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News

KNU and Daegu City Sign Business Agreement to Create and Manage ABB Growth Fund

Date
2022/11/08
Writer
English
Hit
143
On the morning of November 1st, at the Daegu City Hall Sangyeok-dong Office, Kyungpook National University Technology Holdings, together with representatives of Daegu City, Daegu Bank, Idea Bridge Partners (fund manager), and Daegu Digital Innovation Promotion Agency, participated in a business agreement ceremony entitled 'ABB Growth Fund Formation and Operation,' which aims to cultivate Daegu’s major industry sectors of the future.

'ABB Growth Fund' is the first ABB-exclusive fund in the region, fostering the so-called ABB (Artificial Intelligence (AI), Big Data, Blockchain) industries. The fund was created to help companies with related core technologies to raise funds and settle in the region.

The fund was selected and formed by the Korea Fund of Funds’ Patent Account Investment Association, which is promoted by Korea Venture Investment Corp. A total of KRW 234 billion, comprised of KRW 14 billion from the Korea Fund of Funds, KRW 4 billion from Daegu City, and KRW 5.4 billion from the other participants (Daegu Bank, Kyungpook National University Technology Holdings, and management companies, etc.) have been invested.

Through this signing ceremony, the invested participants, including Kyungpook National University Technology Holdings, will cooperate to efficiently set up and operate the ABB Growth Fund to serve as the foundation for an investment ecosystem to foster ABB industries in the region.

The gradual expansion of such fund formations is expected to be helpful toward resolving difficulties in financing and revitalizing regional investment ecosystems for local ABB companies, which are suffering from the current poor economic conditions of high interest rates and high inflation, poor regional investment infrastructure, and the fact that more than 80% of venture investment funds are concentrated in metropolitan areas.




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