Changwon Startup Loti Selected Consecutively for Scale-up TIPS by the Ministry of SMEs and Startups

Selected for Scale-up TIPS Investment-type R&D by the Ministry of SMEs and Startups Last Year

Selected for Scale-up TIPS Investment-type R&D in May This Year

Changwon City, Gyeongnam Province, announced on the 22nd that Loti, a promising startup in Changwon, successfully attracted an investment of 1 billion KRW from the ‘Inlight 9th Next Unicorn Venture Fund,’ the first fund of Changwon’s C-Bluewing Fund in 2021. Following this, Loti was selected for the Ministry of SMEs and Startups’ Scale-up TIPS investment-linked R&D (contribution R&D) last year and was consecutively selected for the Scale-up TIPS investment-type R&D (matching investment) in May this year.

The Scale-up TIPS (Tech Investor Program for Scale-up), led by the Ministry of SMEs and Startups, is a program designed to support the scale-up of manufacturing and hardware-based technology companies. Private operators (a consortium of VCs and R&D specialized companies) identify promising small and medium-sized ventures at the scale-up stage and make initial investments, after which the government provides matching support through equity investment and contribution R&D.

Roti CEO Lim Woo-bin.
[Image provided by Changwon Special City]

Loti is a growing startup that developed a Roll to Roll Dry process in the field of manufacturing OLED panels for lighting, achieving innovative cost reduction, and holds five related patents. In July 2021, it won the grand prize at the Korea Excellent Patent Exhibition organized by the Korean Intellectual Property Office.

In 2022, Loti succeeded in attracting a total investment of 1.5 billion KRW, including from the ‘Inlight 9th Next Unicorn Venture Fund,’ the first fund of Changwon’s C-Bluewing Fund. Additionally, it was selected for the Ministry of SMEs and Startups’ Scale-up TIPS investment-linked R&D (contribution R&D) in the same year and consecutively selected for the Scale-up TIPS investment-type R&D (matching investment) in May this year, securing a total of 1.6 billion KRW in investment funds. This provided an opportunity to enhance the completeness of OLED lighting product development.

CEO Woo-bin Lim of Loti stated, “Being selected for the Scale-up TIPS matching investment recognizes our company’s unique technological capabilities. Based on the secured R&D funds, we plan to expand our business areas to healthcare products such as skin improvement mask packs and general lighting business. Through continuous research and development, we aim to become a leading company in the manufacturing and hardware industry.”

Mayor Nam-pyo Hong congratulated Loti on its consecutive selection for the Ministry of SMEs and Startups’ Scale-up TIPS and expressed hope that this selection would serve as a stepping stone for technological advancement and business expansion, allowing Loti to grow into a representative company of the region.

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