Ministry of SMEs Selects 11 Companies for K-Smart Lighthouse Factories... Up to 1.2 Billion KRW Support

[Asia Economy Reporter Kwak Minjae] The Ministry of SMEs and Startups announced on the 30th that it has selected 11 final companies for the ‘2022 K-Smart Lighthouse Factory’ program, which supports the establishment of top-level smart factories applying artificial intelligence, big data, and digital twin technologies.

The ‘K-Smart Lighthouse Factory’ refers to leading smart factories centered on small and medium-sized enterprises (SMEs) and mid-sized companies, benchmarking the global lighthouse factories selected mainly among large corporations by the World Economic Forum (WEF) as factories that innovatively lead the future of global manufacturing. The selected companies will present the direction for the advancement of domestic manufacturing and serve as benchmarking model factories leading their industries.

The Ministry of SMEs and Startups has so far supported customized diagnosis and design for companies recommended by regional technoparks, then carefully selected companies excelling in ▲advancement ▲sustainability ▲industrial and economic ripple effects.

The selected companies include five SMEs and six mid-sized companies. Their industries cover automobiles, machinery equipment, chemical products, and more. These companies will establish execution strategies suitable for future-type smart factories and build new business models for creating new markets, as well as optimal process control solutions utilizing manufacturing data.

JVM is a mid-sized company holding the world’s number one market share in hospital and pharmaceutical dispensing equipment production. They will introduce a business model that integrates manufacturing and service markets by building a cloud-based solution that collects equipment data in real time through the Internet of Things (IoT), enabling predictive maintenance that detects product abnormalities in advance and immediate after-sales service (A/S).

Cheonil Engineering is an SME that produces automotive interior and exterior materials, exporting 80% of its products. By utilizing manufacturing big data and artificial intelligence algorithms, they aim to achieve zero defect rates by building digital twins and machine vision systems.

Shinsung Delta Tech is a home appliance manufacturer producing parts such as washing machine components. They will establish optimal production planning reflecting customer orders in real time, along with simulation-based product design solutions.

The Ministry of SMEs and Startups will support the selected companies with up to 1.2 billion KRW over the next three years to systematically build advanced solutions through open innovation with supplier consortia, universities, and research institutes. In particular, after completion, they will support factory tour programs to share and spread best practices targeting students and industry professionals.

Lee Hyunjo, head of the Smart Manufacturing Innovation Planning Group at the Ministry of SMEs and Startups, said, “The K-Smart Lighthouse Factory is expected to show exemplary cases for our manufacturers in the digital transformation era by optimizing processes using manufacturing data and artificial intelligence algorithms,” adding, “We plan to expand the program to 100 companies focusing on various industries by 2025.”

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