korea, Japan, Singapore, and other Asian nations that do not have abundant fossil fuel deposits and must import most of their fuels, ammonia is an attractive and economic means for transporting and storing zero-carbon energy. In South Korea, policies like the Clean Hydrogen Portfolio Standard (CHPS) and the Distributed Energy Act (DEA) are driving a new energy economy, with hydrogen and ammonia projected to generate 2% of the country's electricity by 2030 and 7% by 2035. To learn more about Amogy, please visit About Amogy Amogy provides carbon-free energy solutions to decarbonize hard-to-abate sectors like maritime shipping, power generation, and heavy industry. Proven in real-world applications, its patented ammonia cracking technology offers a mature, scalable, and highly efficient method for splitting ammonia into hydrogen and nitrogen. The resulting hydrogen is directed into an integrated fuel cell or hydrogen engine, generating high-performance power with zero carbon emissions. Amogy is headquartered in Brooklyn, New York, with additional locations including Texas, South Korea, Norway, and Singapore. Amogy is backed by investors including Amazon's Climate Pledge Fund, SK Innovation, Aramco Ventures, Mitsubishi Corporation, Samsung Heavy Industries, BHP Ventures, and AP Ventures. For more information, follow Amogy on LinkedIn, X, Instagram, Threads, Facebook, and YouTube, or visit About Korea Development Bank (KDB) Korea Development Bank is a South Korean state-owned development bank which aims to encourage the industrial development of South Korea. It was founded in 1954 in accordance with The Korea Development Bank Act to finance and manage major industrial projects to expedite industrial development of Korea. About BonAngels Venture Partners Founded in 2007, BonAngels Venture Partners is South Korea's pioneering early-stage venture capital firm. It has invested in more than 300 startups, including over 50 overseas, and has helped to create four unicorns, 22 M&A exits, and two IPOs. Supported by a long-term capital base and a global footprint, the firm remains a dependable partner from incorporation through growth, offering sustained follow-on financing and cross-border market access. About Pathway Investment Pathway Investment is a South Korea-based venture capital firm investing in innovative technology companies from early to growth stages. With a team of professionals from diverse industry backgrounds, Pathway focuses on high-growth companies leading the future of technological innovation. The firm provides both capital and strategic support to help its portfolio companies generate long-term value across Asian and global markets. JB Investment, a subsidiary of JB Financial Group, is a leading venture capital firm established in 2012. Since joining JB Financial Group in 2022, JB Investment has actively recruited external talent and improved its organizational structure, leading to the formation of multiple blind funds and increased investment activity.
Korea Herald
26-05-2025
- Business
- Korea Herald
Seoul becomes OpenAI's latest hub amid rising ChatGPT use
OpenAI, the creator of ChatGPT, said Monday that it has established a Korean subsidiary, marking the official beginning of its entry into the Korean market. It has also unveiled plans to open its first office in Seoul within the coming months, although the exact location of the office has yet to be determined. The company said it will soon begin hiring employees tasked with building partnerships across key sectors, including government and enterprise. Currently, OpenAI operates two regional offices in Asia alone -- Tokyo and Singapore. Over the past year, it has expanded its global footprint to 11 cities, including London, Dublin, Brussels and Paris. Even before its official market entry to Asia's fourth-largest economy, OpenAI had engaged with Korean institutions -- partnering with the Korea Development Bank to co-host a finance forum focused on domestic data center development and startup support. It has also formed partnerships with major local players such as Kakao, Krafton and SK Telecom to introduce advanced AI technologies. With its Korean launch, OpenAI aims to deepen cooperation with local policymakers, businesses, developers and researchers to help shape a distinctly Korean approach to AI. The company emphasized its commitment to ensuring the benefits of AI are shared widely and responsibly across the region. However, OpenAI has not disclosed specific plans regarding the construction of a local data center. According to OpenAI, the number of weekly active ChatGPT users in Korea has surged more than 4.5 times over the past year. Korea now ranks second globally, behind only the US, in terms of paid subscribers. In user volume, Korea is among the top 10 countries globally for ChatGPT usage. The country also ranks in the global top 10 for the number of developers utilizing the OpenAI API and is among the top 5 for paid business users. 'Korea offers a full-stack AI ecosystem -- from semiconductors to software -- and its people, across all generations, are actively using AI in their daily lives,' said Jason Kwon, chief strategy officer at OpenAI. 'We are committed to delivering meaningful and tangible AI benefits to everyone in Korea," he added.
Korea Herald
19-05-2025
- Business
- Korea Herald
Wadiz sets out to export ‘K-funding' as Asia's answer to Kickstarter
From K-beauty to smart appliances, CEO sees growing demand for Asian innovation—and aims to be the platform that delivers When Shin Hye-sung left the state-run Korea Development Bank in 2012 to start a crowdfunding platform, he wasn't chasing unicorns. He was looking out for overlooked potential: early-stage entrepreneurs with good ideas but few backers. That vision became Wadiz, now South Korea's largest crowdfunding platform, with 6.8 million users and more than 83,000 campaigns raising a combined 1.3 trillion won ($928 million). After more than a decade helping domestic startups raise capital from fans and early adopters, Shin says it's time to take the model global — not by opening foreign offices, but by riding the wave of artificial intelligence. 'We're not becoming a global company by planting flags,' he said. 'We've always been a cross-border platform. The real shift is just opening up what we already do to the world.' To Shin, Wadiz was never just a fundraising site. After five years of funding Korea's industrial backbone at KDB, he came away with a sobering conclusion: The country couldn't rely on a handful of conglomerates to power its future. 'When I started Wadiz 13 years ago, I did so thinking Korea had no future if things didn't change,' he said. That outlook has since gained urgency. Growth has stalled across Korea's key sectors, with the economy projected to expand by less than 1 percent this year. In response, Shin built a system he hoped could serve as an alternative. What began as a modest platform to test and discover creative product ideas has grown into a full-stack ecosystem for startup growth — with a permanent storefront, Wadiz X, and a venture arm, Wadiz Partners. AI clears way to world Wadiz's international ambitions had long been constrained by a key hurdle: screening campaigns across languages and legal systems — a critical task for a platform that, as a financial service, must vet every project to manage risk and protect backers. The AI boom was the game changer, Shin says. Generative AI now drives much of the platform's internal operations, from document review to multilingual localization and real-time policy updates. 'The technology lets us do things at scale that would have required human teams in every market,' he said. 'AI didn't just solve the language barrier. It destroyed every barrier.' On May 21, Wadiz will officially go global, opening its platform to users in more than 200 countries. Creators will be able to select their target markets, with initial focus on North America. English will be the first supported language, with others to follow. Even before the launch, interest from abroad was evident, with users around the world browsing campaigns, even if they couldn't contribute, said Shin. 'The world is hungry for new ideas coming out of Korea — especially in content, beauty and food. That's exactly where we're focusing with this launch.' Global, but Korea-based While the launch marks a major step, Shin says the overseas push has always been part of the plan. Wadiz's slow-delivery model — where products are manufactured only after campaigns are funded — differs from traditional e-commerce and sidesteps the need for warehousing or logistics infrastructure. 'We're not here to be another Kickstarter,' Shin said, referring to the US-based crowdfunding giant. 'We're here to show that global doesn't have to mean American —and that a Korea-based platform can do it better.' That's why Shin, who could have built a VC fund or accelerator, chose instead to build a platform that connects creators and supporters directly. In Korea's saturated, demanding market, he argues, only constant refinement ensures survival. 'The scale might not be significant yet, but I assure you, the service quality is already world-class,' he said. K-funding as export item Alongside its global rollout, Wadiz is working to bring in more international creators. Foreign campaigns currently make up just 10 percent of listings — mostly from Japan and China — but Shin expects that share to grow fast. 'Visitor data shows strong demand for products from across Asia—not just Korea,' he said. 'We plan to scale sourcing from China and Japan and open more offerings to worldwide.' China, in particular, is gaining traction for a surge in high-end tech and smart appliances. In 2021, Shanghai-listed Roborock hit 2,000 percent of its funding goal on Wadiz within an hour — and reached 6,300 percent by day 15. Looking ahead, Wadiz is preparing to export what Shin calls 'K-funding' — a turnkey version of its platform, complete with training programs, operational policies and technical infrastructure tailored for emerging markets. Governments in Southeast Asia, including Thailand, have expressed interest in importing the model to foster local entrepreneurship. What resonates most, Shin says, is how Wadiz connects grassroots crowdfunding with institutional capital —bridging a gap many economies still face, particularly in under-scaled consumer sectors. In Korea, Wadiz has shaped that pipeline somewhat. Startups that perform well on the platform can secure follow-on investment from Wadiz Partners, either directly or through joint funds backed by corporations and government programs. The subsidiary currently manages about 20 billion won in assets. 'While tech startups often attract VC funding, brand-focused businesses are frequently overlooked,' Shin said. 'It's meaningful that we focus on stably backing early-stage companies in lifestyle and consumer goods.' Ultimately, Shin sees Wadiz not just as a tool for startup growth, but as a model to fortify economic resilience 'Societies can't thrive by supporting only the giants,' he said. 'They need ecosystems where new businesses can emerge, stumble, and try again.' That, he argues, is where Korea lags behind more advanced economies like the US where a strong entrepreneurial middle class allows new challengers to scale naturally. 'Korea is in crisis today because we haven't built that middle layer of businesses,' he said. 'Strengthening this rung of the corporate ladder is essential to keeping the economy moving.' As Korea enters an era of low growth, Shin sees Wadiz as part of the answer — not by clinging to a 'Made in Korea' label, but by building digital trade routes that connect innovation across borders. 'It's no longer just about selling Korean goods or linking buyers and sellers,' he said. 'Our expansion is about creating an 'online Silk Road' — a cross-border infrastructure to help startups grow globally — anchored in Korea.' The Top 100 Global Innovators series spotlights the trailblazers shaping Korea's futur e across a range of industries — from bold entrepreneurs and tech pioneers to research leaders — whose innovations are making a global impact beyond Korea. More than a celebration of success, the series offers a deeper exploration of the ideas, breakthroughs and strategies driving their achievements. — Ed. jwc@
