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Key Points

South Korean tech powerhouse Naver is making strategic moves in the global technology landscape by establishing Naver Ventures in Silicon Valley. The new subsidiary aims to support promising AI startups and expand the company's international investment footprint. CEO Choi Soo-yeon emphasized Silicon Valley's role as an innovation hub, highlighting the region's importance for technological advancement. This move comes alongside Naver's ongoing partnership with Netflix, demonstrating the company's commitment to global tech collaborations.

Key Points: Naver Launches Silicon Valley Ventures to Boost AI Startups

  • Naver establishes first overseas investment subsidiary in Silicon Valley
  • Twelve Labs selected as initial investment target
  • Netflix partnership continues to drive strategic global expansion
  • CEO Choi Soo-yeon leads international collaboration efforts
2 min read

Naver to establish US subsidiary for investment in local startups

South Korean tech giant Naver expands US investment strategy with new Ventures subsidiary targeting innovative AI startups

"Diversity is increasingly important in the AI era - Lee Hae-jin, Naver Founder"

Seoul, June 8

South Korean tech giant Naver said on Sunday it will establish an investment-focused subsidiary in the United States to support promising local startups there.

Naver plans to complete the process of launching the new entity, Naver Ventures, later this month in Silicon Valley, the company said in a press release.

Naver Ventures has already selected Twelve Labs, a South Korean artificial intelligence (AI) startup with operations in the U.S., as its first investment target, reports Yonhap news agency.

It will be Naver's first overseas investment subsidiary, the company said.

"Silicon Valley is a cradle of innovation where skilled professionals and cutting-edge technologies converge. That's why we chose it as the base for our first overseas investment firm," Naver CEO Choi Soo-yeon said.

In light of global economic uncertainty, startups are finding it increasingly difficult to attract investment. Naver aims to help these companies secure stable funding and continue developing their technologies and operations in the U.S. market, she said.

Naver founder Lee Hae-jin said: "Diversity is increasingly important in the AI era. That's why collaborations with a broad range of partners are essential for Naver."

Meanwhile, Naver CEO Choi Soo-yeon met with top executives at Netflix in Los Angeles last week to discuss their ongoing membership partnership and explore further collaborations.

According to Naver, Choi visited Netflix's Los Angeles office Tuesday (local time), where she met Netflix co-CEO Greg Peters and Maria Ferreras, Netflix's global head of partnerships. Also present were Kim Jun-koo, CEO of Naver Webtoon Entertainment, and Kim Yong-soo, Naver's chief strategy officer.

The two sides discussed the performance of their partnership, which allows Naver Plus members in South Korea to access Netflix's ad-supported service for free.

Naver said the partnership led to a 1.5 times increase in new sign-ups for Naver Plus, a paid subscription service that allows various benefits, such as shopping discounts, while Netflix was able to reach a broader user base in South Korea through the collaboration.

Naver highlighted that Choi has led the collaboration between the two companies since last year.

—IANS

- IANS

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Reader Comments

R
Rahul K.
Interesting move by Naver! Indian startups could learn from this model of global expansion. Our own tech giants like TATA and Reliance should explore similar overseas investment arms to support innovation. 🇮🇳🚀
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Priya M.
Silicon Valley remains the gold standard for tech innovation. While this is smart for Naver, I hope Indian investors don't neglect our own startup ecosystem in Bengaluru and Hyderabad. Local talent needs funding too!
A
Amit S.
The Netflix partnership is brilliant marketing. Indian companies should take note - such collaborations can be win-win for both platforms. Maybe Zee5 or Hotstar could explore similar tie-ups with Indian e-commerce players?
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Neha T.
While I appreciate Naver's global ambitions, I wonder if they're spreading themselves too thin. The Indian market itself has so much potential - maybe they should look at investing in Indian AI startups too? We have brilliant minds here! 🤖
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Vikram J.
Good to see Asian companies making moves in the US market. After Japan's SoftBank, now Korea's Naver. Hope to see more Indian firms like Infosys and Wipro making strategic investments like this. Global presence is key in tech!
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Sanjay R.
The focus on diversity in AI is crucial. India's multilingual environment could actually give our startups an edge in developing more inclusive AI solutions. Maybe Naver should consider this when expanding their investments.

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