Applied Materials' corporate venturing subsidiary will manage the fund, which was formed with Korea Venture Investment Corporation to back South Korean startups.
Applied Ventures, the corporate venturing unit formed by materials engineering technology provider Applied Materials, has launched an investment fund with state-backed fund-of-funds Korea Venture Investment Corporation (KVIC).
The stakeholders have not disclosed the size of the Applied Ventures Innovation Fund, but a regulatory filing indicates they want to raise $40m.
The unit plans to invest in South Korea-based startups developing semiconductor, display, robotics, healthcare and energy storage technologies among others. The country is currently responsible for more Applied Ventures portfolio…
