[E-Daily Marketin Reporter Soyoung Park ] Who are the key figures at the heart of venture capital (VC) firms? The “senior investment manager” is often cited as the driving force behind the entire process—from fund raising and investment execution to supporting the growth of portfolio companies and managing exits. “I’ve Reviewed It!” is a series featuring the insights of these senior investment managers, who are considered the “ginseng” of the VC industry. The term “review” (審) also carries the meaning of “to scrutinize.” We will meet with senior investment managers from various firms to hear how they contribute not only to deal sourcing but also to the overall strategy and operations of their funds. [Editor’s Note]

“A venture capitalist who bridges science, technology, and capital.”

This is the phrase often used to describe Choi Il-yong, Senior Team Leader at SV Investment. He is an investment manager with a background in science and technology. He earned his bachelor’s and doctoral degrees in Materials Science and Engineering from Pohang University of Science and Technology (POSTECH) and subsequently worked at Samsung Electronics’ Semiconductor Research Institute in the Foundry Process Development Team, where he optimized the device manufacturing processes for foundry logic semiconductors. He contributed to improving the performance and production yield of application processors (APs), central processing units (CPUs), and graphics processing units (GPUs). While transitioning to a role as an investment analyst, he also prepared to launch his own startup.

When asked why he switched to venture capital, he said, “While starting a company involves focusing intently on a single product, I believed that as an investor, I could contribute to a variety of businesses,” adding, “I judged that I could help bring products and services to the world more quickly.”

His investment philosophy stems from “happiness.” He realized that seeing those close to him happy made him happy as well. He subsequently expanded his focus beyond family, friends, and acquaintances to include people around the world. His work in semiconductors, environmental and energy research, preparations for starting a business, and his transition to venture capital all stemmed from this same direction.

As a venture capitalist, he defines himself as a “mediator” bridging the gap between investors with capital and founders seeking to commercialize science and technology. He is someone who understands both the worlds of science and technology and the capital markets. Therefore, he emphasized, “I explain to investors why they should invest in a particular company, and I explain and persuade founders why they need specific capital,” adding, “I can help ensure that science and technology grow into actual businesses.”

“Seeking Global Deep Tech Opportunities in Korea’s Strength Industries”

As Team Leader Choi serves as a bridge between science and technology-based entrepreneurs and investors, his investments are focused on the “deep tech” sector. He has invested in the semiconductor, energy, robotics, and security sectors. His flagship portfolio includes: △ “Hopae,” an identity (ID) verification tech company; △ “Contoro,” an AI robot for the logistics sector; △ “Amogy,” a developer of ammonia-based power generators; and △ “Aniai,” a robotic kitchen solutions provider.

Recently, he has been focusing his attention on security, infrastructure, and the physical world. “Whether it’s a chatbot or a robot, in order to perform a task, it must communicate with the user online, and there will come a moment when it must act on the user’s behalf after being granted authorization,” he said. “Security inevitably becomes more critical during the authorization and execution processes.” He further elaborated, “In the near future, when every home has its own small server, the importance of security will grow even more.”

He also noted that he primarily invests in industries where South Korea excels. In particular, he focuses on startups that operate their businesses in accordance with global standards. “South Korea is a country with strengths in a wide range of fields—not only semiconductors, energy, nuclear power, hydrogen, batteries, robotics, defense, security, shipbuilding, steel, construction, plant engineering, and oil refining and chemicals, but also food, fashion, beauty, content, and music,” he said. “While we may be relatively behind the U.S. and China in pure AI software, we are strong in hardware and soft power,” he assessed.

Advances in AI have lowered the cost of launching new businesses. However, he noted that this trend is somewhat limited to software. This is because hardware businesses still require significant investment in capital, time, and human resources. Therefore, he explained that investment models for software and hardware will diverge in the future. He predicted that, given the strength of domestic technology in hardware, Korean VCs will also show greater interest in companies that combine hardware with AI and software.

Supporting Deal Discovery and Growth Through a Global Network

Team Leader Choi is personally leading efforts not only in investment but also in connecting science and technology talent, capital, and business networks. This is to realize his ambition of bridging the three domains of science and technology, finance, and business on the ground. Notably, last year he hosted networking days in Boston and San Francisco for PhDs, tech entrepreneurs, and VCs. He is currently preparing to hold a similar event in London this year.

Team Leader Choi said, “I recognized that while outstanding Korean scientists and engineers could return to Korea to start companies, they could also launch businesses locally based on global standards.” He added, “I organized these events based on the belief that Koreans, like Jews, Taiwanese, and Indians, could commercialize their ideas locally.”

This network-centric approach is also evident in the investment due diligence process. He mentioned that he actively uses LinkedIn. “I aim to interview at least 10 people per investment deal,” he said. “I also reach out to acquaintances connected to the person I’m considering investing in to discuss the matter.” In addition, he conducts interviews with promising players in the same industry or experts who can provide an objective assessment of the technology, using these insights to inform his investment decisions.

His investment philosophy is focused on “growth.” His perspective is that investment analysts must grow steadily at the same pace as the startups they support. For example, he explained, “Investors should strive to share with the CEO not only external trends and industry information but also business insights—even indirectly—that the CEO might have missed while focusing on research and development.”

He went on to say that to become a VC, “one must have their own perspective on what business is.” He added, “You must be able to simulate a company’s entire lifecycle—from its inception to its growth and eventual demise,” noting that “you can only develop your own perspective if you have hands-on experience running a business yourself, whether through technology development or in roles such as leadership, finance, or sales management.”