Daedong-Mirae Asset Venture Investment sign a strategic investment agreement in the future agricultural sector
Daedong-Mirae Asset Venture Investment sign a strategic investment agreement in the future agricultural sector
- Both partners to invest in creating a “Future Agriculture Fund (PEF)” worth KRW 70 billion together
- New fund will invest in Daedong Group companies and other promising venture companies in the future agricultural sector, including AI/Robot, AgTech, and smart farming
Daedong is joining forces with Mirae Asset Venture Investment as a partner in future agricultural investments to establish the first-ever “Future Agriculture Fund (PEF)” in company history.
Daedong (Co-CEOs Kim Jun-Sik and Won Yu-Hyun), a leader and pioneer in future agriculture, announced on August 28 that it signed an MOU with Mirae Asset Venture Investment (CEO Eung-suk Kim) to help build a new ecosystem for the future agricultural industry.
Since 2020, Daedong has been focusing on its “Big 5” future initiatives[i], and on developing products in the future agricultural sector, including (1) AI agricultural robots, (2) precision agriculture, (3) green bio and smart farms, and (4) agricultural GPT, thereby promoting the AI transformation of agriculture in Korea. To this end, the company is investing aggressively in future agriculture, such as establishing Daedong Agtech, an agricultural solution platform business, in 2020 and Daedong AI Lab, a software company specializing in AI robot software development, this year to boost its competitiveness in the AI and robot sectors.
Daedong signed its new business agreement with Mirae Asset Venture Investment to identify and invest in promising companies in the future agriculture field both inside and outside the Daedong Group, and to build a new industrial ecosystem centered on future agriculture technology companies, thereby strengthening the entire Group’s competitiveness on the market.
Going forward, the two companies will create a joint “Future Agriculture Fund (PEF)” aimed at investing in AI, ag tech, smart farming, and agricultural robots as well as mobility. The target set for this new fund is KRW 70 billion, and institutional investors like Daedong and Mirae Asset are expected to be the major contributors. Proceedings for the fund will be finalized in the first quarter of next year, at which point investment will begin in earnest. Daedong plans to work with Mirae Asset Venture Investment to unearth promising companies in the future agricultural sector to ensure the fund's success.
In addition, the company is also hoping to use the fund and other existing Mirae Asset Venture Investment funds to invest in new businesses on Daedong Group’s subsidiaries specializing in future agriculture, such as Daedong Agtech, Daedong AI Lab, and Daedong Mobility. Daedong expects to attract investments for the Group’s core businesses, including in agricultural solution platforms, AI, robots, and mobility, while also identifying and cooperating with companies in which Mirae Asset Group had previously invested in or promising new companies in related fields, thereby securing new opportunities to accelerate its business and create synergy with the company’s existing businesses.
[i] (1) Smart agricultural machinery (2) smart farms, (3) smart mobility (4) robots (5) small construction equipment