[VC Now](29) Bluepoint: "Quantum Computing and SMR Bets... Technology Barriers Are Falling Faster"

Interview with Lee Yonggwan, CEO of Bluepoint Partners
"Deep Tech Innovations Must Solve Real-World Problems"
Collaboration on Spin-offs and PoC Projects with Major Corporations like POSCO and LG
"Collaboration Among Allies Fading... We Must Beco

Editor's NoteVenture capital (VC) firms are nurturing early-stage companies that will become the backbone of future industries, operating at the forefront of the capital market. Although the VC industry is also experiencing a downturn due to the global economic recession and high interest rates, the effort to identify and foster promising companies continues unabated. The Asia Business Daily interviews a wide range of investment firms, from large, established VCs to new entrants, to hear about their investment strategies and stories.

"Moats-technological barriers that once seemed far from being overcome-are rapidly being dismantled across all sectors. The cycle from academic-level fundamental technology to commercialization has become noticeably shorter."

These are the words of Lee Yonggwan, CEO of Bluepoint Partners (Bluepoint). In an interview with The Asia Business Daily at Bluepoint's office in Gangnam-gu, Seoul, on the 27th, Lee emphasized, "It is time for investors to become a bit more courageous," adding, "Bluepoint plans to boldly bet on larger and more ambitious projects going forward."

Lee Yonggwan, CEO of Bluepoint Partners, is posing after an interview with The Asia Business Daily on the 27th. Photo by Dongju Yoon

Now in its 11th year, Bluepoint has grown into a leading domestic accelerator (AC) with approximately 400 cumulative portfolio companies and about 120 billion won in assets under management (AUM). While focusing on early-stage investments, Bluepoint has also broadened its investment spectrum, with an average of 400 million won per deal and up to 1.5 billion won for the largest investments.

Leveraging Startup and Exit Experience to Establish an Investment Firm: "Experts in Starting by Connecting Technology and Markets"

Lee is a founder-turned-investor who has experienced an exit. In 2000, while pursuing a Ph.D. in physics at KAIST, he founded the semiconductor equipment company Plasmart. In 2012, he achieved a successful exit by selling his stake to MKS Instruments, a NASDAQ-listed US company. At the time, it was extremely rare for a Korean tech startup to be acquired by an overseas firm.

Subsequently, in 2014, he founded Bluepoint, which means "the starting point for a blue ocean," inspired by his realization that the direction taken at the start determines success or failure. Lee describes himself as an "expert in starting." He explained, "There are too many cases where, despite excellent technology, companies fail due to mistakes made at the starting stage. Deep tech founders often get caught up in the 'novelty' of their technology, but before deploying capital, it is essential to balance capabilities so that market problems can be solved efficiently."

One of Bluepoint's representative investment success stories, reflecting this philosophy from its early days, is Tomocube, a 3D microscope company that succeeded in going public in November 2024. The team was initially focused solely on developing optical components, but Bluepoint proposed a vision for a "full-stack medical diagnostic microscope" (integrating hardware and software) and connected them with the specialized technical talent needed to realize it.

Through its proprietary "Studio B" program, Bluepoint is also leading the spread of the "open innovation" model between startups and large corporations. The rationale is that startups have the "0 to 1" capability to realize new ideas, while large corporations have the "1 to N" ability to scale existing models.

Lee Yonggwan, CEO of Bluepoint, is being interviewed by The Asia Business Daily. Photo by Dongju Yoon

For example, Bluepoint connected AI startups with LG Uplus, resulting in 20 proof-of-concept (PoC) projects over two years. With POSCO, Bluepoint facilitated the spin-off of an internal technical team to launch a startup based on water electrolysis technology.

From Quantum Computers to Synthetic Biology: Bold Bets on Future Technologies

Bluepoint is focusing on emerging industries such as energy, biotechnology, and quantum technology. Lee is particularly dedicated to discovering technology startups capable of transforming existing industrial paradigms.

Notable investment portfolio companies include Ocuti, the only full-stack quantum computer company in Korea, and RX, a small modular reactor (SMR) design company founded by researchers from the Korea Atomic Energy Research Institute.

In the robotics sector, Didin Robotics, established by KAIST researchers, is attracting attention. They have developed a "wall-climbing robot" capable of welding and inspecting the vertical surfaces of shipyards, and are currently proving their technological capabilities through real-world projects with Korea's three major shipbuilders.

In synthetic biology, Bluepoint invested in Jetron, which engineers microorganisms to produce sustainable aviation fuel (SAF). For five consecutive years, Jetron has set world-leading records in the efficiency of converting carbon dioxide captured by microorganisms into lipids, helping eco-friendly fuels achieve price competitiveness on par with crude oil.

"Global Market Bloc Formation: Bold Investments Based on 'What We Need'"

Lee Yonggwan, CEO of Bluepoint, is being interviewed by The Asia Business Daily. Photo by Dongju Yoon

Regarding this year's market outlook, Lee commented, "Globally, the value of collaboration among traditional allies is fading. Ultimately, we may face a situation where a country must possess all core industries and services domestically." He added, "In this geopolitical climate, we must discover major projects based on whether they are truly essential for us, rather than simply competing on price or scale."

Lee also emphasized the importance of "policy connectivity" for expanding Korea's startup and venture investment ecosystem. Although government support programs by ministry have increased, he pointed out that a lack of coordination with regulatory and supervisory agencies at the IPO or M&A stages is hindering company growth and exits. He remarked, "It's like one side of a balloon is inflated, but the top is being held down," and stressed, "We need to focus on detail and integration. We must break down silos between ministries for each new industry, and design support and regulation as a unified flow."

Additionally, Lee stated, "An ecosystem must be established to fill initial gaps so that founding teams can design for the market and operations, and to remove bottlenecks to growth so that 'full-stack companies' needed for industrial transformation can emerge."