Belgium-based chemicals group Solvay has provided half the money for a venture capital fund being raised to back nascent advanced materials companies.

Solvay has provided €13m ($17.9m) for the Korea Advanced Materials Fund. The rest of the money is being committed by Korea Venture Investment Corp (KVIC), a government-backed fund of funds with $1.5bn of assets under management, and AJU IB Investment (formerly known as Kibo Technology Advancing Capital).

AJU IB Investment is a corporate venturing subsidiary of Korea-based construction conglomerate AJU Group and will…

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