Korean 20 Startups Showcase Overseas Expansion Results for One Year
On March 10, the Ministry of SMEs and Startups and the Korea Institute of Startup & Entrepreneurship Development (KISED) organized a Proof of Concept (PoC) Startup Performance Sharing Event at the Grand InterContinental Seoul Parnas.
The event showcased the PoC results of 20 startups that received support from the program last year.
Representatives from startups selected for the first and second half of the program last year, as well as three global conglomerates that have done business with them, including Docquity from Singapore, attended the event.
“The Korean biotech and healthcare startups received a lot of interest from global companies, and Korean smart strawberry farms, which are known for their delicious taste, were also in the spotlight,” said an insider from BigBang Angels, which runs the PoC program. “As a result, the 20 startups have achieved 132 matches with global companies and 62 demonstration projects in the past year.”
One of the startups, Firmmit, which operates a smart farm for strawberry cultivation, won a contract with Indonesia’s Corindo Group to build a strawberry smart farm worth 260 million won last year and successfully completed test cultivation. Based on this success, the company is actively discussing entering the Southeast Asian region, such as Singapore and Vietnam, this year.
Korean strawberries are popular for their high sugar content and quality, but they are fragile and difficult to export. Therefore, building smart farms that can grow strawberries in the same environment as Korea is gaining attention as a new export strategy.
Heuron, which provides AI solutions by analyzing medical images of the brain, has signed 10 partnerships with hospitals in Indonesia, Spain, and Germany, including one with Docquity, the largest physician network in Southeast Asia.
ProMedius, which operates an AI medical data platform, signed six MOUs and NDAs with hospitals in Mexico and Southeast Asia.
Farmpro, which makes electronic tags to accurately measure the body temperature of livestock, has exported 2.5 million electronic tags to Argentina and 14,000 to Australia. The company plans to expand into other global markets, such as Southeast Asia and Turkey, by establishing a subsidiary in Singapore this year.
“The program is producing good results, so the government should provide more support,” said Kang Shin-cheon, head of the Technology Startup Division at the SMEs and Startups Agency. “Expanding overseas is a business that requires a lot of patience.”
Kim Yong-moon, head of KISED, said, “Matching global companies with Korean startups is a challenge, just like finding a marriage partner. We will help PoC companies that are now on track to achieve more results.”
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