The South Korean government has selected OurCrowd, an Israeli online investment platform, as a co-manager of a bilateral fund aimed at investing in DeepTech startups. With $48 million already raised by the fund’s Korean partners, NH Venture Investment and K-Growth, the goal of the NHOC Global Open Innovation fund is to raise an additional $32 million. This brings the total funding for Israeli DeepTech companies to $80 million.
According to OurCrowd CEO John Medved, this partnership is excellent news for Israeli high tech. With support from the South Korean government, the fund will invest in around 30 startups from both countries, focusing on technologies such as robotics, cybersecurity, and digital health. In addition to investments, Israeli DeepTech companies will gain direct access to South Korean industrial giants and establish cooperation on a global scale.
The creation of this Israel-Korea bilateral fund opens up new opportunities for Israeli startups to expand into the Asian market. As Medved explains, “This partnership allows us to tap into South Korea’s vast industrial base and connect our portfolio companies with key players in various industries.” By working together, Israel and South Korea can accelerate innovation and drive economic growth in both countries.
