Bill Byun, managing director at Samsung Venture Investment, the corporate venturing division of Korea-based electronics group Samsung Group, has left to set up an independent venture capital firm.
Silicon Valley-based Byun has set up 7 Capital, named in respect of the world’s seven continents, to invest in Korea and Asia as well as the US and rest of the world.The new fund comes as a survey of more than 500 VCs expected there to be a fall in the number of venture capital groups in the US and a rise in Asia, according to US trade body National Venture Capital Association last month.
Byun said: “Korea’s lightning fast mentality to continuously refine and achieve market leadership in all aspects of IT, clean-tech, and life sciences in the next decade, [combined] with 7’s non-biased view of financial gain, is what excites me about launching 7 Capital.
“Seven’s Korea catalyst investment approach will complement the venture capital community. Korea and some of the surrounding Asian countries are about [creating] tangible outcomes and outpacing the competition with passion, agility and the perseverance to work 24/7 [all day, seven days a week].
“[This is] quite a severe, and some may say very harsh, work ethic but Korea and Asia as a whole are spearheading the next wave of business.”
Another managing partner will join Byun at 7 Capital in the final three months of the year with two further venture partners to join after that.
Byun had been at Samsung Venture since January 2005 and Brian Kang is the other Silicon Valley-based managing director there currently after Michael Jeon moved to Europe earlier this year to head up the region for the group, which is led by chief executive Woi Hong Choi.
Byun added: “Samsung Venture is a solid investment platform that allows Samsung Group to foresee practical and innovative technologies of tomorrow and concurrently benefit the start-ups by leveraging Korea’s multifaceted industrial leadership on a global scale.”
A remaining partner at Samsung Venture declined to comment.