Venture capital firm SoftBank Ventures Asia said it will officially change its brand name to SBVA, on Sunday, effective on February 1. This initiative was enforced after Singapore-based The Edgeof acquired SoftBank Ventures Asia from its parent firm SoftBank Group Corp (SBG) in April 2023.
The firm said the rebranding aims to encompass technological singularities and the broader impacts of the virtues of artificial intelligence, reflecting its commitment to leading in this transformative era as well as continuing the business domestically and internationally.
Recently the firm closed the 2023 Alpha Korea Fund amounting to about 200 billion Korean won ($150 million) surpassing the initial target of 100 billion Korean won, said SBVA.
Additionally, the firm looks to discover early to mid-stage startups that capitalize on technological innovations in information and communication technology (ICT), such as artificial intelligence (AI), robotics, and computing, and create new business opportunities.
“Despite the venture investment winter, we were able to successfully conclude the establishment of this fund based on the trust of our investors, we will continue to actively engage in investment activities by closely listening to the concerns of entrepreneurs,” said JoonyPyo Lee, Executive Chief of SBVA.
Founded in 2000, SoftBank Ventures Asia is a venture capital firm based in Seoul, South Korea. The firm aims to invest in ICT sector including AI, Internet of Things (IoT), and smart robotics, with global investment professionals in Seoul, Beijing, Singapore, and San Francisco.
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