All Funding Startup News in Korea (Korean Startup News)

POSCORE Secures KRW 1 Billion in Seed Funding to Lead Magnetic Powder Market

2024-01-29 2 min read


POSCORE Secures KRW 1 Billion in Seed Funding to Lead Magnetic Powder Market

Reading Time: 2 minutes

POSCORE, a Korean specialist in magnetic powder production, has successfully raised KRW 1 billion in seed funding. This round of investment was led by Korea Investment Accelerator, with contributions from Schmidt and HYU Holdings.

Following this seed investment facilitated by Korea Investment Accelerator, POSCORE plans to bolster its research and development capabilities. This includes securing necessary funding and being recommended for the Deep Tech TIPS program, which will allow for the expansion of R&D and production facilities.

The company specializes in producing high-value-added magnetic powder by recycling by-products from the electrical steel sheet manufacturing process. This magnetic powder is a crucial component in motor cores, which are essential for electric vehicles, home appliances, generators, and motors. With the increasing demand for electric vehicles and the trend towards miniaturization in home appliances, the market for magnetic powder, particularly for small and high-speed motors which are challenging to produce with traditional electrical steel sheets, is expected to grow rapidly.

Originally an in-house venture of POSCO, POSCORE was officially established as a company in 2023. It has quickly gained attention as a promising startup in the materials, parts, and equipment sector. Achievements include being selected for the 2023 Initial Startup Package and securing first place in the d·camp 2023 D·day All-Star event. The company has also been highlighted as a selected participant in Samsung Electronics’ C-Lab Outside program.

Hyungjin Kim, CEO of POSCORE, stated, “Our goal is to domestically produce high-performance magnetic powder materials that are cost-competitive, aiming to replace the expensive imports.” He further added, “We are committed to achieving over KRW 100 billion in sales by 2028.”

Donghak Kim from Korea Investment Accelerator who led the seed investment, remarked, “We decided to invest because the POSCO alumni startup team possesses significant expertise in magnetic powder manufacturing technology and a strong position in the steel value chain. We believe they are well-positioned to lead the soft magnetic powder market.”

[Korean Materials Startup News]

스타트업 투자의 숨은 말 '다코스'
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  1. […] POSCORE Secures KRW 1 Billion in Seed Funding to Lead Magnetic Powder Market  […]

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