Mirae Asset Group Forms New Growth Fund with Hyundai Heavy Industries Holdings

Investment of approximately 34 billion KRW in new business sectors such as digital healthcare and bio
Collaborating with Seoul Asan Hospital, the top hospital in Korea, to discover companies in digital healthcare and bio sectors

[Asia Economy Reporter Song Hwajeong] Mirae Asset Group announced on the 10th that it will form a fund with Hyundai Heavy Industries Holdings to discover new growth engines.

Mirae Asset Group and Hyundai Heavy Industries Holdings will establish a fund investing in promising startups in the domestic digital healthcare and bio sectors, with Mirae Asset Securities, Mirae Asset Life Insurance, Daewoong Pharmaceutical, and Asan Foundation also expected to participate. The fund's duration is 10 years.

Mirae Asset Group, an investment-specialized financial group, plans to offer various services and differentiated financial solutions, leveraging the extensive domestic and international networks of its responsible investment officers and a portfolio of numerous promising digital healthcare and bio companies, including support for overseas market entry and networking with promising companies for the investee companies.

Hyundai Heavy Industries Holdings plans to invest, nurture, and expand its business?including potential acquisitions?in areas centered on digital healthcare and bio sectors that can create synergy with Seoul Asan Medical Center to prepare for new businesses.

Both companies expect that the establishment of this fund will contribute to revitalizing the business ecosystem of digital health and bio venture companies and enhancing the dynamism of the economy.

Since the COVID-19 pandemic, the global non-face-to-face healthcare market has grown explosively, with many digital healthcare-related ventures achieving investment attraction at high valuations and entering the unicorn ranks. Unlike the therapeutic market, the active emergence of convergence forms such as mergers and acquisitions (M&A) is due to the market characteristic that demands must be met on both the physician and patient sides. It is characterized by the emergence of various new business models such as platform-type telemedicine companies or post-management services like drugs and insurance.

A Mirae Asset Group official said, "In this market environment, both companies plan to strategically invest in venture companies in the digital healthcare and bio sectors to quickly respond to new business and investment models," adding, "The goal is to discover growth engines for the future while promoting open innovation between large corporations and venture companies."