Bluepoint Announces Significant Investment in 56 Startups and Expansion of DeepTech Support in 2023
Reading Time: 3 minutesBluepoint Partners (Bluepoint) revealed on January 25th that they invested approximately KRW 18 billion in 56 startups last year. By the end of the year, Bluepoint’s total number of invested startups reached 331.
Despite periods of reduced investment, IR submissions continued to rise steadily, with 1,526 in 2021, 3,059 in 2022, and 3,111 last year. Bluepoint accepts IR applications through various avenues, including continuous requests via their website, networking with research institutions, open innovation collaborations with large corporations, and their in-house batch programs.
The industry distribution of the 56 startups Bluepoint invested in last year includes △Industrial Technology at 26.7%, △Data/AI at 19.6%, △Digital Life at 10.7%, △Bio/Medical at 8.9%, △Content at 7.1%, △Healthcare at 3.6%, △FoodTech at 3.5%, △CleanTech at 1.7%, and △Others at 17.8%.
Among their entire portfolio, 117 startups attracted investment last year, with an average funding of KRW 2.34 billion. This represents a 40.9% increase in the number of companies funded and a 39.5% decrease in average funding compared to the previous year, indicating many startups were actively seeking investments to secure their operational runway.
To support DeepTech startups, last year’s inaugural DeepTech TIPS program recommended six companies for selection, including △SIMACRO, △LASER N GRAPN, △Q BEAM SOLUTION, △ARKGENBIOSCIONS, △ITDA semiconductor, and △Pebble Square. The 4th batch of their startup-targeted ‘Dongchang’ program experienced a competitive ratio of 66:1, with 400 teams applying for 6 spots.
Bluepoint is proposing ‘IaaS (Investment as a Service)’ as a new investment model, aiming to discover and invest in startups based on the needs of various institutions and companies. IaaS connects the dynamism of startups with demand sources, moving beyond viewing investments solely from a profitability perspective. Bluepoint also excels in identifying startups with specialized expertise in specific areas.
Headquartered in Daejeon, Bluepoint has been supporting market entries of leading technology companies since 2014, leveraging its network with various national research institutions, including the Daedeok Research Complex. Last year, they discovered numerous DeepTech startups through networking with the Nuclear Research Institute (Q BEAM SOLUTION) and the Life Science Research Institute (Solvum).
Open innovation programs such as ‘The GS Challenge‘ and ‘Hansol V Frontiers‘, long-standing collaborations with Bluepoint, exemplify its IaaS approach. These initiatives connect large corporations seeking new business momentum with startups in need of industrial and capital infrastructure, fostering the creation of new value. Last year’s collaboration with GS Energy expanded into a new ‘Open Innovation Platform’ (held quarterly), leading networking efforts in the energy sector.
Beyond linking startups, Bluepoint actively engages in solving large corporations’ challenges. They planned and operated LG Electronics’ in-house venture ‘Studio341’, targeting spin-off startup teams, and collaborated with LG Uplus to explore new business models based on the startup ecosystem.
Last year, Bluepoint focused on the issue of population decline, recognizing that this emerging challenge requires startup involvement and investment. They hosted forums twice a year on this subject and introduced the new concept of DMF (Demographic market fit).
DMF advocates for startups to identify products or services that can effectively target markets within the context of changing population structures. Bluepoint also operated ‘Our Spot,’ a children’s space in Mapo, Seoul, aiming to address the care gap for younger elementary students.
In the latter half of the year, they conducted a project with the Korea Tourism Organization and eight startups in Yeongju, Gyeongbuk, focusing on increasing the residential population. Various startups with ideas to counter regional decline participated, including those in housing, activities, and mobility sectors. Bluepoint also made targeted investments in services like ‘ApplyKR’, a mentoring service for Korean students abroad, and ‘TEHNEWGREY’, focusing on senior content and commerce.
Bluepoint’s representative, Yong-kwan Lee, stated, “Despite tough conditions, Bluepoint has continually tried various approaches to maintain its growth momentum. This year, we will delve deeper into the issue of population decline, viewing it from the perspective that ‘the size of the problem equates to the size of the market,’ while also focusing on our strength in the DeepTech field.”
- SOPOONG VENTURES Joins Funding for Israel-Based AI Foodtech Company BioRaptor
- SparkLabs to Host Saudi Market Entry Strategy Seminar on the 19th in Seoul
- 461 Korean Accelerators, 667.1 Billion KRW Investment in 2023
- SOPOONG VENTURES Invests in 29 Startups with KRW 14.1 Billion Fund Last Year
- Korea Accelerator Association Partners with Vietnam BSSC for Startup Ecosystems
- Gyeonggi CCEI and Asia2G Capital Sign MOU to Globalize Korea’s Startup Ecosystem
- Hashed Leads $37M Investment in Taiko Labs for Ethereum Layer 2 Expansion
- Webcash Makes Strategic KRW 5 Billion Investment in ISTN to Broaden SAP-Integrated Solutions
- NewKIDS INVESTMENT Fuels Growth of Three Regional Startups : Waro, Dello, and LPartners
- AI Angel Club’s Impactful Journey: KRW 25 Billion Invested in 67 Startups Over Nine Years
