Studio Galilei Successfully Secures Pre-Series A Investment

by Jung Jin

Published 24 Aug.2022 10:10(KST)

Attracting Investment Including Korea Impact Scale-up Fund as a 'Mobility ESG Startup' to Solve Mobility Issues for Vulnerable and Transport-Disadvantaged Groups

[Studio Galilee Company Logo]

Studio Galilei (CEO Kim Hyun-myung), a smart mobility platform specialized venture and startup, successfully secured pre-Series A investments from MYSC (CEO Kim Jung-tae, hereinafter MYSC)-The Wells Investment (CEOs Kang Sang-hoon, Jung Jin-ho, Seo Hak-soo) and Hankook Tire & Technology (CEO Lee Soo-il, hereinafter Hankook Tire)-CNT Tech (CEO Jeon Hwa-sung), following Kakao Mobility (CEO Ryu Geung-seon) last month.

Founded in August 2019, Studio Galilei has applied its self-developed Super Fleet Operation platform solution, ‘TAMOS (Transit Analysis and Mobility Optimization System),’ primarily to the public bus sector, operating the demand-responsive transport (DRT) service ‘Varo DRT.’ The company has previously attracted strategic investment (SI) from Kakao Mobility, the largest mobility platform company in Korea, in recognition of its unique core technology and business potential.

MYSC-The Wells Investment, which jointly participated in this investment round with Kakao Mobility, executed the investment through the ‘Korea Impact Scale-up Investment Fund.’ This fund focuses on impact investments linked to the UN SDGs, targeting six urgent areas in Korea: job creation, aging (medical and healthcare), education (STEM), the Fourth Industrial Revolution, renewable energy, and environment and climate change. MYSC-The Wells Investment focused on demand-responsive transport (DRT) as a solution to guarantee basic transportation mobility rights, essential for achieving SDGs both domestically and in underdeveloped countries abroad, and chose Studio Galilei as a partner for its recognized technology and business viability, also acknowledged by Kakao Mobility.

Studio Galilei’s ‘Varo DRT’ is a demand-responsive transport service optimized according to user demand, gaining attention as an innovative solution to secure mobility rights in vulnerable public transportation areas, especially in small and medium-sized cities in Korea where bus operation deficits are deepening. Leveraging MYSC-The Wells Investment’s funding, the company plans to collaborate to guarantee basic mobility rights for socially disadvantaged and transportation-isolated groups domestically and internationally, thereby expanding opportunities for economic activities and education and improving quality of life.

Another investor participating in this round, the ‘1st Mobility Startup Investment Fund’ by Hankook Tire-CNT Tech, was established to focus investments on the overall mobility industry and areas with potential synergy effects through cooperation with Hankook Tire. Hankook Tire-CNT Tech participated in this investment, highly valuing the technology and market potential of Studio Galilei’s core technology, the ‘Super Fleet Operation platform solution (TAMOS),’ which underpins the ‘Varo DRT’ service.

Studio Galilei’s self-developed ‘TAMOS’ solution is a platform incorporating various innovative technologies that maximize operational efficiency by achieving maximum transport with minimal vehicles. Based on advanced traffic engineering demand forecasting and algorithm technologies, it is Korea’s only integrated mobility platform capable of comprehensive ‘diagnosis and planning-operation-monitoring and feedback improvement’ for various mobility services. Hankook Tire-CNT Tech anticipates that this technology will significantly contribute to maximizing operational efficiency across diverse transportation services such as taxis, delivery riders, logistics, UAM (Urban Air Mobility), and streaming mobility.

Following this investment, Studio Galilei and Hankook Tire plan to actively explore and commercialize collaboration points as strategic business partners, continuing sustained investment and support for platform technology development, service advancement, and new business planning to scale up.

[Studio Galilee's 'Baro DRT (Cheongju Call Bus)' vehicle preparing in Cheongju City following Gwacheon City, and CEO Kim Hyun-myung]

Kim Hyun-myung, CEO of Studio Galilei, stated, “This investment round is a great achievement, reflecting high recognition of Studio Galilei’s technological expertise and business growth potential, as well as its value as a mobility platform startup.” He added, “Through this pre-Series A investment, we will accelerate ongoing technology development such as taxi and logistics and autonomous vehicle operation technologies, and plan to unveil an innovative solution for taxi operation optimization in the first half of next year.”