The CVC team plans to raise hundreds of billions more won to invest beyond its core tyres and car parts businesses.
South Korean tyre and automobile equipment manufacturer Hankook & Company is launching an $11m corporate VC fund to back deep tech startups.
The new unit, Hankook & Company Ventures, aims to eventually increase the size of the fund, with plans to raise several hundred billion won, to back startups in areas including robotics, AI, quantum computing and aerospace.
Jun Jin-won, a former vice president of Korean VC firm We Ventures, has been brought on board to lead the CVC.
Hankook’s CEO Park Jongho told Korea Economic Daily back in March of the plans to establish a CVC, a move that forms part of a larger diversification push beyond its core tyre and car parts businesses, to include areas such as mobility platforms, data centre thermal management systems and precision machines.
Fernando Moncada Rivera
Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.
