SEOUL -- The Pusan Intl. Film Festival is teaming with eight other businesses and organizations to launch South Korea's first venture capital company to specialize in cultural content.

Named ACTI (Asia Culture Technology Investment), the firm will start business with $7.5 million of capital and will be engaged in financing Korean films, TV content, concerts, games, music, animation, publishing, educational projects and digital content.

PIFF, Dongseo U. and venture capital companies KNN and K2&C will make up the largest shareholders in the firm, with additional stakes held by PMC Production, SM Entertainment, Character Plan, Vision Link Global, and Hansol Education.

With its headquarters located in Busan, ACTI expects to give particular consideration to projects that originate in the port city, while also utilizing its contacts in Seoul. The firm will also contribute finance to growth-oriented businesses outside of the cultural contents industry.

A signing ceremony is scheduled to be held Wednesday at Paradise Hotel in Busan, and ACTI will be legally established by early July.

© Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.

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