Naver founder heads to Silicon Valley for U.S.-based AI project

Naver's founder Lee Hae-jin, returning as chairman, will visit Silicon Valley to enhance AI investments and establish Naver Ventures for broader investment strategies in North America.

Lee Hae-jin, founder of Naver, answers questions from reporters after attending Naver's 26th annual general shareholder meeting at the Naver Green Factory headquarters building in Seongnam, Gyeonggi, on March 26. [NAVER]

Naver founder and Global Investment Officer Lee Hae-jin, who has returned as board chairman after seven years, will visit Silicon Valley next month to seek a breakthrough for the company's AI business.

Lee plans to attend a networking event to seek talent related to AI and discuss the establishment of a new investment entity in the United States.

Lee is scheduled to visit the investment networking event, hosted by Naver, early next month to meet Korean entrepreneurs and engineers, according to industry insiders.

This business trip is Lee’s first official overseas schedule since returning as chairman through the shareholder meeting in March. Naver CEO Choi Soo-yeon and President of Investments Kim Nam-sun will also accompany him.

Lee is also scheduled to discuss the establishment of a new investment entity, Naver Ventures, to strengthen investment in the AI field in North America, starting with this event. The entity is an expanded version of Naver's in-house accelerator, Naver D2SF, which has focused on early-stage startup investment.

The industry sees that Naver will likely pursue investments on a larger scale than early-stage startups through the new entity. The entity is expected to be headed by Kim.

Naver founder and Global Investment Officer Lee Hae-jin, far left, and CEO Choi Soo-yeon, far right, pose with Nvidia CEO Jensen Huang at Nvidia’s headquarters in California on June 25, 2024. [YONHAP]

Naver is strengthening its global business following Lee’s return. This is to pave a breakthrough in the AI business and capture new business opportunities.

In an organizational restructuring in April, Kim was tasked with finding new growth drivers focused on the North American region, and a new strategic business division led by former President of ESG and External Policy Chae Seon-ju was established to develop business in the Middle East and Africa.

Naver also announced a plan to establish a new tech business division to target the Indian and Spanish markets, which it has not been able to focus on so far. Choi In-hyuk, former chief operating officer (COO), who is considered Lee’s closest aide, was appointed head.

Lee responded in March to criticism of Naver’s poor AI performance, saying, “Management is making a lot of preparations so that we can do more aggressive and active work this year.”

Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff. BY KANG KWANG-WOO [kim.minyoung5@joongang.co.kr]