S. Korea energy conglomerate builds US$84 mln metaverse fund
South Korea’s city gas and energy group Daesung’s venture capital subsidiary recently established a fund worth 110 billion Korean won (about US$84.5 million) for expanding investments into startups in the metaverse industry, local media outlets reported Thursday.
Korea Venture Investment Corp., the country’s government-backed fund of funds, invested 60 billion won (US$46 million), with other limited partners including the Industrial Bank of Korea (IBK), Shinhan Capital Co. Ltd. and other subsidiaries of the Daesung Group. The fund will focus its investments in startups specializing in artificial intelligence (AI), extended reality (XR), blockchain and digital twin technologies.
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