Shinyong Bojeung Gigeum Selects 5 Innovative Icon Companies, Provides 60 Billion Won Guarantee Support

Up to 15 Billion KRW Financial Support Per Company from the Largest Startup Support Organization
Record High Competition Rate of 44:1 Despite COVID-19 Pandemic

[Asia Economy Reporter Park Sun-mi] The Korea Credit Guarantee Fund announced on the 16th that it has selected five future unicorn companies expected to achieve rapid growth through innovative business models as the '4th Innovation Icon.'

The 'Innovation Icon Support Program' is a program introduced by KODIT in May last year to discover and support startups with innovative business models that have high potential to grow into excellent mid-sized or global companies.

A total of 219 companies applied for the 4th Innovation Icon open recruitment, recording the highest competition rate ever (44:1). Through a dedicated organization, KODIT conducted document and on-site inspections, and a professional judging panel including internal and external experts selected five companies from various fields, ranging from lifestyle platform companies to medical imaging and manufacturing site AI solution providers.

The selected companies are ▲ Lunit, an AI medical solution developer that analyzes X-ray and pathology slide images to predict cancer diagnosis and treatment response, ▲ Bucketplace, which operates the one-stop interior platform 'Ohouse', ▲ Uisikju Company, which operates the non-face-to-face mobile laundry service 'Laundrigo', ▲ Machinarax, a developer of AI-based manufacturing site problem-solving solutions such as equipment anomaly detection, and ▲ Medical IP, which provides real-time quantified information by segmenting and analyzing medical imaging data with AI.

The five companies selected as Innovation Icons will receive a total guarantee of 60 billion KRW, and among them, three companies will be supplied guarantees at the expanded maximum guarantee limit of 15 billion KRW (previously 10 billion KRW). In addition, the selected companies will be applied the lowest guarantee fee rate (0.5%), receive additional loan interest rate benefits (0.7 percentage points) through six partner banks, and be supported with various non-financial services such as overseas expansion, various consulting, and promotional activities.

The 4th Innovation Icon was selected considering the innovativeness of the business model, technological capability, and unicorn growth potential, even if financial indicators such as cash flow were somewhat unfavorable. The purpose is for KODIT to fully support innovative startups to overcome the 'death valley' experienced in the early stages before explosive growth.

Thanks to this support, the 17 Innovation Icons already selected have achieved 80.5% sales growth, 62.3% employment increase, and a total of 145.8 billion KRW in follow-up investments as of the end of September. Additionally, the 2nd Innovation Icon 'Vuno' received preliminary approval for KOSDAQ listing in October this year and is awaiting listing.

A KODIT official said, “Since the maximum guarantee limit was significantly raised to 15 billion KRW for this 4th Innovation Icon, we selected excellent startups through strict screening,” adding, “KODIT will continue to provide comprehensive support so that Innovation Icons can focus solely on their core business.”

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