Best R, which is building a tungsten circular economy infrastructure, announced on the 27th that it has completed the first round of Series A funding from Korea Investment Partners, Korea Investment Accelerator, Dongil Industry, and Baro Ventures.
Bestal plans to use this investment to establish a mass production system, aiming to achieve domestic tungsten self-sufficiency. To achieve this, it plans to establish a mass production plant with an annual capacity of 360 tons, simultaneously stabilizing the global supply chain and providing a solution for the supply of key minerals.
Best R is the first company in Korea to implement tungsten refining technology based on an ammonia-free process. This technology has enabled domestic self-sufficiency in the tungsten industry, a sector heavily reliant on China. It has also improved the environmental, wastewater, and carbon emissions issues of existing processes, as well as their economic feasibility. Furthermore, the company produces high-purity tungstic acid (H₂WO₄), a replacement for APT, an essential tungsten intermediate. It has successfully completed a scale-up 1,000 times larger than the pilot stage, demonstrating its mass-production potential.
The company announced that it plans to accelerate the establishment of a sustainable domestic supply chain and expansion of the global tungsten value chain, as it has completed technology verification from major domestic and international customers.
Korea Investment Accelerator, which participated in the Series A round, evaluated BestR's initial investment and subsequent follow-up investment as a meaningful achievement and expressed its intention to continue providing support to achieve the goal of domestic tungsten self-sufficiency in the future.
Bestal stated that through this first closing, it has secured strong partnerships with major financial institutions and SIs as shareholders, and that it will quickly complete the second round of Series A to live up to investor trust.
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