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A shift in leadership is underway in Korea's venture capital (VC) industry. The seats of first-generation founding figures are steadily being filled by technology experts, such as former Samsung Electronics engineers. Observers say domestic VCs are responding to a technological pivot toward artificial intelligence (AI) and deep tech.
According to the VC industry on the 10th, Smilegate Investment has tapped Baek In-su, head of Investment Division 1, as its next CEO. It is an unconventional appointment to succeed Nam Gi-mun, who became CEO of MVP Venture Capital, the predecessor of Smilegate Investment, in 2007 and stayed in the post through last year.
Earlier, Atinum Investment also appointed Maeng Doo-jin as the new CEO, establishing a three-CEO system with Shin Ki-cheon, Lee Seung-yong and Maeng Doo-jin, each with individual representation authority. Under the structure, the new CEO Maeng is solely in charge of sourcing new investments and fundraising, while CEO Shin and CEO Lee oversee management and overseas investments, respectively.
The changes at STIC Ventures drew even more attention in the industry. CEO Jeong Geun-ho, who had been with STIC Ventures since 1999 as a founding member of STIC Investments, stepped down, and the role was handed to Chief Investment Officer (CIO) Jeong Bora. Jeong, the former CEO, is regarded as a symbolic figure who elevated STIC Ventures to the ranks of mid-to-large VCs.
Analysts say major domestic VCs are moving quickly to transition to technology-focused leadership. In fact, the new CEOs of Smilegate Investment, Atinum Investment and STIC Ventures are all engineers from industry, including Samsung Electronics, rather than "finance-oriented leaders" centered on financial statements and networks.
To start, both the new CEO Baek and President Maeng moved from Samsung Electronics into venture finance. Baek, the new CEO, is a former investment manager from Samsung Electronics' semiconductor division who has identified startups in the ICT sector. President Maeng holds a Ph.D. in engineering from Samsung Electronics' Samsung Advanced Institute of Technology and oversaw deep-tech investments.
The new CEO Jeong is also an engineer who studied at Yonsei University and earned a master's degree in life sciences from KAIST. Jeong later worked on the technology strategy team at Amorepacific and led investments in the bio, healthcare and AI sectors at STIC Ventures. That contrasts with former CEO Jeong, who studied economics and worked in an insurer's asset management department.
The emergence of technology-focused leaders within Korea's VCs is seen as the result of the investment center of gravity shifting fully to AI and deep tech. As of last year, deep-tech investments accounted for more than 52% of the domestic venture investment market by amount. In addition, three of the four new unicorns last year were AI-related companies.
Corporate venture capital (CVC) arms are also placing technical personnel at the forefront of management. Samsung Venture Investment is a prime example, appointing Lee Jong-hyeok, a vice president at Samsung Display, as the new CEO at the end of last year. While Samsung Venture Investment had previously assigned figures with strong early-stage planning and financial acumen, it recently shifted course.
POSCO Group's CVC, POSCO Venture Capital, also changed its leadership. It appointed Kim Geun-hwan, head of new business investment at POSCO Holdings, as the new CEO. Kim, the new CEO, who graduated from Seoul National University's Department of Metallurgical Engineering, previously served as head of the Convergence Innovation Research Institute at the Research Institute of Industrial Science and Technology (RIST) and worked at the Future Technology Research Institute at POSCO Holdings.
A VC industry source said, "Up through the platform era, investments could be made by analyzing growth trends alone, but now, the ability to read the technology of target corporations is more important than ever," adding, "Limited partners (LPs) now first check whether there is someone who can grasp the essence of the technology."