SK Networks to accelerate AI-led, startup investments

SK Networks Co. will accelerate its transformation into an artificial intelligence-led investment company from a general trading firm, its President and Chief Operating Officer Choi Sunghwan said on Thursday.

It will change its business model by incorporating AI technology, Choi said at the AI WAVE 2023, a startup forum hosted by Kindred Ventures LLC and sponsored by SoftBank Ventures Asia and SK Networks.

SK has been investing in foreign startups in partnership with Kindred Ventures since 2020.

Steve Jang, chief executive of Kindred Ventures, said in a keynote speech the forum was arranged to discuss how AI will create the future of consumer internet, mobile computing and supercomputers.

Some of its 150 attendants from the investment industry and startups spoke on or publicly exchanged ideas about the AI market outlook, trends and strategies.

The US-based AI device startup Humane performed a video demonstration of AI Pin, a palm-size wearable display. SK Networks and Kindred Ventures invested in Humane earlier this year.

SK Networks' US arm Hico Capital is in charge of its overseas investments.

The investments include Source.ag, a Dutch smart farming startup; en-core, a data solutions and consulting firm; and Sabanto Inc., a developer of self-driving software for tractors.

“As AI is expected to lead to overall industry change, we will strive to incorporate AI into our business and discover new growth engines,” Choi said.

Write to Mi-Sun Kang at misunny@hankyung.com

Yeonhee Kim edited this article.