SoftBank Ventures Asia rebrands as SBVA following the close of $150 M fund
SoftBank Ventures Asia has formally changed its name to SBVA following the close of a $150 million funding round.
After being acquired by The Edgeof from SoftBank Group Corp. (SBG) in June of last year, SBVA announced in a statement on Sunday that the company will be rebranding effective on February 1st.
The statement claims that the new SBVA is committed to leading in this revolutionary era and embraces the idea of technological singularities as well as the wider effects of artificial intelligence’s virtues.
It also highlights the ongoing connectivity with its partners, infrastructure, and portfolio companies that have been built over the previous 20 years, as well as the continuity of its business both domestically and internationally.
Building on its experience in ICT investments, SBVA is also well-positioned to actively seek out startups that will use cutting-edge technology to revolutionize a variety of industries.
It is reported that the “2023 Alpha Korea Fund,” which had a commitment of about ₩200 billion ($150 million), was recently closed by the new SBVA.
The funding amount is much more than the original goal of ₩100 billion, highlighting the importance of meeting fundraising targets even in a down market.
Among its investors are SBG, Hanwha Life, KB Capital, Nexon, Industrial Bank of Korea (IBK), Hanwha Development Bank (KDB), which serves as the anchor LP.
Through this fund, SBVA hopes to actively find early- to mid-stage startups that can generate new business opportunities by leveraging ICT technological innovations like artificial intelligence (AI), robotics, and computing.
Healthcare, content, industrial deep tech, and enterprise SW are major investment areas across industries.
In the future, SBVA intends to use its global network and investment capabilities to significantly assist the international growth of domestic startups.
