Global Market Share 30% 'Medit' Receives Minister of SMEs and Startups Award

40 Companies Selected for Outstanding Achievements Supported by TIPA's R&D Assistance

[Asia Economy Reporter Kim Jong-hwa] Forty companies, including Medit Co., Ltd., which developed a 3D oral scanner using domestic technology with support from the Small and Medium Business Technology Information Promotion Agency (TIPA), received awards from the Minister of SMEs and Startups and the President of TIPA.

TIPA announced on the 22nd that it conducted awards for outstanding achievements and contributions to companies that achieved excellent technological and business results through the SME R&D support project as it wrapped up 2020.

Among 15,862 companies that successfully carried out the SME R&D support project, TIPA evaluated technological and business achievements and selected 100 outstanding companies, of which 40 with exceptional results were chosen for awards.

Medit Co., Ltd., which received the Minister of SMEs and Startups Award, developed a 3D oral scanner purely with domestic technology, achieving rapid sales growth from 17.3 billion KRW in 2017 to 72.2 billion KRW in 2019 (416%), and surprised the world by capturing 30% of the global market.

The average sales of the 10 companies awarded the Minister of SMEs and Startups Commendation this time was 63.6 billion KRW (as of 2019), with an average sales growth rate of 81% over three years.

Lee Jae-hong, President of TIPA, said, "It is very regrettable that the originally planned commendation ceremony for contributors was canceled due to COVID-19 this year, and we could not hold an official celebration," adding, "We sincerely thank the outstanding companies that contributed to national industrial development by creating various achievements through the SME R&D support project, and sincerely congratulate the award recipients."

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