Ranadive’s Bow Capital, SK Networks Seek $1 Billion-Plus AI Deal

(Bloomberg) -- Bow Capital Management, the venture capital firm led by Sacramento Kings owner Vivek Ranadive, signed a memorandum of understanding with South Korea’s SK Networks Co. to collaborate on an artificial intelligence investment.

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“Our joint efforts to seek a middle-to-large cap deal, including more than $1 billion enterprise value, will contribute to the successful reinvention of SK Networks as a global technology company,” Ranadive said in an emailed statement on Wednesday.

The project will focus on AI and robotics and comes as SK Networks, an arm of South Korean conglomerate SK Group, has been expanding its technology investing efforts. It established a US investment arm, known as Hico Capital, which has backed companies including Humane, Sabanto and MycoWorks.

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