2017. 12. vol.114 VENTURE CAPITAL NEWSLETTER www.kvca.or.kr KVCA 2018 혁신창업생태계조성방안 (11. 2) 요약 ICO 시장의급성장에긴장감이도는벤처캐피탈업계
Contents 03 2017 December vol.114 & NEWS & REVIEW 04 KVCA 2 2017 05 12 2017 2017 2017 3 07 M&A Venture IR 2017 M&A 17 ISSUE 18 2018 21 11 2 24 ICO 26 Q&A 10 R&D 12 2017 10 19 13 15 27 2017 12 10 114 12 45 16 VR 3 02 2156 2100 www kvca or kr Market Trend 28 10 34 VC 2017 3 37 LP
뉴스 & 리뷰 NEWS & REVIEW
04 뉴스 & 리뷰 KVCA 소식 NEWS & REVIEW 벤처캐피탈업계간담회 11 24 10 제 2 차기자간담회 11 28 30 2 2017 벤처창업진흥유공시상식 11 30 5 2017
2017 December 05 연수원소식 NEWS & REVIEW 12 2017 년글로벌벤처캐피탈리스트인재양성과정 개최 12 2 2017 11 1 11 23 2 8 B1 2 VR B1 Tax VC 2017 Planning Manager 1 2 12 7 8 LLC VC Tax Tax Tax Y&ARCHER ICT VC Tax Valuation Due Diligence Value up Cosmos Incubator 벤처캐피탈뉴스레터
06 뉴스 & 리뷰 연수원소식 NEWS & REVIEW 2017 년비상장주식분석과정 개최 11 15 3 2017 11 15 11 17 2 3 2 Valuation & Pricing Case Study ICT & IPO Valuation Due Diligence 4 2017 년제 3 차전문인력전문성및직업윤리강화교육 개최 3 11 29 2 2017 11 29 1 VR B1 ISSUE
2017 December 07 투자협력 M&A NEWS & REVIEW 벤처투자컨벤션 11 30 12 2 2017 Startup Festival 2017 2017 3 C 2017 IR 6 20 100 3 160 60 3 534 2017 2 28 DDP 2017 VC 2016 8 2 363 Venture IR Online IR Venture IR www ventureir or kr 온라인투자매칭플랫폼 : Venture IR Venture IR Venture IR www ventureir or kr Venture IR 벤처캐피탈뉴스레터
08 뉴스 & 리뷰 투자협력 M&A NEWS & REVIEW 벤처투자사랑방 11 21 11 9 CKD 3 1 1 http cafe kvca or kr 환경산업투자유치지원 2017 11 01 2017 2013 10 5 000 3 13 5 IR 20 24 1 1
투자협력 M&A 2017 December 09 NEWS & REVIEW 유망환경기업해외투자로드쇼 11 08 11 10 3 4 48 IR 4 2017 글로벌 M&A 투자유치컨퍼런스개최 11 21 24 2017 M&A M&A M&A 10 50 1 1 IR VC 벤처캐피탈뉴스레터
10 뉴스 & 리뷰 R&D 사업 NEWS & REVIEW 글로벌스타벤처육성사업 R&D IP R&D 11 16 VR R&D IP 11 IPC CPC PatentPia GoldenCompass IP 3 R&D 11 23 VR 1 1 M&A IPO
2017 December 11 R&D 사업 NEWS & REVIEW Design Day 1 1 11 23 VR SW App UI UX IR IR 11 23 VR DEV Korea 1 1 VC Global Top tier VC IR VC VC 기술혁신투자연계과제 15 2015 31 창업성장투자연계멘토링과제 15 2015 4 1 2015 59 벤처캐피탈뉴스레터
12 뉴스 & 리뷰 협회장동정 NEWS & REVIEW 2017 함께성장중소벤처일자리박람회참석 10 31 2017 10 40 50 11 아주경제 10 주년창간행사참석 11 16 FKI 1 10 GEFRI M&C 1 2 여성벤처협회 19 주년기념식및포럼참석 19 19 11 8 IR 2018 3 19
회원사소식 2017 December 13 NEWS & REVIEW 네오플럭스 LP 20 2010 15 8 대성창업투자 IB 3 6 000 3 8 4 000 7 10 송현인베스트먼트 930 e 750 LP 90 40 50 수림창업투자 KTB 세마트랜스링크인베스트먼트 IT 200 아주아이비투자 TCB 70 TCB 5 T5 아이엠엠인베스트먼트 스톤브릿지벤처스 2012 70 80 2012 5 2014 에이치비인베스트먼트 HB 50 2014 엘비인베스트먼트 2015 LB 20 GTF 70 44 6 700 GTF 23 2 800 이에스인베스터 120 3 8 0 LP 65 80 벤처캐피탈뉴스레터
14 뉴스 & 리뷰 회원사소식 NEWS & REVIEW 지엔텍벤처투자 이후인베스트먼트 Co GP A&F 50 1994 20 케이비인베스트먼트 250 KB NEW NEW TV 케이큐브벤처스 750 460 64 LP 7 KTOA IT KIF 180 3 130 TCB 150 포스코기술투자 10 20 1999 500 한국투자파트너스 10 KBP 200 22 12 6 300 704 KBP 2011 한화인베스트먼트 135 55 1 11 55 1 8
투자유망기업탐방 2017 December 15 NEWS & REVIEW ADAS 27 OS 2013 ADAS 4 ADAS ONE ADAS ADAS 2015 2016 CES Innovation Award AONE ADAS All in One 2015 AEB HD 49 ICT UI UX 28 ADAS ONE 2017 2020 5 ADAS ADAS ADAS ONE ADAS ONE 2 ADAS ONE AONE AONE ADAS ADAS AONE ADAS 2017
16 뉴스 & 리뷰 NEWS & REVIEW AONE AONE ADAS HM310 2018 1 HM310 ADAS Mono Camera System Deep Learning HX520 HX520 AEBS 2018 CES HX520 Deep Learning SW for Autonomous Driving HM310 ADAS ADAS HM310 After Market Before Market 2017 7 20 9 HM310 80 40 2020 100 300 3 5 HM310 LDWS FCWS Car DVR 10 km DB HX520 HX520 Development Kit B2B ADAS 80 2 7 30 R&D 02 2279 1400 R&D 02 2156 2135
이슈 I S S U E
18 이슈 2018 - 회복, 그러나체감할수없는회복 1) 들어가며 2018 2018 1 2017 2018 17 43
2017 December 19 ISSUE 2018 년주요산업경기전망 2018 IT IT 2018
20 이슈 ISSUE SOC 2017 2018 2018 SOC Social Overhead Capital THAAD Terminal High Altitude Area Defense 2017 2017 IT SM System Management SI System Integration 맺으며 2018 2018 New Normal 2 2018 2 2008
2017 December 21 ISSUE 11 2 - 투자관련내용을중심으로 추진배경 1 4 M&A 10 3 10 GDP 0 13 15 20 22 0 23 15 0 33 0 24 3 추진방향 17 20 5 000 3 50 0 5 p 7
22 이슈 ISSUE 1 500 100 3 000 100 1 500 3 000 50 70 5 000 5 000 5 000 30 5 000 30 3 7 10 9 28 200 500 500 1 000 1 6 7 17 50 10 10 17 50 20 40 SAFE
2017 December 23 ISSUE LLC IB K OTC [ 코스닥 ] KOSPI 3 90 5 R&D 40 30 [ 코넥스 ] 10 20 [K-OTC] K OTC IB 18 10 KOSPI 200 5 100 M&A M&A 7 30 M&A M&A 3 7 M&A 17 50 M&A M&A VC M&A CrunchBase 7 18 80 20
24 이슈 ICO cryptocurrency tokens ICO ICO ICO Initial Coin Offerings IPO Initial Public Offerings ICO ICO ICO 200 5
2017 December 25 ISSUE Kickstarter Skype COO ICO 30 ICO ICO 24 2017 3 72 VC 700 ICO Smart Contract ICO IPO ICO 2 5 ICO CoinDesk Statista PitchBook ICO JP CEO ICO ICO 2017 9 29 ICO Co Founder ICO IPO VC ICO ICO 2017 10 3 Financial Times Venture Capital investors urged to wake up to ICOs
26 이슈 벤처캐피탈법률 Q&A ISSUE Q 1 100 1 403 10 000 1 542 6 6 403 467 2 424 2 324 542 172 2 2 i 401 ii iii i ii iii 30 403 3 30 3 100 1 1 403 4 404 1 403 7 176 3 4 403 6 5 406 6 405 1 406 2 405 2 2014 2 19 2013 2316 1 1 1 542 6 6
시장동향 MARKET TREND
28 시장동향 10 2017 10 5 5 1 212 10 125 77 1 171 1 718 547 31 8 10 52 0 IPO 27 3 10 105 24 484 91 25 142 14 15 4 658 2 6 ( 억원 ) ( 개 ) 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 결성금액 120 조합수 108 105 82 91 41 54 33,508 26,195 26,346 25,142 24,484 16,649 9,107 12 13 14 15 16 16. 10 17. 10 140 120 100 80 60 40 20 0 10 31 3 20 6 15 7 12 5 65 2 63 1 2 1 p 2012 2013 2014 2015 2016 2016 10 2017 10 40 5 33 0 16 5 29 6 25 1 27 7 20 6 22 0 31 8 14 3 23 1 18 0 21 0 15 8 18 2 26 9 22 7 24 4 24 7 24 8 31 3 6 6 16 4 12 2 4 3 6 6 7 4 9 3 9 6 8 5 20 2 4 4 10 2 10 0 9 3 17 4 13 1 11 4 12 0 13 4 14 1 12 5 10 6 14 5 9 7 14 2 15 1 14 3 15 7 0 7 0 9 13 0 9 6 8 2 5 8 6 6 0 0 0 0 11 4 8 4 4 3 1 8 4 9 0 8 1 8 3 3 3 6 2 2 2 0 2 3 2 2 1 3 3 2 2 2 1 1 1 3 1 7 100 0 100 0 100 0 100 0 100 0 100 0 100 0
2017 December 29 MARKET TREND 10 1 422 70 20 364 14 1 156 LP 2 017 10 5 2 1 HUAYI IDV 422 SBI 2 364 156 GP HUAYI IDV 422 SBI 2 364 156 BSK 6 150 3 120
30 시장동향 10 10 18 375 16 729 9 8 972 972 10 100 Innoviz Technologies RANELAGH 10 3 500 7 4 157 ( 억원 ) ( 개사 ) 25,000 1,400 신규투자금액 1,191 투자기업수 1,045 1,200 20,000 972 972 901 1,000 15,000 688 755 800 10,000 5,000 12,333 13,845 16,393 20,858 21,503 16,729 18,375 600 400 200 0 12 13 14 15 16 16. 10 17. 10 0 ( 억원 ) ( 개사 ) 80,000 투자잔액 3,500 4,000 70,000 투자기업수 3,202 3,500 3,115 2,916 60,000 3,000 2,573 50,000 2,328 2,500 2,042 40,000 74,157 2,000 30,000 65,058 55,552 62,529 1,500 20,000 46,255 40,943 36,248 1,000 10,000 500 0 12 13 14 15 16 16. 10 17. 10 0
2017 December 31 MARKET TREND 10 39 0 32 1 28 9 100% 초기중기후기 ( 억원 ) 100% 80% 5,500 6,887 7,279 8,558 7,438 5,916 7,158 80% 248 215 266 289 336 277 260 60% 40% 3,137 3,259 4,069 5,828 6,156 4,534 5,306 60% 40% 178 212 231 283 334 259 278 20% 3,696 3,699 5,045 6,472 7,909 6,279 5,911 20% 300 354 438 511 568 458 459 0% 12 13 14 15 16 16. 10 17. 10 0% 12 13 14 15 16 16. 10 17. 10 ICT 4 076 3 211 2 830 2 233 1 258 961 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 1,106 776 ICT 제조 3,171 ICT 서비스 4,076 1,669 전기 기계 장비 2,074 1,326 1,075 화학 소재 3,791 바이오 의료 2,830 2,233 1,925 영상 공연 음반 1,153 864 게임 1,953 유통 서비스 3,211 16. 10 17. 10 906 965 기타 2012 2013 2014 2015 2016 2016 10 2017 10 ICT 2 099 2 955 1 951 1 463 959 779 1 106 ICT 918 1 553 1 913 4 019 4 062 3 171 4 076 2 433 2 297 1 560 1 620 2 125 1 669 2 074 1 395 989 827 1 486 1 502 1 326 1 075 1 052 1 463 2 928 3 170 4 686 3 791 2 830 2 360 1 963 2 790 2 706 2 678 1 925 2 233 1 126 940 1 762 1 683 1 427 1 153 864 608 1 092 2 046 3 043 2 494 1 953 3 211 342 593 616 1 668 1 570 965 906 12 333 13 845 16 393 20 858 21 503 16 729 18 375
32 시장동향 10 8 234 44 9 3 946 21 5 551 19 7 1 8 p 21 5 11 4 10 6 0 8 p 8 2 5 7 2 5 p 9,000 8,000 8,271 8,234 16. 10 17. 10 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 3,292 보통주 3,946 우선주 2,193 2,348 1,778 2,102 투자사채 프로젝트 1,507 956 해외투자 239 238 조합지분투자 2012 2013 2014 2015 2016 2016 10 2017 10 2 403 3 425 3 297 4 226 4 437 3 292 3 946 4 887 5 038 6 103 8 786 10 398 8 271 8 234 CB BW 1 833 3 049 3 276 3 272 2 823 2 193 2 348 2 459 1 944 2 681 2 471 2 427 1 778 2 102 751 389 1 036 1 951 1 147 956 1 507 0 0 0 152 271 239 238 12 333 13 845 16 393 20 858 21 503 16 729 18 375 53 1 74 9 5 8 6 8 3 51 1 507 8 2
2017 December 33 MARKET TREND 10 6 616 52 4 IPO 22 5 17 0 10 57 244 117 48 0 111 45 6 10 4 4 2 VC ( 개사 ) SPAC 수 (%) SPAC 제외한 IPO 수 70 80.0 VC 투자를받는기업의 IPO 수 64 73.0 VC 투자비율 60 63.6 60 58 70.0 50 55.0 54.0 60.0 51.4 49.3 49.0 40 45 47 50.0 35 41 36 41 33 34 40.0 30 27 22 26 24 30.0 20 14 12 16 20.0 10 8 10.0 0 0 2 0 12 13 14 15 16 16. 10 17. 10 2012 2013 2014 2015 2016 2016 10 2017 10 IPO 1 220 1 072 1 411 2 784 2 817 2 497 1 484 M&A 72 22 163 150 329 174 202 1 533 1 613 1 639 1 605 1 924 1 488 1 123 2 655 2 363 3 080 3 724 3 724 3 004 2 711 1 165 1 025 1 311 1 614 1 045 789 753 188 736 217 342 476 390 343 6 833 6 831 7 821 10 219 10 315 8 342 6 616
34 시장동향 VC 2017 3 NVCA 2017 3 157 24 352 5 948 61 394 530 36 353 2017 9 29 1 1 146 50 2017 3 157 24 352 27 9 196 ($M) ( 개 ) $45,000 $40,000 $35,000 $30,000 금액 ($M) 펀드수 188 203 271 256 279 300 250 200 $25,000 $20,000 $15,000 $10,000 $5,000 119 $12,056 153 $19,792 146 $25,282 $23,669 $21,007 $35,383 $34,617 $40,428 157 $24,352 150 100 50 $ 2009 2010 2011 2012 2013 2014 2015 2016 2017. 9 0 2017 3 5 948 Deals 61 394 70 3 882 ($M) ( 개 ) $90,000 $80,000 $70,000 금액 ($M) 건수 (deals) 9,226 10,444 10,432 8,637 12,000 10,000 $60,000 $50,000 $40,000 $30,000 4,458 5,381 6,734 7,872 $69,559 $79,155 $71,810 5,948 $61,394 8,000 6,000 4,000 $20,000 $10,000 $26,739 $31,646 $44,072 $41,230 $45,187 2,000 $ 2009 2010 2011 2012 2013 2014 2015 2016 2017. 9 0
2017 December 35 2 0 17 3 WeWork Companies Space Exploration Technologies VC 2017 2017 1 4 2017 2 4 2017 3 4 1 Grail Inc 914 Lyft Inc 600 2 Verily Life Science LLC 800 Context Media Health LLC 500 3 Social Finance Inc 500 Houzz Inc 400 WeWork Companies Inc Space Exploration Technologies Corp Auris Surgical Robotics Inc 4 Instacart Inc 400 Guardant Health Inc 360 Open Mail LLC 270 3 100 350 280 5 WeWork Companies Inc 300 Peloton Interactive Inc 325 DOW JONES VENTURE SOURCE Venture Capital Report U S 17 3 Angel Seed Later Stage 2012 2013 2014 2015 2016 2017 9 Angel Seed 9 8 11 5 9 4 10 4 9 2 8 2 Early Stage 30 7 32 0 28 6 30 1 32 3 33 0 Later Stage 59 5 56 5 62 0 59 5 58 5 58 8 100 0 100 0 100 0 100 0 100 0 100 0 Software ICT 2016 46 6 2017 3 37 8 2012 2013 2014 2015 2016 2017 9 ICT 6 6 6 4 4 9 3 1 3 7 2 7 ICT 33 2 34 9 42 9 41 4 46 6 37 8 24 8 24 7 21 1 22 5 21 5 23 5 7 2 4 3 3 0 1 6 2 4 1 4 3 2 4 0 3 1 2 6 1 8 2 8 4 0 3 7 2 6 3 1 3 0 3 8 7 4 8 4 7 2 6 9 4 7 5 4 13 6 13 6 15 2 18 8 16 3 22 6 100 0 100 0 100 0 100 0 100 0 100 0
36 시장동향 VC 2017 3 2017 3 530 36 353 41 6 787 $90,000 $80,000 $70,000 ($M) ( 개 ) 금액 ($M) 건수 (deals) 866 888 1,058 997 839 12,000 10,000 $60,000 700 735 8,000 $50,000 $40,000 484 $80,420 530 6,000 $30,000 $20,000 $10,000 $16,379 $31,355 $34,235 $55,565 $36,742 $48,568 $53,832 $36,353 4,000 2,000 $ 2009 2010 2011 2012 2013 2014 2015 2016 2017. 9 0 2017 3 IPO Redfin 139 Deciphera Pharmaceuticals 128 Roku 126 2017 IPO 2017 1 4 2017 2 4 2017 3 4 1 Snap Inc 3 400 Blue Apron Holdings Inc 2 Mule Soft Inc 221 Cloudera Inc 225 300 Redfin Corp 139 Deciphera Pharmaceuticals Inc 3 Alteryx Inc 126 Okta Inc 187 Roku Inc 126 128 DOW JONES VENTURE SOURCE Venture Capital Report U S 2016 M&A Intacct 850 Viptela 610 Electric Best Doctors 440 2017 M&A 2017 1 4 2017 2 4 2017 3 4 1 App Dynamics Inc 3 700 Chewy Inc 3 000 Intacct Corp 850 2 Electric Lightwave Holdings Inc 1 420 Moat Inc 850 Viptela Inc 610 3 SquareTrade Inc 1 400 Ironplanet Inc 759 Best Doctors Inc 440 DOW JONES VENTURE SOURCE Venture Capital Report U S
2017 December 37 LP 1 500 VC VC 12 1 12 2017 3 4 Impact 3 10 3 10 300 4 8 40 2017 LOC 5 5 1 KVF 1 500 11 10 2 Follow on LP 28 25 8 1 3 10 2 LP 3 12 11 8 Impact 3 KDB IBK LP 5 300 PE 10 11 24 9 PEF PE JKL 4 000 VC LB TS K2 1 290 VC
38 시장동향 LP 4 4 TS K2 PEF 9 100 9 000 4 000 100 150 250 3 600 3 200 11 24 12 18 500 PEF 1 500 PEF 3 10 30 GP 2 7 GP GP 20 2 5 3 11 27 1 2 12 11 375 20 375 40 7 4 IP 11 17 2018 1 KIF IT KIF 8 KIF 5 LP KIF KIF
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