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According to Yonhap News,
(SEOUL=Yonhap News) Combined revenue from state-funded ICT venture firms jumped by more than 20 percent on-year in 2018, government data showed Wednesday.
The Ministry of Science and ICT provided financial support to a total of 430 venture firms and startups in the ICT sector last year, as part of the so-called K-GLobal Project.
The combined revenue of the companies reached 358.4 billion won (US$316.7 million) in 2018, up 21.1 percent from a year earlier, according to the ministry data.
It said 128.5 billion won, a 60.8 percent increase over the previous year, was invested into the ICT companies whose businesses range from artificial intelligence to cloud computing.
The total number of executives at the startups jumped by 41.1 percent on-year to 4,199 last year, with the number of patents reaching 1,392, up 39.5 percent from a year earlier.
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Source: Yonhap News (March 13, 2019)