Bonjak (CEO Bae Hyeong-jin), which operates the French heritage-based fragrance brand 'Selvatico', announced on the 10th that it was selected for the R&D category of 'Global TIPS' hosted by the Ministry of SMEs and Startups.
Global Tips is a technology startup support program designed to support promising startups' overseas expansion. The R&D division focuses on evaluating research and development capabilities for innovative technologies targeting the global market. This project, which developed a fragrance curation platform utilizing artificial intelligence (AI), was selected for support in recognition of its technological prowess and marketability.
The AI scent curation platform currently being developed by this project recommends personalized scents based on data from approximately 5,000 fragrances and fragrance ingredients. The company is collaborating with French perfumery company Robertet and French heritage artisans to collect data and refine AI algorithms. This technology, implemented as a joint project with Robertet's research team, aims to establish a global standard for scent commerce technology.
With this selection, the project will receive up to 1.2 billion won in research and development funding over the next three years. Based on this funding, the company plans to begin platform development in earnest and secure global competitiveness in scent commerce technology.
Bae Hyeong-jin, CEO of Bonjak, said, “By being selected as a Global Tips company, we have officially recognized our technological innovation and potential for overseas expansion,” and added, “We will leap forward as an AI-based fragrance data platform company to provide differentiated value in the global beauty and luxury industry.”
Meanwhile, Selvatico became the first non-European brand to receive strategic investment from Villa Blu, an investment subsidiary of France's Robertet, last year, and earlier this year, it completed a pre-Series A investment of 2.5 billion won from Eugene Asset Management, Aju IB Investment, and Future Play.
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