Seoul City 'AI Yangjae Hub' Achieved Record High Sales of 65.3 Billion KRW Last Year

Over 80 Resident Companies Doubled Sales Last Year Compared to Previous Year, Attracted 52.1 Billion KRW in Domestic and Foreign Investment
Resident Companies Expanded from 78 to 113 This Year

[Asia Economy Reporter Lim Cheol-young] It was announced on the 2nd that over 80 companies residing in Seoul’s ‘AI Yangjae Hub,’ which receives full support from the Seoul Metropolitan Government, achieved sales of 65.3 billion KRW last year alone. This is more than double the previous year’s performance and the largest scale ever. The cumulative sales over three years reached a total of 126.1 billion KRW.

These companies secured 52.1 billion KRW in domestic and international investments last year alone, achieving a cumulative investment attraction of 88.3 billion KRW. A total of 629 new jobs have been created so far. The ‘AI Yangjae Hub’ is gaining attention as an educational hub that cultivates talent necessary for the artificial intelligence industry. From elementary school students to job seekers, related department majors, and prospective developers, the number of trainees produced by the ‘AI Yangjae Hub’ reached 1,057 last year alone, totaling 1,629 to date.

The Seoul Metropolitan Government plans to expand the number of resident companies in the ‘AI Yangjae Hub’ from the current 78 to 113 this year. This year, a new membership program will be launched to provide corporate support from the ‘AI Yangjae Hub’ to 50 non-resident companies as well. The goal is to broaden the door of support through the ‘AI Yangjae Hub’ and expand the base of the AI industry throughout Seoul.

This year’s operational directions include ▲establishing the ‘AI Yangjae Membership’ with selection and support for 50 companies ▲discovering and nurturing AI startups through public-private cooperation ▲technology transfer commercialization to strengthen AI startup technological capabilities ▲operating educational programs aimed at AI talent development and employment linkage.

Additional resident companies will be recruited until the 15th. The available spaces include 17 independent office spaces and 68 open office seats. Any startup, venture, or small and medium-sized enterprise possessing or developing technology related to artificial intelligence can apply.

Jung Sang-hoon, Head of the Seoul Metropolitan Government’s Base Growth Promotion Team, said, “Over the past three years, the AI Yangjae Hub has grown into a focal point where not only companies leading the artificial intelligence industry but also field-oriented talent needed by companies gather,” adding, “Going forward, we will drive the growth of AI companies not only in the Yangjae area but throughout Seoul.”

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