Applied Ventures, LLC, the venture capital arm of Applied Materials, Inc., announced it is accelerating innovation in Korea’s technology industry by forming an investment fund with the Korea Venture Investment Corporation (KVIC). The goal of the Applied Ventures Innovation Fund is to invest in promising Korean startups across a broad range of established and emerging industries including semiconductor, display, robotics, healthcare, energy storage and more.

“Applied Materials has been a part of the Korean technology industry for 30 years and we share a long history of enabling technology innovation with our customers,” said Om Nalamasu, president of Applied Ventures and CTO of Applied Materials. “With this new Innovation Fund, we are partnering with the Korean government to invest in the next wave of entrepreneurs to spur new breakthroughs that can advance technology throughout the world.”

The Applied Ventures Innovation Fund I, L.P. will be managed by Applied Ventures. Korea currently accounts for the highest number of Applied Ventures’ investments outside of the US.

“Korea’s outstanding talent, R&D intensity and manufacturing capability provide a fertile ground for startups,” added Tony Chao, GM and senior investment director of Applied Ventures.