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Dreams of becoming a unicorn to come true at the Incheon Start-up Park

MovicLab Co., Ltd.’s artificial intelligence solution, Yeogiro Co., Ltd.’s simplewaste disposal system for large waste, etc.

Tenants of the Incheon Start-up Park, which claims to be the“Korean Silicon Valley,” are producing outstanding results by expanding intothe global market and attracting investment.

▲Companies that relocated to the Incheon Start-up Park were selected based onthe future value of their products and the company’s growth potential. Withinvestment and other financial support to facilitate the commercialization ofnew products and technologies offered as part of the leading start-up supportprogram in the country, these start-ups are starting to spread their wings tomature into unicorns. Image of the opening ceremony of the Incheon Start-upPark held in February 2021.


The Incheon Start-up Park is the first industrial complex in Korea createdthanks to extensive cooperation between public and private sector stakeholdersto develop start-ups. The Park features two zones - Insta I operated by apublic institution (Incheon Techno Park) and Insta II operated by a privatecompany (Shinhan Financial Group). Insta I features the following residentcompanies.

Resident companies at the Incheon Start-up Park were selected based on thefuture value of their products and the company’s growth potential. Withinvestment and other financial support to facilitate the commercialization ofnew products and technologies offered as part of the leading start-up supportprogram in the country, these start-ups are starting to spread their wings tomature into unicorns. Unicorn companies are start-ups valued at more than USD 1billion.

Movic Lab Co., Ltd. (CEO: Lee Won-geun) is a start-up that offers industrialartificial intelligence (AI) solutions engineered to measure ultrasonic soundsignals inaudible to human ears, to determine abnormal conditions in industrialfacilities in real-time, and to predict failures in advance.

Thanks to its advanced failure prediction algorithm powered by AI technology,Movic Lab received a commendation for stimulating start-up activities inNovember last year (Minister of SMEs and Start-ups), and in May, it attractedKRW 100 million in investments from Douzone Holdings. In the same month, MovicLab was also selected for the private investment-led technology start-upsupport program (Tech Incubator Program for Startup) led by the Ministry ofSMEs and Start-ups.

Meanwhile, Jchi Global Co., Ltd. (CEO: Oh Joo-myeong), an eco-friendly materialR&D company that produces visible light catalysts for building materials,civil construction structures, electronic products, and household goodsdeveloped using original patented technology, is also a resident company of theIncheon Start-up Park.

In November of last year, Jchi Global received the Minister of SMEs andStartups Award at the “K-Start-up Challenge” competition, Korea’s largeststart-up competition run jointly by ten government ministries, including theMinistry of SMEs and Start-ups. With its selection to the “First Penguin”project by the Korea Credit Guarantee Fund, Jchi Global has also beenrecognized for its outstanding business performance and technological prowess.Not only that, Jchi Global was selected as a vendor for LH’s Smart CityApplication Technology Demonstration Project.”

Yeogiro Co., Ltd. (CEO: Kim Jin-gyeong) is a start-up that seeks to addconvenience to people’s lives through innovation. It has developed an AI-basedlarge waste disposal service application called “Yeogiro.”
 

▲Yeogiro Co., Ltd. (CEO: Kim Jin-gyeong) is a start-up that seeks to addconvenience to people’s lives through innovation. It has developed an AI-basedlarge waste disposal service application called “Yeogiro.” Image of the YeogiroCo., Ltd. mobile app.


Yeogiro was recently selected as the “Core Project for Daily ResidentialInitiatives” by the Ministry of Interior and Safety, and is scheduled to beintroduced to local governments nationwide. Yeogiro Co., Ltd. Has KRW 600million in investments, and once it is selected for the 2021 Start-up Parknon-face-to-face start-up incubation project “Eureka,” it will receive KRW 124million in extra financial support.

Yeogiro, which is currently being used by ten local governments, is a “simplelarge waste disposal system” that allows users to use their mobile devices toregister, notify, and pay for the large waste they want to dispose of. It hasthe advantage of being an “untact” solution that is available via its dedicatedwebsite and mobile app 24 hours a day, 365 days a year - users can dispose oflarge waste without having to visit the local government office in person.

Aside from the website and mobile app, users can also access the service usingautomated (unmanned) kiosks at the supervisor’s office inside their apartmentcomplex. Local governments operating the Yeogiro service can reduce cost andimprove efficiency through the dedicated website, mobile app, and kiosk.

At the same time, companies located in the biozone at the Incheon Start-up Parkhave also enjoyed great success with a number of notable achievements.
 

▲Dotter Co., Ltd. (CEO: Kim Hyeong-il) is a company that manufacturesbiodegradable stents and optical coherence tomography equipment forcardiovascular applications using innovative technologies in the field ofcardiovascular diseases and medicine.​. Image of Dotter Co., Ltd. employees ina meeting.


Dotter Co., Ltd. (CEO: Kim Hyeong-il) is a company that manufacturesbiodegradable stents and optical coherence tomography equipment forcardiovascular applications using innovative technologies in the field ofcardiovascular diseases and medicine. Selected for this year’s Incheon Start-upPark Scale-up Challenge Lab support project, Dotter Co., Ltd. Will work withthe Center for Medical Innovation (CMI) at the University of Utah, a universityin the Incheon Global Campus, to acquire regulatory approval from the US Foodand Drug Administration (FDA).

CMI at the University of Utah is ranked first in terms of the quality ofservice for US university medical centers as well as the fourth-largest numberof entrepreneurs among US universities. Dotter Co., Ltd. attracted investmentof KRW 1.5 billion, recruited 14 new employees, and applied for and registeredfive patents.

Moreover, RudaCure Co., Ltd. (CEO: Kim Yong-ho) - a company that presents a newparadigm of new drug development that can help fundamentally treat intractablediseases by utilizing basic biomedical science research - is looking to developa treatment for dry eye syndrome without side effects as well as a paintreatment with no risk of the body developing any resistance.

RudaCure, which is attracting attention with its focus on geriatric eyediseases, its development of eye drops capable of treating eye diseases such asdry eye syndrome, and its acquisition of relevant patents, has signed a jointR&D contract (investment included) of KRW 15 billion with Hanlim PharmaCo., Ltd. RudaCure will receive investment in “Series A” (in general, Series Arefers to investment received during the period from prototype development tojust before full-scale market entry) within this year, and will focus onclinical research in Korea and in the US on dry eye syndrome and thedevelopment of pain medications.
 

▲T-BoxMedia Co., Ltd. is a start-up that provides real-time exercise data throughInternet of Things (IoT) fitness devices and comprehensive content. Image ofT-Box content developed by T-Box Media Co., Ltd.


T-Box Media Co., Ltd. (CEO: Seo Nam-hyeon) is a start-up that provides real-timeexercise data through Internet of Things (IoT) fitness devices andcomprehensive content. In January this year, T-Box Media was selected as thehost company of the Korea Sports University Innovation Project Group, and itsigned a business agreement with Daekyo Edu Camp Co., Ltd. (a leading educationcompany in Korea) and Teuni Teuni (a top home training company) to jointlydevelop non-face-to-face live platform fitness programs. T-Box Media alsosecured orders for its new fitness IoT device (T-Box) with pre-orders worth KRW200 million.

▲GBrainCo., Ltd. is developing an integrated medical device for diagnosing andtreating intractable brain diseases using graphene electrodes. Group photoof Gbrain Co., Ltd. employees.


T-Box Media was selected as part of a project promoting and commercializingnon-face-to-face programs and the Daegu ICT Convergence Sports ContentDevelopment project. With ten new hires, more than 20 patents and trademarks,and IP rights, the company is continuing to strengthen its products andservices.

GBrain Co., Ltd. (CEO: Yang Seong-gu) is developing an integrated medicaldevice for diagnosing and treating intractable brain diseases using grapheneelectrodes.

Moreover, this year, GBrain was selected as a Kibo-Star Valley company by theKorea Technology Finance Corporation in recognition of its excellent technologyand future growth potential. Gbrain is developing its own medical devices afterbeing selected for its innovative technology by government agencies such as theMinistry of SMEs and Startups and the Ministry of Science and TechnologyInformation and Communication. Clinical trials by researchers are scheduled fornext year.
 

▲Incheon Start-up Park opened in February. Incheon Start-up Park aspires tobecome Korea’s Silicon Valley


Currently, GBrain has attractedan investment of KRW 500 million and successfully registered four patents.

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