SK Group establishes investment fund to focus on metaverse

Asian Tech Press (Jan 10) -- SK Group's three information and communications technology (ICT) subsidiaries - SK Square, SK Telecom and SK Hynix - have set up an advisory body to strengthen their global operations. The three companies plan to set up a trillion won (about $835 million) investment fund to invest in semiconductors, artificial intelligence (AI), metaverse and blockchain.

SK Square, SK Telecom and SK Hynix announced the plan at a joint press conference held in Las Vegas on Jan. 6. In January, they will launch an advisory body to coordinate their R&D activities, investments, and global expansion. Its participants include SK Square and SK Hynix Vice Chairman Park Jung-ho, SK Telecom President Ryu Young-sang and SK Hynix President Lee Seok-hee.

The three companies will first invest 50 billion won to establish the artificial intelligence semiconductor company Sapeon Inc. in the U.S. SK Telecom will hold 62.5 percent of Sapeon, SK Hynix 25 percent and SK Square the remaining 12.5 percent. SK Telecom will take the initiative in technology development based on its AI capabilities.

With the investment in Sapeon, SK Hynix will expand its business area to include AI semiconductors.
"AI is a business area that many of SK Hynix's customers have already entered," said SK Hynix's president. "We have decided to expand our business to create smart memory chips that go beyond standardized memory products." SK Hynix will establish a U.S. commercial organization headed by Lee to build a U.S. R&D center.

You must be login to post a comment.