Seoul Metropolitan Area Excellent Startup Company 'Olt' Headquarters to Relocate to Jinju, Gyeongnam

Investment through Gyeongnam Province Equity Investment Association

Sales expected to exceed 10 billion KRW this year

The headquarters of Alt Co., Ltd., recognized as an outstanding startup company in the Seoul metropolitan area, will relocate to Jinju, Gyeongnam.

Gyeongnam Province announced on the 17th that through the 'Startup Angel Bridge Investment Association,' established with provincial capital in December last year, it decided to invest in Alt on the 8th and, in cooperation with Gyeongnam Venture Investment, successfully attracted the company’s headquarters.

According to the province, Alt is a startup that digitalizes the purchase of industrial consumables such as bolts and nuts, safety products, fastening parts, tools, and packaging supplies through an MRO system and digitalizes warehouses with Internet of Things (IoT) devices to provide real-time online services.

A provincial official explained, "Alt’s sales last year reached 3.1 billion KRW, tripling compared to the previous year, and this year it is expected to exceed 10 billion KRW. The investment decision was made considering the company’s growth and potential for global expansion."

Alt plans to cooperate in facility investments such as installing logistics warehouses in Gyeongnam and hiring local talent.

Alt Corporation Headquarters. [Image source=Alt official website]

The province expects that by analyzing purchasing data accumulated through IoT devices, the attraction of Alt will lead to effects such as ▲simplification of purchasing procedures ▲improvement of inventory management efficiency for manufacturing companies in the province ▲reduction of product purchase costs.

CEO Kim Tae-jun said, "We decided to relocate the headquarters because we have set Gyeongnam, a traditional manufacturing industry region, as the company’s main market."

He added, "Driven by a strong motivation for the development of manufacturing, we will achieve warehouse digitalization based in Gyeongnam, expanding beyond Korea to Asia, and leap forward as a manufacturing platform company that provides various services to manufacturing companies based on industrial data."

Lee Jae-hoon, head of the provincial startup support group, said, "We sincerely welcome Alt’s relocation to Gyeongnam. We will do our utmost to expand investment funds, create various investment funds, and attract promising startups like Alt to the region through support projects."

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