companies ’
– Both companies invested 10 billion won each , expanding to a total of more than 25 billion won … First case of big tech collaboration
– Utilizing the networks of both companies to recommend excellent companies and provide business cooperation opportunities to investment companies
– Joint development of AI ‘SafeCaster ’ to overcome pandemic … Seoul Tourism Foundation Information Service Opening Results
Kakao (Co-CEOs Yeo Min -su and Jo Soo-yong ) and SK Telecom (CEO Park Jeong-ho ) jointly created the first ‘ESG (Environmental , Social , Governance ) Fund ‘ in the ICT industry to help small and medium-sized enterprises and venture companies achieve sustainable growth .
The two companies plan to first launch an ESG fund with a total of 20 billion won by investing 10 billion won each , and expand the fund size to more than 25 billion won by attracting additional financial investors .
This is the first time that a domestic big tech company has created an ESG fund together . Last March, Kakao and SK Telecom signed an MOU agreeing to cooperate in the fields of ESG, AI, and intellectual property rights and share key assets, such as technology in these fields, with our society .
# A dream team has come together to foster ‘ESG innovative companies ’ that have a positive impact on our society.
Kakao and SK Telecom actively use ESG funds as a catalyst to foster ESG innovative companies . The goal is to create a virtuous cycle in which various ESG innovative companies grow through the support of both companies , and these companies exert a positive influence on our society in the future .
The investment targets of the ESG fund are expected to be companies with innovative technologies in the ICT and convergence industries and an excellent ESG management environment . Fund management is handled by UTC Investment (CEOs Se-yeon Kim and Geun-yong Park ), who have professional investment experience in the ESG field .
Kakao and SK Telecom plan to actively participate in the overall development of ESG innovative companies, such as recommending excellent companies by utilizing the networks of both companies and providing business cooperation opportunities to invested companies .
Both companies expect that the small and medium-sized venture company development programs and investment activities operated by both companies will create great synergy with ESG fund management .
Kakao continues its attempts to join hands with startups and ventures with ideas, technology, and infrastructure by paying fair value . We respect startups’ ideas , support startups to take them to the next level through investments and acquisitions, and strive to revitalize the venture ecosystem .
SK Telecom is operating Korea’s highest-level corporate growth support curriculum by forming ‘ESG Korea 2021’, in which a total of 11 companies, including Microsoft , SAP, and Sopoong Ventures, participate . Currently, experts , investment company officials , ESG performance measurement organizations, etc. are participating in this curriculum to help small and medium-sized venture companies set ESG goals and expand their business .
# Joint development of ‘SafeCaster ‘, which informs the COVID -19 safety index … Strengthening AI hyper-cooperation
In addition, Kakao and SK Telecom are also speeding up AI hyper-collaboration in order to implement the MOU .
The two companies jointly developed ‘SafeCaster API’, an AI solution to overcome the pandemic, and has been providing it to the outside world for free through the SK Open API portal since last May . We are also expanding the scope of application by helping government agencies and private companies launch services based on APIs .
Safecaster provides regional ‘COVID -19 safety index ‘ based on floating population and big data on subway and taxi usage . Users can look at the safety index numbers to understand the risk of exposure to COVID-19 in each region at a glance , and can also receive a separate notification service recommending that they refrain from traveling outside .
Seoul Tourism Foundation (CEO Gil Ki-yeon ) officially opened the ‘Seoul Tourism Safety Index ‘ guide service on July 12th , a comprehensive information page related to COVID-19 for safe travel to Seoul based on the Safecaster API . This service predicts the average daily and hourly congestion throughout Seoul and provides five levels of safety index – Warning – Caution – Average – Good – Comfortable , helping tourists plan their trip to Seoul by referring to safe places and times .
SK Telecom and Kakao are also accelerating cooperation in the areas of AI and intellectual property rights and plan to disclose related achievements in the future . Kakao, Kakao Enterprise, a subsidiary of Kakao, and SK Telecom are expanding AI cooperation by promoting joint development of ‘GLM (General Language Model )’ with the goal of implementing Korea’s representative AI technology . In addition , discussions are underway to strengthen mutual cooperation regarding intellectual property rights (patents ) held by each company and to open them to small and medium-sized enterprises and venture companies .
Kakao Co-CEO Yeo Min-soo said, “Kakao will practice essential ESG management based on ‘promise ’ and ‘responsibility ,’ ” and added , “This ESG fund will help create a better world by discovering and growing ESG innovative companies.” “I hope so, ” he said .
Yoo Young-sang , CEO of SK Telecom’s MNO business, said, “ We will actively support companies that practice ESG management and grow together with them to develop the ICT ecosystem, ” adding , “We hope that the ESG fund jointly created with Kakao will be a small contribution to society. “He emphasized .
Source: Pangyo Techno Valley Official Newsroom
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