Softbank to get W200 Billion in Korean AI Start-up
25 May, 2021
Japan's top venture-capital trader Softbank will invest some W200 billion in a good Korean artificial-intelligence education start-up named Riiid (US$1=W1,127).
Riiid said Mon that it has signed the US$175-million manage Softbank's Vision Fund.
Softbank has already committed to Korea's Coupang ($3 billion) and Iyuno Media ($160 milion).
Riiid was established found in 2014 to develop AI technology for tailored educational articles. It had been capitalized at W38 million towards the end of 2020 and employs only 150 workers. It did not say how much of an collateral stake Softbank benefits from the investment.
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