Investor Profile: Naver D2SF — Thesis, Cheque Size & How to Apply

If you are building a deep-tech startup and wondering how to get funding from Naver D2SF, start here: D2SF is the in-house corporate venture arm of NAVER, Korea's leading search engine, and it invests in early-stage technology startups to help them grow while building synergies with NAVER itself. Launched in May 2015 as the D2 Startup Factory, the arm has since backed 115 early-stage startups with a combined corporate value of ₩5.2 trillion, and nearly all of its investments were made at seed or Series A stage. An impressive 96% of its portfolio companies are still alive, far above the national average.

Thesis and investment focus

D2SF hunts for technologies that can change everyday life: AI, robotics, spatial computing, mobility and healthcare, plus blockchain and defence-adjacent tech. Unlike traditional financial investors, D2SF is not under pressure to deliver quick returns; head Yang Sang-hwan says its investment criteria are collaboration, global expansion and new-market development rather than financial value. More than 220 joint projects have been carried out between NAVER and its portfolio companies, and 64% of those firms developed a specific business agenda alongside NAVER.

Notable portfolio companies

D2SF's track record includes FuriosaAI, Korea's first AI semiconductor chip developer, which reportedly declined a buyout offer from Meta; Clobot, the first publicly listed robot software firm; and Crowdworks, the first listed AI data platform company. Recent deals include ImpriMed, a Silicon Valley precision-medicine startup that joined a $10 million Series A2 bridge round in September 2026, F4GE, a defence and manufacturing infrastructure startup, and TraceWeave, an on-device AI startup backed in October 2026 whose team is based at Naver D2SF @Gangnam.

Cheque size and stage

D2SF writes early-stage cheques, concentrated at seed and Series A. As an in-house strategic arm rather than a fund, its total fund size is not publicly disclosed. D2SF also provides portfolio startups with workspace at Naver D2SF @Gangnam and Naver D2SF @Bundang, where NAVER's new headquarters 1784 doubles as a test bed for new technologies. In May 2025, D2SF marked its 10th anniversary by announcing plans to support Korean startups expanding into North America through its Silicon Valley presence.

How to apply for funding

Founders can apply for investment review through the NAVER D2SF website at d2sf.naver.com, which also runs periodic open calls for specific sectors — a defence and manufacturing open call, for example, accepted applications for investment review through its website in 2026. The bar is technology depth plus a credible collaboration angle with NAVER's businesses in search, commerce, content, fintech and cloud. Reach out with a clear thesis on how your technology and NAVER can grow together.