Israel and South Korea have partnered to establish an $80 million innovation fund aimed at investing in cutting-edge startups in both nations.
The fund will support 25 to 30 leading "Deep Tech" businesses engaged in extensive research to achieve groundbreaking advancements in sectors such as semiconductors, robotics, automotive, quantum computing, cybersecurity, and digital health.
Named the NH-OC Global Open Innovation fund, this initiative combines the innovation prowess of Israel, known as the Startup Nation, with South Korea's capacity to scale startups and achieve commercial success. Already, the fund has secured over half of its $80 million target, with $32 million from K-Growth and $16 million from NH Venture Investment.
OurCrowd, the Jerusalem-based platform connecting 240,000 small investors with startups, has been chosen by the South Korean government to co-manage the fund alongside NH Venture Investment.
This fund not only seeks to support innovation but also to strengthen collaboration between Israel and South Korea, both renowned for their substantial investments in research and development relative to GDP (Israel ranks first globally, followed by South Korea).