'Maekyung Rising Impact' launched to groom Korean startups with social impact

[Photo by Lee Chung-woo]

Maeil Business Newspaper in cooperation with Platform Partners Asset Management, SparkLabs and D3 Jubilee Partners has launched a startup incubation and acceleration program called ‘Maekyung Rising Impact’ to discover promising startups challenging to solve social issues with a positive influence on society.

South Korea’s major business and financial news media Maeil Business Newspaper has selected local startups to participate in the project together with asset management companies and venture capitalists. The evaluation criteria include Social Impact, Expertise, Technology, Marketability and Profitability. The startups selected are Hodoo Labs, N.THING, RECO, CareDoc, nulleesoft, WI.PLAT, BTE, and Coptiq.

These startups will receive assistance in terms of investment, management, and promotion from the three investment organizations and a group of mentors consisting of Joosung Engineering Chairman Hwang Chul-joo, HyperConnect CEO Ahn Sang-il, GRIP CEO Kim Hanna, and Maeil Business Newspaper President Seo Yang-won.

Hodoo Labs, an edutech company that operates an educational content platform using metaverse, has strengths in game-based learning, speech recognition, and big data processing technology.

N.Thing, a provider of solutions to respond to climate change by building a smart farm infrastructure, has prepared an integrated solution for growing vegetables. The firm’s standardized modular factory ensures equal production capacity and quality regardless of size and environment.

RECO, which connects waste producing and recycling companies through ‘Upbox’ platform, is expanding its business to customers in the metropolitan area. It has so far secured Novotel Ambassador, Andaz, Samsung Welstory, Ourhome, and Shinsegae Food as key customers.

CareDoc is a platform that connects senior care facilities and caregivers. The startup has built a dataset of user reviews while providing a personalized connection between verified caregivers and the elderly in need of care to ensure comparison and searching of nursing hospitals or caregivers. The startup also runs a training program for those who want to be professional caregivers.

Nulleesoft operates 'SSEM', an app that helps self-employed businesses file tax returns and facilitates tax filing through data collection, AI accounting engine, tax calculation algorithm and real-time reporting modules. The app answers users’ questions within 24 hours and provides customized tax saving tips. The app repurchase rate reached 77 percent as of January this year.

WI.PLAT is a provider of intelligent water leak management systems. Water pressure is analyzed to locate a suspected leak area and pinpoint a leak. It also provides real-time leak sound monitoring. The system is cost effective compared to global competitors and it has an edge in AI technology. WI.PLAT aims to achieve sales of 55.6 billion won ($44.57 million) by 2025 by expanding its service offering.

BTE has developed a one-stop solution to deal with hydrogen production, storage and utilization. It developed a container-type power to gas (P2G) module for hydrogen production. P2G refers to the production and storage of hydrogen by electrolysis of water through solar and wind energy. In addition, BTE plans to develop an all-in-one hydrogen charging equipment to target the hydrogen charging and infrastructure market and to explore North American and European markets.

Coptiq is the owner of 'breezm', a brand that makes custom glasses using a 3D scanner. Breezm features a vertically integrated service to provide a one-stop service from glasses production to distribution and sales. It has price competitiveness compared to global rivals thanks to minimized distribution margins. Customers can order their own personalized models by choosing everything from the size of glasses to ear support, nose support, and color.

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