UNIST Technology Holding, the tech transfer subsidiary of the Ulsan National Institute of Science and Technology, has been officially accredited as a venture capital firm by South Korea’s Ministry of SMEs and Startups.
The move follows a decision last year by the ministry and Korea Venture Investment to appoint UNIST Technology Holdings as the general partner of a ₩12 billion fund, whose backers include the city of Ulsan.
A venture capital firm, as defined by the South Korean government, is an entity with at least ₩2 billion under management and which employs a minimum of two full-time investment professionals.
UNIST Technology Holdings is reportedly the first venture capital firm in Ulsan, a city located in the southeast of the country. And with its new status as a VC, UNIST Technology Holdings is now able to raise large funds and move beyond its original commercialisation and incubator functions.
UNIST Technology Holdings was formed in 2017, funded entirely by its university parent.
