Deeptech accelerator (AC) Bluepoint Partners announced on the 17th that it has completed the formation of the 'LG Uplus Bluepoint AX Shift Venture Investment Association' fund worth 5 billion won.
The fund was formed solely with capital from LG Uplus and has an 8-year maturity. It targets startups in the AI and future technology fields from the Seed to Series A stages.
The fund is significant in that it is the first venture capital fund in the investment industry, excluding CVC, to link with a company's proven business. Startups can receive various opportunities, such as not only simple investment but also business linkages with companies.
Bluepoint plans to operate a fund targeting promising AI/AX startups, such as startups participating in LG Uplus' 'Shift' program. Shift is a program where LG Uplus and Bluepoint jointly discover startups and startup teams from university research institutes with high growth potential, with the goal of advancing AI technology, and support them to settle into the market.
The selected companies will be provided with opportunities such as ▲commercialization acceleration program ▲business cooperation with LG U+ ▲equity investment review through a dedicated fund. Currently, 8 startups including Fairy, Le Mong, Technomtrix, and Squeezebits have been selected and are in the process of the program. The second round of program recruitment will be announced through the official website in the middle of this year.
The representative fund manager is CEO Lee Yong-kwan. CEO Lee, who holds a Ph.D. in Physics from KAIST, founded Plasmart, a semiconductor core technology plasma equipment company, and successfully exited it, and established Bluepoint in 2014. He is a senior entrepreneur with over 20 years of experience in deep tech and investment. Key operating personnel include Kim Du-seong, head of the Accelerating Group at the Investment Headquarters, and Lee Mi-young, head of the Venture Studio Group.
“It is significant in that large companies can expand the scope of new businesses and startups can obtain new business opportunities through investment in demonstration projects and dedicated funds,” said Lee Mi-young, Bluepoint Group Leader, who is a key operator and person in charge of the Shift program. “Starting with the second phase, Bluepoint will strive to help the startup ecosystem grow further as we expand into an open alliance centered on AI startups.”
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