Art tech platform Tessa attracts strategic investment from Kyobo Securities

The art tech platform Tessa said on Thursday that it has succeeded in attracting strategic investment from Kyobo Securities Co. The amount of investment was not disclosed.

Kyobo Securities said that it highly valued the future value and growth potential ahead of Tessa's entry into the mainstream financial industry. Tessa also plans to promote various cooperative projects with Kyobo Life Insurance Group, which is actively engaged in digital business.

Earlier, Tessa had secured strategic investments from Kiwoom Securities. At the time, the company signed a memorandum of understanding to revitalize the fractional investment industry and jointly develop the market and provided an opportunity for individual investors to make investments in artworks.

As the Financial Services Commission recently announced the fractional investment guidelines, the incorporation of the industry into the mainstream establishment has become more visible than ever.

As investment in artworks has emerged as a new means of alternative investment, financial institutions are pouring money into the niche industry despite the general downturn of the industry.

Tessa plans to strengthen its investor protection and expand its business through strategic investment. The company plans to discover new growth engines such as designing new business models and planning rare art financial products.

Tessa CEO Kim Hyung-jun said, "With the latest investment, we have secured both the customer base and business stability," adding, "We will strive to comply with laws and regulations and strengthen investor protection while doing our best to create a safe fractional investment ecosystem."

Write to Jong-Woo Kim at jongwoo@hankyung.com