SK Networks "Expanding Global Investment Community"

'Global Investment Business Briefing' Held
Over 20 Cases Centered on US Investment Corporations, Executing 210 Billion KRW Investment
"Enhancing Shareholder Value Through Role as Global Innovation Gatekeeper"

[Asia Economy Reporter Hyunseok Yoo] SK Networks announced on the 22nd that it held a global investment business briefing session to inform industry stakeholders about its current investment status and future direction.

The investment business briefing session, held on the 21st at Walkerhill Hotel & Resort in Gwangjin-gu, Seoul, was an event planned to introduce SK Networks' global investment business details and achievements and to strengthen communication with stakeholders. It was held for the first time this year. About 150 investment industry stakeholders from both domestic and international partner companies expanding cooperation with SK Networks in the global market attended the event.

SK Networks' Global Investment Business Presentation Event Venue. Photo by SK Networks

SK Networks began investing in early-stage companies in 2018. The following year, President Choi Seonghwan joined and actively worked on securing investment capabilities and strengthening execution power, setting the company's evolution direction as a ‘business-type investment company.’ The business-type investment company model executes investments in high-growth areas. It also upgrades existing business models by utilizing the relevant technologies. When necessary, it incorporates these into the company’s core business, meaning it is a ‘company that continuously enhances corporate value centered on investment.’

SK Networks, focusing on the point that ‘early-stage company investments are made through expert groups,’ started forming its own network. It established the 'Hicosystem,' composed of about 220 members including founders, investors, and experts in technology, economics, and law. In this process, President Choi Seonghwan, based on his experience managing the group’s first U.S. startup investment during his tenure at SK, played a leading role in building the Hicosystem and securing internal capabilities at SK Networks.

After forming a global investment network, SK Networks established a local subsidiary, ‘Hico Capital,’ in Silicon Valley, USA, in 2020 and began active investment activities. Summarizing the current investments, combining fund investments and direct investments, the scale reaches about 20 cases totaling 210 billion KRW.

Choi Seong-hwan, President of Business Division at SK Networks, delivering a welcome speech. Photo by SK Networks

SK Networks’ direct investments focus on ▲Digital Transformation ▲Web3 ▲Sustainability. Under this direction, SK Networks has invested in ‘Standard Cognition,’ a developer of AI-based unmanned payment systems; ‘Savantto,’ a tractor autonomous driving solution company; and ‘MycoWorks,’ which produces eco-friendly alternative leather from mushroom mycelium.

SK Networks plans to upgrade its investment management system and, utilizing its internalized capabilities, also aims to introduce the U.S. market to domestic stakeholders.

The final segment of the global investment business briefing session was led by Lee Hojung, SK Networks’ Chief Executive Officer. CEO Lee emphasized once again the significance of investment within the company’s management strategy. He stated that SK Networks will evolve into a business-type investment company by strengthening its role as a gatekeeper of global innovation and securing innovation and additional growth engines for its existing businesses based on investments.

Lee Ho-jung, President of SK Networks, delivering the closing message. Photo by SK Networks

CEO Lee Hojung said, "Investment is an essential function that every company must have to maintain sustainability," and emphasized, "SK Networks’ global investment business will play a very important role in connecting existing and future businesses and increasing their value."

Meanwhile, at the event, representatives from three companies invested in by SK Networks took the stage. The CEOs of MycoWorks, Savantto, and MyMusicTaste introduced their companies’ visions, current status, and plans, and also held a Q&A session with attendees on site.