Korea Startup and Investment Daily — Sept 12, 2026

Today in Korea's startup and investment ecosystem, AI semiconductor startup HyperExcel drove the biggest deal with a 200 billion won Series B round, keeping deep tech momentum strong. Meanwhile, the exit environment remains difficult as 70% of newly listed IPO stocks trade below their offering prices, and the government announced plans to ease conflict-of-interest regulations to boost researcher startups.

AI Chip Startup HyperExcel Valuation Surges as IPO Slump Deepens Deep Tech Focus

Today's Investment Deals

HyperExcel — 200 Billion Won (approx. $148M) Series B

• Business Area: AI accelerator and semiconductor fabless startup
• Investors: Krafton (lead, participating with 50 billion won) and other global VCs
• Significance: Backed by Krafton’s strategic investment and achieving a valuation of 800 billion won (approx. $600M), this deal highlights the growing trend of combining the gaming industry with AI semiconductors.

Ecosystem & Policy Trends

IPO Market Slump: 70% of New Listings Trade Below Offering Price

About 70% of recently listed stocks on the Korean exchange are currently trading below their initial public offering prices, and the number of KOSDAQ-listed companies this year stands at just 28. This signals a tight venture investment exit market and flashes a warning sign for the startup ecosystem's virtuous cycle.

Government to Ease Researcher Startup Regulations (Amendment to Anti-Corruption and Conflict of Interest Act)

The government plans to ease conflict-of-interest regulations around March, allowing researchers at national research institutes to hold equity when launching startups utilizing institutional technology. This measure aims to accelerate the commercialization of public tech and encourage the creation of deep tech startups.

Global Perspective

• Asian Venture Funding Trends: Last week, Asian startups raised a total of $218.3 million. While South Korea was not included in this week's major large-scale deal list, HyperExcel's transaction is seen as part of the broader Asian AI semiconductor investment craze.

Sector Temperature Check

Trends & Insights

• Acceleration of "Corporate VC (CVC) AI Infrastructure Investment": Following the HyperExcel case, the trend of conglomerates, such as gaming giant Krafton, making strategic investments in core infrastructure like AI chips is becoming clear. This goes beyond simple financial investment to target business synergies.
• Need for Diversified Exit Channels: The sluggish IPO market (70% trading below offering prices) is expected to pose recovery challenges for venture capitalists. Consequently, interest in alternative exit routes like M&As or secondary markets is likely to grow.
• Ongoing Bio Investment Growth: H1 bio-healthcare venture investments hit 1.5 trillion won, marking a 53.6% year-on-year increase, confirming its growth alongside AI as a dual pillar.

Watchlist for Tomorrow

• HyperExcel Follow-up News: Checking for specific product roadmaps or additional partnership announcements following the completion of the Series B funding.
• IPO Market Indicator Monitoring: Tracking share price trends of newly listed companies and demand forecast results for upcoming IPOs.