OurCrowd Labs/02, a leading seed-stage incubator focused on deep tech innovation has signed a collaboration agreement with two of South Korea’s leading venture capital firms: DTNI and Yozma Group Korea. These agreements, facilitated by the Korea-Israel Industrial R&D Foundation (KORIL-RDF), are aimed at strengthening bilateral strategic collaboration, investments, as well as promoting partnerships between companies within the two countries. The areas of collaboration specifically identified are focusing on rapidly growing deep-tech startups.
Moshe Raines, CEO of OurCrowd Labs/02 said, “The collaboration between OurCrowd Labs/02, DTNI and Yozma Korea, seeks to establish “landing pads” in Israel and South Korea, with the intention of providing startups from both countries the network to establish themselves, connect with the local startups and innovation ecosystems, and forge meaningful collaborations.”
Yozma Korea Managing Partner, Mr. Wonjae Lee said, “Israeli-South Korea tech relations have been growing steadily over the years. Our collaboration with OurCrowd, a leading player in the Israeli startup ecosystem is important for us in order to build stronger ties by catalyzing a greater exchange of ideas, technology and investment flows that companies from both countries can leverage as they grow and globalize their businesses.”
DTNI CEO, Mr. Seungsuk Lee, said, “This partnership is an important step towards strengthening South-Korean and Israeli VC ties, as the tech scene in both countries continues to grow. We believe that this partnership will further the mutual benefit of our funds and startups.”
The collaboration will allow for mutual sharing of information and networks between the venture capital ecosystems of South Korea and Israel and also support increased activity of venture funds co-created by private and governmental investment vehicles. This collaboration will also help South Korean stakeholders leverage the know-how and methodologies of the Israeli startup ecosystem.
The dual Memoranda of Understandings (MOUs) were signed the second week of July 2018, in the presence of Korea-Israel Industrial R&D Foundation Chief Executive Tae-Hoon Choi, and his esteemed board of directors Yeong Cheol Seok and Jeong Han Kim.
About OurCrowd Labs/02: OurCrowd Labs/02 is Jerusalem’s seed-stage incubator, centered at the heart of the city’s innovation scene. The incubator’s core mission is to advance cutting-edge technology that will shape the future in innovative areas including AI, deep learning, autonomous transportation and smart cities. Labs/02 invests in outstanding and highly motivated founders, and leads them with a hands-on, mentorship-driven approach. The incubator’s program is designed with a boot camp feel to help founders jumpstart their companies towards success. OurCrowd Labs/02, located in Jerusalem, is a partnership between OurCrowd, Motorola Solutions (NYSE: MSI), Reliance Industries (NSE: Reliance) and Yissum (the Technology Transfer Company of The Hebrew University of Jerusalem.) The incubator is part of the world-famous Israeli incubator program administered by the Israel Innovation Authority (formerly the office of the Chief Scientist.)
About Yozma Korea: Yozma Group Korea is the Korean branch of Yozma Group, an Israeli venture capital. Yozma Group Korea was established with the aim of revitalizing the Asian venture market by investing in high potential startups in Korea. Yozma Group Korea’s main goal is to become the global hub for Asia, serving as a bridge for Israeli and Korean companies.
About DTNI Korea: DTNI, one of the fastest growing venture capital in Korea, invests in early and growth stages ventures. Up to now, over 60 companies from local and overseas get investment from DTNI and already over 10 companies are listed and divested with very successful IRR.