Daewoong Pharmaceutical Selected as Partner Company for Four 'InnoBear Startup School' Firms... Support in R&D and Investment

Recently Selected as a TIPS Operator... Expectation for Startup Open Innovation Activation

Daewoong Pharmaceutical exterior.

[Asia Economy Reporter Lee Gwan-joo] Daewoong Pharmaceutical announced on the 30th that it has selected four partner companies for the '1st InnoBear Startup School' contest.

The InnoBear Startup School is a contest conducted by Daewoong Pharmaceutical to discover promising industry-academia-research researchers, prospective startups, or startups with technologies and capabilities related to the company's business and areas of interest, to grow together, and to support startup and full-cycle research and development (R&D).

Daewoong Pharmaceutical selected a total of four partner companies, including two prospective startups and two early-stage startups, from 35 candidate groups in various fields such as cell and gene therapy, new modalities, innovative new drugs, drug delivery systems (DDS), and digital healthcare, which the company is currently focusing on, based on future growth potential and expected strategic synergy with Daewoong Pharmaceutical.

The selected prospective startups are ▲ ‘Biomeights,’ which develops interaction complex strains to enhance microbiome efficacy, and ▲ ‘NewDive,’ a digital therapeutics development company that implemented Korea’s first remote treatment for developmental disabilities on a metaverse platform. These companies will establish corporations within one year through Daewoong Pharmaceutical’s R&D funding and accelerating support.

The selected startups within three years of establishment are ▲ ‘Synergy AI,’ a company developing a diagnostic platform for autosomal dominant polycystic kidney disease (ADPKD) through atypical tissue volume measurement, an atrial fibrillation prediction platform, and an artificial intelligence-based software medical device (SaMD) company, and ▲ ‘MediIOT,’ a company developing a digital healthcare platform service for prevention, management, and treatment of geriatric diseases and electronic drugs for eye diseases. They plan to promote collaborative projects through Daewoong Pharmaceutical’s initial investment and accelerating support.

Daewoong Pharmaceutical plans to provide customized accelerating programs specialized for the bio industry to the selected companies, including corporation establishment, consulting on finance, accounting, patents, approvals, commercialization, technology valuation, mentoring, and proof of concept (PoC) programs. As a TIPS (Tech Incubator Program for Startup) operator, Daewoong Pharmaceutical will continuously hold contests linked with the TIPS program to activate open collaboration and discover promising startups that can grow together with Daewoong Pharmaceutical.

Jeon Seung-ho, CEO of Daewoong Pharmaceutical, said, “Through this ‘InnoBear Startup School’ contest, we are pleased to meet researchers with excellent ideas, capabilities, and passion, as well as promising startups that will grow together with Daewoong Pharmaceutical as future bio unicorns.” He added, “Daewoong Pharmaceutical will continue to accelerate R&D innovation and strive to revitalize the bio startup ecosystem.”

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