BUSAN < invest Korea

According to Newsis,

A number of startups and SMEs in Busan have gained a momentum for digital innovation growth with being awarded Presidential Commendation and a large-sclae investment.

Busan Metropolitan City government and the Busan IT Industry Promotion Agency (BIPA) announced on January 31 that ICT companies and general manufacturing and distribution companies have attracted large-scale investment and received numerous Presidential Commendation, Minister Award and Mayor Award through digital innovation.

The sales of IT companies in Busan have grown from KRW 8.7 billion in 2018 to KRW 11.8 trillion in 2020, recording the average annual sales growth of 16.35 % for three years (2018-2020), topping the list among 16 regions nationwide, only behind the capital area.

Despite the industrial structure, featuring high concentration in the capital area, Busan's ICT companies have recorded excellence performance as well as securing technological competitiveness. It is seen as a meaningful achievement, showing the ongoing digital innovation of local industries.

Foodpang, a food materials B2B platform provider, was recipient of 'SW convergence cluster 2.0 smart logistics commercialization support project' and currently attracted KRW 11 billion in Series B investment. It began as a one-person creative company, but has grown into an innovative company with 90 staff, with a goal of KRW 50 billion sales.

Schaffengott, which received support from BIPA's cloud innovation center testbed support project and data voucher, developed AI-synchronized smart fire extinguisher and security system. It has taken root as Busan's leading innovative company after being awarded Presidential Commendation for its contribution to safety of the people and innovation in public procurement.

Greenup, a startup of 9 staff founded in 2020 in Busan, has developed an eco-friendly multi-use cup sharing service platform applying IoT technology, in replacement of existing disposable plastic cups, through 'Busan Bada SOS-Lab' support project. And it received the Minister Award from the Ministry of Science and ICT and Busan Mayor Award simultaneously in December last year.

Towhands Interactive, a game startup of 10 staff in Busan, has developed 'Didim', a AR-based functional game through a region-based game industry support project. It was selected as an excellent game of the month in the second half of last year, receiving Minister Award from the Minister of Culture, Sports and Tourism.


kwon97@newsis.com

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Source: Newsis (January 31, 2022)