– More than $50 million invested in seven Silicon Valley-based vertical AI companies, including COVU, in the second half of last year alone
Singapore-based venture capital firm True Global Ventures (TGV) announced that it has invested 50 million USD (approximately 71.6 billion KRW) in seven AI companies to expand the industrial ecosystem.
TGV is famous for having co-founders including Blockore and Aimed's CEO Lim Hyung-cheol directly investing more than 40% of its assets under management (AUM) of USD 260 million (KRW 375.5 billion).
Last year, we supported 50 million USD (approximately 71.6 billion KRW) in vertical AI companies specializing in specific fields: Tookitaki (financial crime prevention software), Validation Cloud (web3 data), Jus Mundi (legal), Printler (business platform), Obligo (finance and real estate), Present AI (art create platform), and COVU (insurance platform), contributing to the creation of a new ecosystem through multi-disciplinary linked industries. Among them, we led a follow-up investment of 10 million USD (approximately 14.3 billion KRW) in COVU, a Silicon Valley AI platform that most recently completed an investment round.
COVU is a company that has applied AI-Native Networking, a system developed to simplify operations, improve productivity, and enhance stability, to the insurance industry. It has the characteristic of being able to quickly process document processing and simple consultations through automation, and spend more time on high value-added activities such as individual consultations and proposals. In other words, customers and insurance companies can reduce costs, and designers (insurance agents) can focus more on relationships with customers. Accordingly, TGV judged that it would lead innovation in the insurance sector, so it conducted a follow-up investment of 10 million dollars, and explained that it was successfully completed with the participation of Benhamou Global Ventures from the United States and others.
TGV co-founder and CEO Lim Hyeong-cheol said, “I believe vertical AI is an innovative technology that will create a new ecosystem,” and added, “I hope that this investment will not only expand AI capabilities but also be applied to various fields, accelerating the growth of various industries.”
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