Gwangju, 'AI 2nd fund' formed with KRW 117.9 billion

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Gwangju, ‘Artificial Intelligence 2nd Investment Fund Business Agreement’ signed (Photo = Gwangju City)

Gwangju, a representative city of artificial intelligence (AI), has established a man-made intelligence investment fund of 117.9 billion won for the primary time in 4 years and is looking for to support local artificial intelligence startups.

Gwangju City (Mayor Kang Ki-jeong) announced on the afternoon of the 4th that it signed an 'Artificial Intelligence (AI) 2nd Investment Fund Business Agreement' with Buk-gu Office, Gwangju Bank, Gwangju Techno Park, and five fund management firms in town hall business room.

The signing ceremony was attended by Mayor Kang Ki-jeong, Buk-gu District Office Mayor Moon In, Gwangju Bank President Go Byeong-il, Samho Green Investment CEO Jo Su-bong, Vine Ventures CEO Myung-woo Cho, JHC Investment CEO Oh Hyun-se, A-Ventures Vice President Kim Tae-gyu, and Oracle Enterprise Investment CEO Jo Sang-hyeon, a fund manager.

The 'Gwangju Artificial Intelligence Investment Fund' is a fund created in reference to central policy funds equivalent to the Korea Fund of Funds to further solidify Gwangju's status as Korea's leading artificial intelligence city and to find and foster local artificial intelligence firms and promote investment attraction.
As a way to repeatedly attract investment in local artificial intelligence firms, Gwangju promoted the creation of a second artificial intelligence investment fund, including jointly investing 6 billion won with Buk-gu and Gwangju Bank, and because of this, a complete of 117.9 billion won was established by the tip of January this 12 months. .

The foremost contents of the agreement are to stimulate investment in artificial intelligence firms in Gwangju and foster a successful artificial intelligence industry. ▲Attract investment in each stage from start-ups in Gwangju to global expansion and supply administrative and financial support to revitalize the local investment ecosystem ▲Provide customized listing support services for firms. ▲It accommodates the business cooperation needed for revitalizing investment.

As well as, we agreed to work together to draw artificial intelligence firms within the metropolitan area to Gwangju, provide business model consultation support to revitalize investment in artificial intelligence firms in Gwangju, and establish connections with experts in each field to support start-ups and growth.

Gwangju is anticipated to start discovering and investing in local artificial intelligence firms by securing a complete of 13.3 billion won as mandatory investment among the many second artificial intelligence fund.

Gwangju Mayor Kang Ki-jeong said, “The formation of this second artificial intelligence investment fund shall be a priceless priming consider resolving the difficulties in raising funds faced by local artificial intelligence (AI) firms.” He added, “The National Artificial Intelligence (AI) Data Center and Gwangju Station Startup The atmosphere of Gwangju is changing, including the Valley, Startup Fund, and Startup Festival. “We are going to speed up the establishment of a business-friendly ecosystem by actively supporting firms rooted within the region to succeed,” he said.

Meanwhile, because the first artificial intelligence investment fund was formed in November 2020 with 109.8 billion won, it has been invested in 13 artificial intelligence firms within the Gwangju area, serving as a catalyst for the expansion of local firms.

As a way to create an 'opportunity city with a high startup success rate', Gwangju ▲Created the biggest startup valley within the Honam region centered on Gwangju Station ▲Established a KRW 500 billion startup fund ▲Significantly expanded support for product demonstration projects for startup firms ▲From kindergarten, elementary, middle, and high schools to universities, We have gotten a reliable partner for start-ups by completing the talent training ladder from graduate school to practical talent ▲ holding the Gwangju Startup Festival to spread start-up culture.

Reporter Oh Deok-hwan odh@aitimes.com

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