South Korea’s internet giant Naver-backed venture capital TBT said Tuesday it has named Startup Alliance Managing Director Lim Jung-wook as the new co-chief of the investment vehicle. Lim will take office in March, when his term at Startup Alliance expires.He is serving his seventh year as the head of the nonprofit organization, dedicated to startup ecosystem advocacy and community building. Formerly a career journalist, Lim served as the head of web portal operator Lycos and global b

Market Dec. 24, 2019

Seoul-based KTB Investment & Securities and KTB Asset Management have backed a 160 million euros ($177.2 million) acquisition of Tesco’s Distribution Center in Dublin, Ireland, by DTZ Investors, its adviser Cushman & Wakefield said Monday.It was the largest single-asset logistics transaction in Ireland by volume. The 73,000 square meter-wide warehouse is a logistics facility for dry goods distribution to some 150 Tesco stores across Ireland within three hours.  KTB partnered w

Market Dec. 23, 2019

Private equity house ATU Partners said Monday that it had signed a deal to buy a controlling stake in South Korean professional esports team DRX through its esports-focused fund worth 20.2 billion won ($17.4 million).The terms of the deal involving the League of Legends team, rebranded from Kingzone Dragon X, remain undisclosed. Alongside the deal, ATU Partners also reached an agreement to buy an undisclosed stake in esports agency Azyt. The fund is backed by limited partners including Kaka

Market Dec. 23, 2019

The Fair Trade Commission said Friday that it has conditionally approved two separate merger and acquisition deals, one led by SK Telecom and the other by LG Uplus, reshaping the local pay TV industry as it is already undergoing a major transformation toward digital services.The decision clears regulatory hurdles for a 4.7 trillion won ($4 billion) merger between SKT’s internet protocol TV service arm SK Broadband with t-broad, the country’s No. 2 cable TV multiple system operator, a

Technology Nov. 10, 2019

In the global race for automation in logistics, unmanned mobile robots are playing an important role, largely with the assistance of an underlying system that varies from QR codes on the floor to beacon sensors on walls and wearable devices.South Korean startup Twinny is one company that is moving the other way by weaning its mobile robotic solutions off the system. By becoming independent, its robots can precisely locate themselves, detect a human to follow and execute the order-picking process

Technology Oct. 16, 2019

SINGAPORE -- Roughly 30 percent of France-based Schneider Electric’s revenue came from the Asia-Pacific region in 2018. Another 30 percent came from North America and Western Europe, respectively, with the portfolio ranging from voltage distribution products to solutions for automation, energy storage and smart building infrastructure.Behind the firm’s global clout is its ability to make use of local resources and meet local demands, a quality that is also playing out in South Korea,

Industry Sept. 22, 2019

SINGAPORE -- Traditional methods for cost efficiency in the labor-intensive field of shipbuilding and marine engineering will give way to digital solutions that are already quietly permeating the industry, Craig Hayman, CEO of UK industrial software developer Aveva, said in a recent interview with The Investor.“Shipbuilding firms are now focused on reducing labor (costs) associated with the construction and the number of hours put into designing them,” Hayman said, adding that South

Technology Sept. 19, 2019

SINGAPORE -- UK-based industrial software developer Aveva said Tuesday it plans to introduce its newly integrated industrial software by November in its digital push to streamline large-scale projects.The news comes amid the UK company’s push for software integration following its merger with French multinational firm Schneider Electric’s industrial software business in March 2018. Since the merger, Aveva has strived to bring together its design, engineering and construction capaciti

Technology Sept. 17, 2019

South Korean capital Seoul is one of the most tech-savvy cities in the world, and this has allowed the startup community here to brim with solutions to tackle its problems.For startups honing their tech capacity, ranging from ultrafine dust management to household waste treatment and fire prevention, the forthcoming tech event hosted by the Seoul Metropolitan Government, Start-Up Seoul: Tech-Rise 2019, could be a chance to gain access to venture investors and corporate representatives.As part of

Technology Sept. 1, 2019

South Korea’s capital city plans to host a tech event Sept. 4-6 in a bid to redefine itself as an innovation launchpad for foreign entrepreneurs, the Seoul Metropolitan Government said Tuesday. “Start-Up Seoul: Tech-Rise 2019” will feature keynote speeches and panel sessions by global startup ecosystem experts, as well as a pitching competition, a demo day and seminars. These will take place at four locations in the city, including Dongdaemun Design Plaza and the Seoul Startup

Technology Aug. 27, 2019

The rise of YouTube in Korea poses a dilemma for content houses.The platform lowers the entry barrier for producers, spurring competition and interest, but also allows hobbyists to vie with professional productions."We are living in an era where a 9-year-old kid can generate and distribute online content and make a business out of it,” Lee Min-seok, co-founder and CEO of web content production startup Whynot Media, said in an interview with The Investor.“The question is what con

Technology Aug. 5, 2019

People living and doing business on Namiseom, a popular tourist site in Gangwon Province, are voicing doubts about plans to build a new expressway to mitigate heavy traffic between Seoul and Chuncheon, the second-largest city in the province by population.Their main concern is that tourist boats could crash due to a new bridge that would be constructed over the Bukhan River, a Han River tributary that runs through both North and South Korea, then westward to the Yellow Sea. The bridge would cut

Social Affairs July 14, 2019

From a student’s perspective, tech-savvy South Korea might be just the place to make a promising start as an entrepreneur.But it also has its limits, despite the unprecedented level of support and attention being paid to the startup ecosystem here, according to Korean students who took part in a two-day hackathon in Finland in June, jointly organized by the Seoul-based Korea Startup Forum and Helsinki-based Junction.Three of them sat down with The Korea Herald to talk about what&

Technology July 2, 2019

Aroundus, a South Korean startup operating a platform that matches freelancers with employers, said on July 1 it has raised 882 million won ($761,700) in seed funding from venture capital investors. The funds have come from Shinhan Capital, Shinhan Investment and Korean startup accelerator D.Camp.  Since launching in July 2018, the number of subscribers for Aroundus’ Korean web service surpassed 14,000 last month. “We recognized Aroundus’ capacity to think out of the box t

Technology July 1, 2019

Retired Major League Baseball pitcher Park Chan-ho is hoping to have a good influence on the South Korean startup ecosystem and give back to society as a venture partner of Seoul-based global accelerator SparkLabs.“I’m glad I was given a chance to have a virtuous influence on startups,” Park said in a press conference on Wednesday. “Young entrepreneurs are brimming with passion and dreams. I think I can share with them my experience and know-how (as a former professional

Market June 26, 2019