• SK networks to collaborate with Bow Capital Management, LLC ("Bow Capital"), a venture capital fund formed by Vivek Ranadivé, Silicon Valley Veteran and NBA Team Owner
• Collaboration to harness Hico Capital's Expertise to Propel SK networks Global VC Expansion
• "Leveraging Investment Profits to Enhance Shareholder Value through Future Returns"

SEOUL, South Korea, May 30, 2023 /PRNewswire/ -- SK networks is intensifying its efforts to transform into a business-oriented investment firm, with the goal of becoming a global innovation gatekeeper. As part of this strategic shift, the company is launching a collaboration with Bow Capital, a Silicon Valley-based venture investor.

On May 30th, SK networks held, with key representatives from SK networks, Hico Capital, and Bow Capital in attendance, the collaboration launch meeting at the Rosewood Sand Hill Hotel in Silicon Valley, California. The meeting was hosted by SK networks President & COO Sunghwan Choi along with Bow Capital Managing Director, Vivek Ranadivé.

Bow and Hico aim to collaborate by bringing two sets of additive skills, experience, and connections together for mutual benefit. Bow and Hico believe that together their combined eco-systems and experience, ranging from access to academic research to broad corporate operations experience and relationships, can provide differentiated value-add and investment capital for early-stage technology companies. In connection with the collaboration, President Choi will act as an advisor, providing guidance and support in investment sourcing and evaluation.

Bow and Hico share the perspective that software and artificial intelligence are rapidly transforming the operations of traditional industries, such as financial services, transportation & logistics, healthcare, among others, while creating opportunities in a myriad of areas, including climate management, digital business infrastructure, sports and entertainment.

SK networks, having cultivated its capabilities through initial corporate investments since 2018, is now poised to enhance its operational expertise through this collaboration. In addition, the company aims to further develop its investment capabilities to assume a leading role not only in early-stage investments but also across diverse stages in the long term. Furthermore, SK networks plans to continue its activities aimed at enhancing shareholder value. This includes utilizing a portion of its investment profits as a source of finance for various shareholder return policies, such as purchasing and retiring treasury stocks, as well as distributing dividends.

An official from SK networks emphasized, "The establishment of this collaboration by Hico Capital will strengthen our investment capabilities and provide a foundation for expanding our global investment scope beyond the initial stage."

Based in Silicon Valley, USA, Bow is an early stage venture investing firm, established with the mission to shorten the path of innovation from science to society, through its strategic relationship with the University of California system ("UC system") as its anchor investor. The UC system spends over $7.5B per year on fundamental research across its 10 campuses, 6 medical research facilities and hospitals and 3 national research labs. While not exclusively related to the UC system, Bow leverages its relationship strategically to tap into select facets of the UC system for both sourcing investment opportunities and building its understanding of key technological, economic and societal trends. Bow then complements its UC relationship with extensive corporate operating experience and a broad network of other relationships in Silicon Valley, industry, and sports and entertainment.

Vivek Ranadivé, Bow's Managing Director, has been at the forefront of the technology industry, from his early days at the Massachusetts Institute of Technology to his time at TIBCO which powered some of the world's largest companies and government agencies. He is an entrepreneur, technology visionary, New York Times best-selling author and philanthropist recognized for his innovative thinking. Since 2013, he has been the Chairman, Chief Executive Officer and Governor of the Sacramento Kings NBA team, becoming the first Indian majority owner of an NBA team, and investing $1 billion into their arena in downtown Sacramento, creating thousands of jobs and revitalizing the region. 

Based in Seoul, Republic of Korea, SK networks is a business-oriented investment company with a wide span of businesses including mobility, home appliances, blockchain, ICT device distribution, trading, and hotel. The company also has in-house investment vehicle built to secure investment opportunities - mostly in early-stage start-ups - that will grow to have synergies with its existing businesses and fuel the company's future growth.

Sunghwan Choi, SK networks' President and COO, has been spearheading SK networks and SK Group's investments in tech sector in Korea and globally. Mr. Choi has been an entrepreneur, investor and leader. Mr. Choi established a ride-hailing startup in Korea in 2015, one of the earliest movers in the space. Mr. Choi led the first wave of SK Group's startup investments and established vast networks in Silicon Valley and other centers of innovation globally.