Seoul Attracts USD 230 Million Investment from Four Promising Silicon Valley Companies

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Seoul succeeded in attracting the foreign investment of USD 230 million, approximately KRW 270 billion, from four promising companies in the new growth industry in Silicon Valley, U.S. Over the following years, the branch offices and R&D centers of the innovative companies in the fields of the new growth engine industry that are closely linked to future growth, including big data (TIS), AI (BuildBlock), and bio (Palogen) are expected to create more than 600 new jobs.

During a tour of Silicon Valley, Seoul Mayor Park Won-soon signed an MOU with the CEOs of the four companies as a promise of their investment. The contract formation of the MOU was made at KOTRA Silicon Valley on January 10 (Fri.) at 4:30 p.m. (local time).

The four companies include 鈶 TIS (Technical Infrastructure Solutions), the company specialized in the operation of cloud kitchen based on big data and three promising ventures managed by Koreans in Silicon Valley, that is, 鈶 BuildBlock, 鈶 Lion Semiconductor, and 鈶 Palogen.

TIS made the decision to construct and operate 54 cloud kitchens in downtown Seoul by investing USD 200 million over the next five years. Including 114 staff in R&D, a total of 417 individuals will be employed by the company. Additionally, if a Korean company that operates their business in the cloud kitchen finds an overseas market in Los Angeles, where the headquarters of TIS is located, or in Singapore, the UK, and more, where its branch offices are located, the company can receive active support.

Mayor Park Won-soon also signed an MOU with Plug and Play Tech Center, an accelerator that was engaged in the birth of global innovative companies like PayPal and Dropbox. The company promised to closely cooperate with Seoul to support the development of the ecosystem for startups and actively invest in promising startups.

The contract formation of the MOU took place between Mayor Park and CEO Saeed Amidi at the headquarters of Plug and Play. According to the MOU, both parties are to 鈻 construct a Seoul-Silicon Valley cooperative relationship related to the fostering of startups, 鈻 attract investment to startups and find overseas markets for them, and more.

Mayor Park also participated in a startup event organized by Plug and Play in Silicon Valley, acknowledged as the world鈥檚 top startup cluster, and delivered a keynote speech to promote Seoul as an attractive magnet for investment. He introduced the 鈥渆cosystem of startups in Seoul鈥 and allowed for the competitiveness of Seoul to be felt by the staff of leading startups in Silicon Valley.