Red Electric, an accelerator targeting the semiconductor, battery, and display sectors, has confirmed it has garnered 2.5 billion won ($1.9 million) to establish its inaugural venture capital consortium, dubbed the ‘Red Electric Battery First Investment Association’.
The start-up incubator aims to channel these funds towards promising early-stage firms within the battery materials, components, and equipment sectors, areas it anticipates will experience significant growth in the near term.
Red Electric’s CEO, Joo-yeop Han, expressed optimism that the creation of this initial investment pool will pave the way for the development of South Korea’s battery start-ups.
A subsidiary of electronics-focused media outlet, The Electric, Red Electric was founded in September 2020 and received its start-up accelerator certification from the Ministry of Small and Medium Venture Business in February of last year.
Red Electric’s primary investment portfolio spans a diverse range of firms including Lumplier, a lithium iron phosphate (LFP) battery formula developer; Sejongpia, a fabless company specialising in sound-tracking semiconductors suitable for Metaverse headsets; Memray, a firm with proprietary phase-change memory (PRAM) controller technology; and CGP Mert, a company focused on advanced materials like semiconductor photoresist (PR) Reals. Also included are Naeil Technology, a producer of boron nitride nanotubes (BNNT) with enhanced thermal and ionic conductivity; Japan Rezon Tech, a firm offering magnetic resonance stylus pen solutions; and media start-up Recipe, operating under a subscription-based model.