Lululab Selected for Ministry of Science and ICT's 'Global ICT Future Unicorn Development Project'

Lululab announced on the 28th that it was finally selected for the ‘Global ICT Future Unicorn Nurturing Project’ hosted by the Ministry of Science and ICT, and received a certificate at the award ceremony held on the 27th at the Westin Chosun Hotel in Jung-gu, Seoul.

At the certificate awarding ceremony for the '2023 Global ICT Future Unicorn Fostering Project' hosted by the Ministry of Science and ICT, held on the 27th at The Westin Chosun Seoul, Park Yoon-kyu, the 2nd Vice Minister of the Ministry of Science and ICT (left), and Choi Yong-jun, CEO of Lululab, are taking a commemorative photo.
[Photo by Lululab]

The Global ICT Future Unicorn Nurturing Project is a program that discovers promising small and medium-sized enterprises (SMEs) in the information and communication technology (ICT) or ICT-based convergence fields with high global growth potential, and nurtures them into future unicorn companies through comprehensive support such as overseas expansion and funding (investment and loans).

Lululab supplies its AI skin analysis product ‘LUMINI,’ which combines 2 million skin data records worldwide with proprietary artificial intelligence (AI) technology, to over 100 partner companies globally. It is a beauty and healthcare solution that informs users of various skin condition indicators and ultimately provides content suitable for the user. The company was selected as a target company by recognizing its capabilities as a prospective unicorn, including the innovation of core AI technology, business scalability of AI solutions, achievements in overseas expansion, and concreteness of future plans.

Leveraging this selection, Lululab plans to focus its capabilities on actively expanding its AI solutions into overseas clinics and medical spa markets. In particular, it is expanding sales based in the North American region. Earlier this year, it successfully signed a contract worth 35 billion KRW with the largest spa distributor in the United States, Health Fit Systems, marking its first step into the North American market. The company plans to complete its entry into the Canadian market within this year and establish a foothold in the North American market through aggressive sales and marketing.

A Lululab representative said, “Lululab is the only company in the world that develops businesses in both beauty and healthcare fields based on AI technology using skin data as a biomarker,” and added, “We will grow into a global unicorn company based on the high scalability of our AI solutions.”

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