SEOUL, SOUTH KOREA, January 11, 2021 — The Seoul Metropolitan Government announced that it has attracted the Seoul branch of Plug and Play (PnP), the largest global investment company in Silicon Valley in the U.S., which has fostered global innovators such as Google and PayPal. It is scheduled to be established in April this year.
Acting Mayor Seo Jung-hyup and CEO & Founder of PnP Saeed Amidi officially announced the establishment of the Seoul branch of PnP at CES 2021, the world’s largest consumer electronics and ICT fair that opened on the 11th local time in the U.S.
Acting Mayor Seo said, “We are very happy to have the most exemplary PnP, who leads the global venture capital, set up a branch in Seoul. The Seoul Metropolitan Government will actively support PnP to maximize its investment and capacity.”
Seoul Metropolitan Government and PnP signed a memorandum of understanding (MOU) in Silicon Valley in the U.S. in January last year and promised to actively cooperate with the establishment of a Seoul branch and the development of Seoul’s startup ecosystem. Since then, discussions have been in full swing and the establishment of the Seoul branch.
After the establishment of the Seoul branch of PnP, the city plans to start cooperation in the “Smart City”‘ field and jointly invest in promising startups.
The meeting between the two was held at 10 a.m. on the 12th (Tuesday) through an event called “Unpack Seoul” on
Acting Mayor Seo also met online with Gary Shapiro, president and CEO of the Consumer Technology Association (CTA). He presented the viewing points of “CES 2021”, which is held online for the first time in CES history and sought various ways to strengthen cooperation between Seoul and CTA.
President Gary Shapiro said that he was impressed by Seoul’s leading innovators, referring to ALGOCARE (Smart Drug Management Solution) and NUVILAB (AI Food Scanner) that participated in Seoul Pavilion and won the CES 2021 Innovation Awards.
Acting Mayor Seo Jung-hyup said, “Smart City is a huge platform that uses digital technology to improve the various problems facing cities together with citizens and companies. In order for Seoul to become a test bed for the new solution, the Seoul Metropolitan Government will connect companies and the public, and provide institutional and financial support.” He added, “We will spare all support to maximize our investment capabilities in line with PnP entering Seoul. In addition, we will continue to work with CTA, the organization that organizes CES, to support promising innovative companies in Seoul to make inroads into foreign markets in the wake of CES.”