South Korea-based venture capital firm Capstone Partners has unveiled a ₩50bn ($42m) fund backed by industry body Korea Telecommunications Operators Association, according to The Korea Herald.
The municipal government of Seoul and fund management firm Korea Growth Investment have also backed the fund. The vehicle will primarily be aimed at technology developers associated with what is known as the fourth industrial revolution.
Approximately 80% of the capital will be allocated to technologies such as artificial intelligence, big data, the blockchain and 5G mobile data services. The fund will put a minimum of about $8.6m into startups based in the city of Seoul.
Capstone has traditionally focused on the internet and communications technology sector. The firm has more than $228m in assets under management through existing vehicles, including six funds backed by internet company Tencent between 2008 and 2015.