Unearthing Investment Gems with 19 Years of Technical Insight… Now Eyeing VC Roles

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"Investing in companies like Rebellion that have already proven their results is not difficult. However, recognizing their value before they become known to the market—when their technology is just entering the commercialization phase—is no easy task. This is a role that only deep-tech-specialized accelerators (AC·entrepreneurship planners) can fulfill."

Hyeong Gyeong-jin, CEO of Blissba InVentures, a domestic deep-tech-focused accelerator, recently emphasized the expertise required for such roles in an interview with Money Today's startup media platform, Unicorn Factory. The places where Hyeong seeks companies are not investor relations (IR) roadshows, but rather the very sites where technologies are born.

Hyeong is identifying faculty and student startups by leveraging networks with major research-intensive universities including Seoul National University and Korea’s four leading science and technology institutes (KAIST·GIST·DGIST·UNIST), as well as institutions like the Technology Innovation Park Promotion Foundation and the Korea Environment Industry & Technology Institute. He maintains consistent exchanges with key players at the forefront of technological innovation, evaluating commercialization potential even before technologies become widely known in the market.

Through this approach, Blissba InVentures has identified startups such as Physical AI company Tomorrow Robotics, founded by an AI researcher from Seoul National University, and RePYou, an eco-friendly circular materials company established through technology transfer from the Korea Research Institute of Chemical Technology.

Blissba InVentures’ decision to locate its office near Yongsan Station rather than Gangnam stems from this investment philosophy. The rationale was that accessibility via KTX is crucial for meeting technology companies scattered across the country.

This investment approach has naturally led to expanded regional investments. Many universities and research institutions, including Korea’s four major science and technology institutes, as well as manufacturing infrastructure, are located outside the Seoul metropolitan area. In fact, among Blissba InVentures’ newly invested companies, the proportion of regionally based firms increased from 25% in 2023 to 40% last year.

Hyeong explained, "Materials, components and equipment (MCE) companies or manufacturing enterprises often require research labs and production facilities, making regional locations more common than those in the Seoul metropolitan area. Similarly, many technology companies supporting core industries of the AI era—such as semiconductors, batteries, mobility, and data centers—are also located in regions."

Hyeong cites the ability to quickly assess where a company stands within its industry as Blissba InVentures' key competitive advantage.

This confidence is rooted in his 19 years of experience at the Technology Credit Guarantee Fund (hereinafter "TechG"). During this period, Hyeong was responsible for IP guarantee services that evaluated the value of intellectual property rights such as patents to support and guarantee funding, as well as U-TECH and R-TECH guarantee programs supporting technology commercialization from universities and research institutes.

He provided technology guarantees to companies with strong technical capabilities but insufficient capital, supported the process of transferring university and research institute achievements into commercialized enterprises, and witnessed the growth journey of countless tech companies firsthand.

"When I joined TechG in the early 2000s, the venture ecosystem—companies, investors, and government support systems—was far less mature than it is today," he recalled. "However, as the ecosystem developed over a long period, technologies capable of competing in global markets have consistently emerged from universities and research institutes."

In particular, Japan's 2019 export restrictions and removal from the White List became the decisive catalyst for his decision to launch an accelerator. Hyeong stated, "At that time, domestic technology largely trailed behind Japan, and many materials and component companies were not adopted in industrial settings due to lack of verification. After the export restrictions, an environment was created where companies had no choice but to use domestic technologies, leading to the full-scale validation of the competitiveness of previously overlooked domestic MCE companies."

He continued, "Observing this process confirmed that there are more ultra-competitive technology companies in Korea capable of competing globally than I had imagined. This solidified my conviction that deep-tech will ultimately lead the growth of the venture ecosystem." This conviction led to the establishment of Blissba InVentures in 2021.

Hyeong defines deep-tech not merely as AI or robotics, but as "enabling technologies that make the next era possible."

"AI itself operates on numerous underlying technologies such as semiconductors, data centers, and batteries," he said. "We are focusing more on companies providing foundational technologies that enable the AI era rather than AI itself." This philosophy underpins Blissba InVentures' concentrated investment in MCE companies and technology startups founded by universities and research institutes.

Currently, Blissba InVentures focuses its investments on MCE companies and technology startups established by universities and research institutes. Its assets under management (AUM) amount to approximately 35 billion won. In less than five years since its establishment, the firm has identified and nurtured a total of nine companies, including eight baby unicorns and one pre-unicorn.

Among the 102nd companies invested in so far, 73 (71.5%) have successfully secured follow-on funding, with 71 of them (69.6%) achieving this within one year of initial investment execution.

Blissba InVentures is currently pursuing acquisition of a venture capital (VC) license within the year. The goal is to evolve from an early-stage discovery firm into an investor that accompanies companies through their entire growth cycle, including follow-on investments and exits.

"Investing after results are achieved is something anyone can do," Hyeong said. "We aim to be a deep-tech specialist investor who identifies the next Rebellion at the moment technology enters the market, supporting companies from initial investment through follow-on funding and exit."

[Money Today startup media platform Unicorn Factory]