South Korean tech giant Naver launches a venture subsidiary in Silicon Valley, Yonhap News reports.
Naver Ventures will become the corporation’s first overseas investment firm. The subsidiary will focus on supporting promising startups.
Naver CEO Choi Soo-yeon calls Silicon Valley the cradle of innovation, where experienced specialists meet cutting-edge technology. He highlights that startups face increasing difficulties securing investment amid uncertainty.
Naver Ventures aims to back such companies, helping them develop technology and expand into the US market.
The venture’s first investment target is the South Korean startup Twelve Labs, which develops artificial intelligence (AI) technologies for video content analysis.
Earlier, Kursiv Uzbekistan reported that Meta plans to invest $10 bn in AI startup Scale AI.
