South Korea plans $6.5B fund for security tech firms
South Korea plans $6.5B fund for security tech firms
Publish Date: 2026-06-26 17:50:00
Source Domain: www.upi.com
SMEs and Startups Minister Han Seong-sook attends a meeting of the emergency economic headquarters at the government complex in Seoul, South Korea, 22 May 2026. Photo by YONHAP / EPA
June 26 (Asia Today) — South Korea plans to create an investment and procurement system aimed at producing homegrown security technology companies comparable to U.S. data analytics company Palantir Technologies, the government said Friday.
The Ministry of SMEs and Startups announced the strategy with the Defense Ministry and Korea AeroSpace Administration during a meeting on future security innovation companies at the Blue House.
The plan seeks to accelerate the transfer of advanced civilian technology into national defense and security.
The government aims to develop five security technology companies valued at more than 1 trillion won ($651 million) and 50 companies with annual sales exceeding 100 billion won ($65.1 million) by 2030.
It will designate five strategic sectors covering drones and robotics, defense artificial intelligence and semiconductors, advanced sensors and materials, aerospace technology and cybersecurity and quantum communications.
Officials described the initiative as an effort to cultivate a “Korean Palantir,” referring to the U.S. company known for software that integrates and analyzes large volumes of defense and intelligence data.
The phrase is a policy description rather than the name of a company the government plans to establish.
Investment vehicle modeled on In-Q-Tel
The ministry plans to establish a government-backed investment organization modeled on In-Q-Tel, the nonprofit strategic investor created to support technologies relevant to U.S. intelligence agencies.
The proposed organization would make direct investments in early-stage security technology companies to address funding shortages.
The government also plans to support the establishment of a technology-focused asset management company tentatively called Korea Strategic Technology…
