Gwanak-gu Nakseong Venture Startup Center Resident Company 'Propwave' Selected by KDB STARTUP Incubation Team

Selected as one of the final 25 teams out of 25:1 competition ratio with the 'Parking Space Management Solution'... Achievements of the 'Gwanak S-Valley' project to build a venture startup city leading technology entrepreneurship

Propwave App Open Parking Lot

[Asia Economy Reporter Jongil Park] Propwave (CEO Seunghyun Kim), a tenant company at Nakseong Venture Startup Center in Gwanak-gu, has been selected as a 2021 KDB STARTUP nurturing team hosted by KDB Nanum Foundation and organized by the Korea Youth Entrepreneurship Foundation.

KDB STARTUP has been discovering startups with excellent potential to lead the 4th Industrial Revolution since 2013. Teams selected for the program receive support such as investment linkage, networking, and follow-up education.

This year, a total of 630 teams applied, recording a preliminary competition ratio of 25:1. Finally, 25 nurturing teams were selected. The grand prize team, chosen through the KDB STARTUP 2021 final demo day to be held in December, will receive 100 million KRW in prize money and 200 million KRW in business support funds.

Propwave, a tenant company at Nakseong Venture Startup Center selected as a nurturing company, is a proptech company developing real estate B2B data solutions. They submitted an item for a profitability analysis and parking space management solution service (Auto Parking Lot) using CCTV video analysis technology.

Propwave’s MOT-based CCTV video analysis technology is designed to replace the functions of unmanned parking control equipment with a CCTV and cloud server-based solution, offering advantages in terms of surrounding environment and cost compared to existing parking control solutions.

Propwave is currently conducting development projects in collaboration with various domestic and international asset management companies and real estate firms, including NPX Capital, and plans to expand the service from small and medium-sized parking lots to newly constructed parking lots in the future.

Currently, about 10 testbeds are operated domestically, and it is attracting attention as a next-generation service prepared for the diversification of demand in the parking market aiming to utilize idle parking space in both domestic and global markets.

Gwanak-gu is actively utilizing the abundant talent and technology of Seoul National University and the regional characteristic that more than 40% of the population are youth to create a venture and startup ecosystem around Seoul National University, Nakseongdae (Nakseong Venture Valley), and Daehak-dong (Sillim Startup Valley), transforming the entire district into a venture startup city through the ‘Gwanak S Valley Project.’

A district official said, “We are pleased that a tenant company grown in Gwanak S Valley has achieved the great success of being selected for an external support project. We will continue to do our best to strengthen the initial startup capabilities and establish a stable growth foundation through steady support for tenant companies.”

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