When Woi Hong Choi became chief executive of South Korea-based electronics conglomerate Samsung’s corporate venturing unit, Samsung Venture Investment Corporation (SVIC), in 2009, his inaugural website message said it would be the number-one corporate venturing organisation globally by 2018.
So far, his plan seems on track. As part of its $400m fundraising in February 2012 from Samsung’s business units, which range from electronics to chemicals and heavy industry, SVIC has expanded its team and set aside part of the commitment to take seed-stage deals initially in the US. SVIC now manages about $1.2bn with units based in South Korea, Japan, the UK and the US – achieving its goal of managing more than $1bn earlier than anticipated.
Founded in 1999, SVIC has a majority of its team in Korea, including its investment committee, but it is understood about 80% of its deals by value came from the US and the group is looking at whether to expand to China or other regions and how to structure the group for further success.
His online CV said Choi has worked across Samsung after joining in 1980, rising to leader of the financing and accounting team for the management support division in 2004 before joining the venturing unit.
He has a bachelor’s degree from Kyungpook National University.
