Korea to nurture deep tech unicorn startups in Gwangju, Daejeon

[Courtesy of Ministry of Science and ICT]

South Korea’s Ministry of Science and ICT announced on Wednesday that it will invest 30 billion won ($21.7 million) by 2027 to foster deep tech unicorn companies in the fields of intelligent semiconductors in Gwangju and quantum computing in Daejeon.

The initiative is part of the Deep Tech Scale-up Valley Development Project, which aims to nurture leading-edge technology companies.

The ministry has selected two projects under this initiative and will begin work immediately.

A consortium consisting of hub universities, government-funded research institutes, venture and small businesses, and technology holding companies will be established to operate the valleys.

The goal of the consortium is to support the growth of deep tech unicorn companies through tailored assistance at each stage, from discovering potential companies to commercializing products and services and expanding overseas.

A total of 12 consortia applied for the project, with two projects ultimately being selected: the next-generation intelligent semiconductor on-device AI project in Gwangju and the quantum computing transition project in Daejeon.

These consortia will have the autonomy to plan their technology commercialization goals, strategies, and detailed tasks relevant to their fields.

The project managers will also have the flexibility to increase participation as needed throughout the project’s progress.