KIGWAN 'TechUp' Investment Attraction... 10.85 Billion KRW to 11 Companies

Small and Medium Business Technology Information Promotion Agency
Support Achievements in Discovering Promising Investment Companies

Source=Small and Medium Business Technology Information Promotion Agency

[Asia Economy Reporter Kim Daeseop] The Small and Medium Business Technology Information Promotion Agency announced on the 30th that through the 'Tech Up Program,' which discovers and supports promising investment companies, 11 companies attracted investments totaling 10.85 billion KRW by the end of last month.

The Tech Up Program has been operating since 2018 to support the scale-up of companies. It was established to assist companies that have succeeded in initial commercialization but face difficulties in the next stage of additional growth in attracting investments. It helps promote the commercialization of excellent new technology innovative products developed by small and medium venture companies through research and development (R&D) support by facilitating domestic and international investment attraction.

Until last year, the agency discovered and supported a total of 40 promising investment companies. This year, it plans to discover and nurture 100 promising investment companies, a fivefold increase compared to last year. Among companies that completed the agency's R&D projects within the last three years, it plans to discover and focus support on outstanding companies in promising new industries such as the Fourth Industrial Revolution field, autonomous vehicles, bio-health, system semiconductors, materials, parts, equipment, and smart factories.

Discovered companies will be provided with customized consulting and education, opportunities to attract investments and network with domestic and international venture capital institutions, and direct investment from operating companies. Even after the support ends, the agency will assist in linking follow-up investments by providing information on domestic and international startup market trends and meetings with promising investment institutions.

Earlier this month, the agency selected Y&Archer, a professional accelerator company, as the operating institution for the '2020 Tech Up Program.' To expand investment opportunities, it will also cooperate with Korea Venture Investment Corp., a specialized management institution under the Ministry of SMEs and Startups' mother fund, to connect with excellent venture capitalists.

Lee Jaehong, head of the agency, said, "We urge active participation from small and medium venture companies conducting R&D with excellent innovative new technologies," adding, "This program will faithfully serve as a bridge for supported companies to grow from baby unicorns to prospective unicorns, and then to unicorn companies through performance-oriented operation."

This content was produced with the assistance of AI translation services.