Naver Ventures Launches in Silicon Valley
Palo Alto, CA - Naver Corp has established an investment unit in Silicon Valley and made an initial investment in video artificial intelligence company Twelve Labs.
The company announced the creation of Naver Ventures during an event held on June 5th at a hotel in Palo Alto.
Approximately 200 people attended the gathering, according to the press release.
Naver executives, including the Chairman and Founder Lee Hae-jin, Chief Executive Soo Yeon Choi, and Head of the Strategic Investment Division Namsun Kim, participated in the event.
Attendees included executives from technology companies Sendbird, Moloco, Datalyze, and Liner.
Choi said that the company invests in locations with technical talent and described Silicon Valley as a center for technology and innovation.
She said the investment unit would provide funding for startups facing difficulty securing capital due to international conditions.
Lee said the company would seek partnerships with startups and technical personnel to develop artificial intelligence technology.
He indicated that Naver plans to create what he termed "an AI era where diversity coexists" through collaboration with various entities.
The investment unit will complete establishment procedures this month under Kim's leadership, according to the company.
Naver Ventures will target startups across multiple sectors and nationalities operating in the Silicon Valley area.
Twelve Labs was identified as the first target for the new unit's investment.
The company described the startup as operating in the video AI sector with global recognition.
The Silicon Valley investment operation forms part of Naver's expansion strategy under Choi's second term as chief executive.
The company stated it expects the unit will help track global technology developments and create business partnerships.
Naver Ventures will focus on startups of various backgrounds and technical areas within the Silicon Valley region, the company said.