South Korean trading firm SK Networks is joining hands with the Bow Capital, the U.S.-based venture capital firm, to pursue a transformation into an investment company focused on the artificial intelligence (AI) sector.
SK Networks announced the signing of a memorandum of understanding (MOU) for the “SK Networks Renaissance Project.” The event took place at the Samil Building in the Jongno district of Seoul on Jan. 31 and was attended by key figures including Choi Sung-hwan, the president of SK Networks, and Vivek Ranadive, the founder and chairman of Bow Capital.
Through the latest MOU, SK Networks aims to maximize its value as an AI-focused business investment company. As part of the process, it plans to establish a consortium for large-scale investment cooperation in the future. Additionally, Vivek Ranadive, the chairman of Bow Capital, and key investors from the United States are set to acquire some of SK Networks’ own shares during the investment execution.
In the future, SK Networks plans to attract external investors by selling its own shares to influential partners once the joint investment targets are determined. Under the robust collaborative framework with Chairman Ranadive, who has been leading the global technology investment market, SK Networks is expected to accelerate its business investments in advanced technology fields, including AI, at an even faster pace.
After the recent signing of the MOU, SK Networks and Chairman Ranadive plan to establish a task force to formalize their future collaboration. Through this initiative, they aim to enhance the value of the business investment company, focusing on creating business performance in the fields of AI and robotics as well as expanding into global markets, including India.