Naver Heads To Silicon Valley To Back Smart Startups Like AI Star Twelve Labs
South Korean tech giant Naver announced its strategic move to establish an investment-focused subsidiary in the United States, designed to support promising startups in the region. The new entity, Naver Ventures, is slated to launch later this month in the vibrant tech hub of Silicon Valley, reflecting Naver’s commitment to fostering innovation and technological advancement.
Naver Ventures has chosen Twelve Labs, a South Korean artificial intelligence (AI) startup operating in the U.S., as its inaugural investment endeavor. This strategic decision marks Naver’s first step into the establishment of an overseas investment subsidiary, showcasing its dedication to expanding its influence and support for cutting-edge technologies worldwide.
“Silicon Valley is a cradle of innovation where skilled professionals and cutting-edge technologies converge. That’s why we chose it as the base for our first overseas investment firm,” stated Naver CEO Choi Soo-yeon. In the face of global economic uncertainties, startups often face challenges in attracting investment. Naver’s initiative aims to help these startups secure stable funding, ensuring their continued growth and technological development within the U.S. market.
Naver founder Lee Hae-jin emphasized the importance of diversity in the AI era, stressing that collaborations with a wide array of partners are vital for Naver’s growth and success.
The importance of strategic partnerships was underscored during a recent meeting between Naver CEO Choi Soo-yeon and top executives at Netflix in Los Angeles. This meeting focused on their ongoing membership collaboration and explored possibilities for further synergy between the two companies. The collaborative partnership, which enables Naver Plus members in South Korea to access Netflix’s ad-supported service, has proven to be mutually beneficial. It resulted in a significant increase in new sign-ups for Naver Plus, a paid subscription service offering various benefits such as shopping discounts, while Netflix successfully expanded its user base in South Korea.
The mutual substantial growth derived from this collaboration highlights the effectiveness of strategic alliances in achieving business objectives. Naver CEO Choi Soo-yeon, who has been steering the collaboration between the two companies since its inception, epitomizes the innovative leadership driving Naver’s vision forward.
The establishment of Naver Ventures, alongside its active pursuit of diverse partnerships, underscores Naver’s strategic commitment to driving value and innovation within the technology industry. As Naver continues to champion collaboration and investment in transformative technologies, its initiatives are poised to significantly impact the global tech landscape.
