The National IT Industry Promotion Agency (NIPA) said on Monday it signed a memorandum of understanding with Korea Venture Investment (KVIC) to invigorate the artificial intelligence (AI) and information and communications industry venture ecosystem.

The agreement was designed to link promising companies with the Fund of Funds to spur growth in AI and information and communications technology firms. Under the deal, the two organisations will cooperate in 5 key areas: identifying promising companies and holding joint investment briefings; cooperation on international events; sharing resources in overseas cooperation networks; exchanges of expertise between the organisations; and linking the use of Fund of Funds programmes with NIPA-based support.

NIPA has been pushing to strengthen the competitiveness of the AI industry in line with the government's policy drive to become one of the world's 3 leading AI powers. Through the agreement, it plans to further strengthen a support system that links investment with business support.

Yoon-kyu Park (박윤규), president of NIPA, said, "To strengthen the competitiveness of the AI industry, it is important that investment and commercialisation support are organically linked along with technology development." He said, "Through this agreement, we will strengthen the foundation for promising companies to grow and contribute to invigorating the AI industry ecosystem."