POSCO opens first overseas venture incubating office in Silicon Valley

POSCO Group said on Wednesday that it has opened the first overseas office of ChangeUp Ground in Silicon Valley in the US.

ChangeUp Ground is a startup incubator run by POSCO to foster tech ventures and it has operated offices in Pohang, Gwangyang, and Seoul in South Korea.

About 70 people attended the opening ceremony held at the San Jose office in Silicon Valley on Tuesday, including Yoon Sang-soo, Consul General of San Francisco, POSCO America President Do Han-eui, and POSCO Technology Investment CEO Lim Seung-kyu.

"POSCO Group plans to revitalize the global venture ecosystem with a virtuous cycle of business startup, investment, development, and recovery through the ChangeUp Ground Silicon Valley office," said Park Sung-jin, an industry-academia cooperation officer at POSCO Holdings Inc.

Before the opening ceremony, POSCO Holdings signed a memorandum of understanding (MOU) with POSCO International, Born2Global, and 11 tech ventures to help Korea's top ventures explore overseas markets and attract investment from global investors.

Under the agreement, POSCO Holdings will establish strategies to discover and foster promising startup companies, while POSCO International will focus on the global marketing of these companies based on 1.6 billion won ($1.2 million) in win-win cooperation funds.

Born2Global will use its platform to support outstanding startups to make forays into overseas markets.

Write to Jae-Fu Kim at hu@hankyung.com