Kakao invests 50 billion won to expand AI industry nationwide (South Korea)

The IT giant Kakao Group has acquired 100,000 shares from Korea's four major science and technology institutes: Korea Advanced Institute of Science and Technology (KAIST), Gwangju Institute of Science and Technology (GIST), Daegu Gyeongbuk Institute of Science and Technology (DGIST), and Ulsan University of Science and Technology (UNIS).
The company announced that it will partner with Samsung Electronics Co., Ltd. (Samsung Electronics) to foster the AI (artificial intelligence) industry for even growth across the country. To this end, the company will invest a total of 50 billion won (approximately 5.32774 billion yen) over the next five years.
The group will use this funding to focus on four major areas: investing in AI startups, developing AI human resources, supporting regionally-specific AX (AI transformation) research, and promoting AI literacy.
The company will continue to advance its core business. The main goal of this project is to build a training program for AI talent, targeting young people and startups. Through regional training programs, the company will focus on the metropolitan area.
The goal is to spread the talent and resources available in the region and create a virtuous cycle that connects education, research, and entrepreneurship. To this end, Kakao Investment, an investment advisory company, is working with the four major science and technology institutes and the AI development program.
Kakao Investment will select and invest in AI startups founded by talent from within the Institute of Science and Technology.
Experts from Kakao group companies, such as Kakao Mobility, which provides Kakao Pay and ride-hailing services, will also provide guidance.