] South Korean biotech company Celltrion
will join Mirae Asset Financial Group’s plan to set up a venture capital fund worth 1 trillion won (US$84.10 billion) for future growth industries such as biotech and artificial intelligence.
Celltrion and Mirae Asset Group will chip in 75 billion won each for the fund, aiming to foster startups engaged in health care and biotechnology.
Mirae Asset Capital, an investment unit of the group specialized in new technology sectors, will manage the fund.
Mirae Asset adopted a matching fund program for the investment which it pays in equal amount to the funds as much as other investor who participate in the funding project.
This is a part of the firm’s bigger scheme to create a venture ecosystem together with large corporations including the country’s largest portal operator Naver and leading retailer GS Retail which have already pledged to invest 50 billion won each.
By inviting more firms such as LG Group and SK Group, the financial group aims to pool together 1 trillion won for the matching funds by the end of March.
The fund will make investments into emerging technologies such as Internet of Things, artificial intelligence, augmented reality and autonomous vehicle.
Last year, Mirae Asset Financial Group Chairman Park Hyeon-joo said that the group will create a new growth venture fund and invest 1 trillion won every year for 10 years.
By Park Han-na (firstname.lastname@example.org)