Samho Development Group, a Korean conglomerate operating since 1976, has committed to a $100m Asia Nanotechnology state and corporate venturing fund.
Through its Samho Green Investment Venture Capital (SGI) unit, Samho has joined with the Korean Ministry of Knowledge Economy’s Korea Institute for the Advancement of Technology (KIAT), the Singapore Economic Development Board (EDB), the St Petersburg government and a Russian state investment vehicle (Rusnano), and intellectual property manager 360ip in starting the Asia Nanotechnology Fund.
The fund will be a limited partnership in the Republic of Korea and which will have its Russia team based in St Petersburg. KIAT is investing KRW20bn ($18m), the EDB will provide $20m in grants to Singaporean businesses backed by the fund and Rusnano will provide $50m. No less than 50 percent of the fund will be invested in the fund’s Russia-based projects.
Glenn Kline, executive president of 360ip, and Taesoo Yang, president of SGI, said: "Nanotechnology is a key enabler technology for many sectors, providing for tremendous growth opportunities. Russia, Korea and Singapore are hubs for nanotechnology and there is a strong deal pipeline coming from these countries and throughout Asia."