Movic Lab Co., Ltd.’s artificial intelligence solution, Yeogiro Co., Ltd.’s simple waste 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 into the global market and attracting investment.

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

The Incheon Start-up Park is the first industrial complex in Korea created thanks to extensive cooperation between public and private sector stakeholders to develop start-ups. The Park features two zones - Insta I operated by a public institution (Incheon Techno Park) and Insta II operated by a private company (Shinhan Financial Group). Insta I features the following resident companies.

Resident companies at the Incheon Start-up Park were selected based on the future value of their products and the company’s growth potential. With investment and other financial support to facilitate the commercialization of new products and technologies offered as part of the leading start-up support program in the country, these start-ups are starting to spread their wings to mature 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 industrial artificial intelligence (AI) solutions engineered to measure ultrasonic sound signals inaudible to human ears, to determine abnormal conditions in industrial facilities 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 in November last year (Minister of SMEs and Start-ups), and in May, it attracted KRW 100 million in investments from Douzone Holdings. In the same month, Movic Lab was also selected for the private investment-led technology start-up support program (Tech Incubator Program for Startup) led by the Ministry of SMEs and Start-ups.

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

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

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

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

Yeogiro was recently selected as the “Core Project for Daily Residential Initiatives” by the Ministry of Interior and Safety, and is scheduled to be introduced to local governments nationwide. Yeogiro Co., Ltd. Has KRW 600million in investments, and once it is selected for the 2021 Start-up Park non-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 “simple large waste disposal system” that allows users to use their mobile devices to register, notify, and pay for the large waste they want to dispose of. It has the advantage of being an “untact” solution that is available via its dedicated website and mobile app 24 hours a day, 365 days a year - users can dispose of large waste without having to visit the local government office in person.

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

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

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

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

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

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

Ruda Cure, which is attracting attention with its focus on geriatric eye diseases, its development of eye drops capable of treating eye diseases such as dry eye syndrome, and its acquisition of relevant patents, has signed a joint R&D contract (investment included) of KRW 15 billion with Hanlim Pharma Co., Ltd. Ruda Cure will receive investment in “Series A” (in general, Series A refers to investment received during the period from prototype development to just before full-scale market entry) within this year, and will focus on clinical research in Korea and in the US on dry eye syndrome and the development of pain medications.

▲T-Box Media Co., Ltd. is a start-up that provides real-time exercise data through Internet of Things (IoT) fitness devices and comprehensive content. Image of T-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-time exercise data through Internet of Things (IoT) fitness devices and comprehensive content. In January this year, T-Box Media was selected as the host company of the Korea Sports University Innovation Project Group, and it signed a business agreement with Daekyo Edu Camp Co., Ltd. (a leading education company in Korea) and Teuni Teuni (a top home training company) to jointly develop non-face-to-face live platform fitness programs. T-Box Media also secured orders for its new fitness IoT device (T-Box) with pre-orders worth KRW200 million.

▲ GBrain Co., Ltd. is developing an integrated medical device for diagnosing and treating intractable brain diseases using graphene electrodes. Group photo of Gbrain Co., Ltd. employees.

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

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

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

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

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