K-Startup Wins 1st and 2nd Place at Middle East's Largest Startup Event

Competing with 500 Startups Worldwide
AngelSwing and Otom Awarded

Korean companies took first and second place overall in the competition category of the Middle East's largest startup event, BIBAN 2023. On the 15th, the Ministry of SMEs and Startups (Minister Lee Young) announced that among the 500 companies participating in the Draper Aladdin startup competition category at BIBAN 2023, Korean startups Angelswing and Otom won first and second place respectively.

BIBAN is the largest startup festival in the Middle East, held in Saudi Arabia since 2017. At this event, Minister Lee Young delivered the keynote speech upon invitation from the Saudi Ministry of Commerce. The Draper Aladdin startup competition category is an event hosted by Saudi Arabia's Aladdin Group and the U.S. venture capital Draper Group to promote the development of the startup ecosystem in the Middle East. This year marked the first participation of Korean companies. A total of 500 startups worldwide applied, and 60 teams advanced to the preliminary round. Among the 13 teams that reached the finals, the organizers selected three companies as the top three, including two Korean companies.

Officials from Angelswing, who won first place in the Draper Aladdin startup competition at 'Bivan 2023,' are posing for a commemorative photo.

Angelswing, which won first place, developed an analytical solution that converts video data captured by drones into surveying data. Otom, which took second place, is a company that created a low-radiation portable X-ray device optimized for non-face-to-face medical treatment with wireless transmission capability. Through this award, Angelswing and Otom are expected to attract investment from the Draper Group.

Minister Lee said, "Our startups' awards at BIBAN 2023 demonstrate that the world recognizes the innovation of K-startups," adding, "We will focus our policy capabilities and resources on strategically consulting with the governments of the relevant countries to enable more of our startups to expand globally."

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