Korean startups that raised over 10 billion won in September 2023 worth watching

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As 2023 approaches its final quarter, South Korea’s startup ecosystem, which has been experiencing an extended “investment winter” since last year’s third quarter, continues to await signs of a revival.

The month of September brought with it a noticeable increase in mega funding deals, with numerous startups securing investments exceeding 10 billion won. Here’s a closer look at some of the noteworthy recipients of these investments:

Toss Bank successfully raised 285 billion won through a private placement, pushing its company valuation to an impressive 2.4 trillion won and bringing its total paid-in capital close to the 2 trillion won mark. Toss Bank achieved profitability in July of this year.

Cevo Mobility garnered significant attention by securing an investment of up to 100 million euros to facilitate electric vehicle production in the UAE.

EGNIS, a foodtech startup that introduced the first functional protein convenience food in Korea, secured 34.8 billion won in Series B funding.

Skylabs, the developer of a ring-shaped continuous blood pressure monitor, received 20.7 billion won in Series C funding.

NeocannBio, specializing in medical marijuana production, announced an investment of 10 billion won.

In the realm of artificial intelligence, which currently commands substantial investment interest, several notable startups made significant gains:

Saige Research, offering vision AI solutions for smart factories, secured 15.5 billion won.

AIMMO, providing optimal data sets for autonomous driving, received 14.4 billion won.

XL8, specializing in AI translation, secured 10 billion won.

Upstage, a frontrunner in generative AI, evidenced by its top ranking in the Open LLM (large language model) leaderboard, also secured a substantial investment of 10 billion won.

Two startups that garnered attention for their early-stage funding include:

Panmnesia, a semiconductor fabless startup, secured 16 billion won in investment, with a company valuation of 103.4 billion won in the seed stage.

Cafenono, founded by a serial entrepreneur known for selling Hogganono to Zigbang, secured 6 billion won in investment.

Additionally, Wowtale, a platform reporting on the South Korean startup ecosystem, is conducting interviews with promising Korean startups. These include Toonimotion, specializing in converting webtoons into animations, AIMS, a producer of batteries for electric motorcycles, and Modeul Studio, which is developing a third-generation social networking game (SNG).

You may refer to the details regarding fundraising in September below

[Startup News in Korea]

와우테일(WOWTALE)

Korean startups that raised over 10 billion won in September 2023 worth watching

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버섯돌이(Taehyun Kim)

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Korean startups that raised over 10 billion won in September 2023 worth watching