SOOJIB announced that it has been selected for TIPS, a private investment-led technology startup support program hosted by the Ministry of SMEs and Startups (MSS), and has secured up to 700 million won in government subsidies.
TIPS is a government program that discovers and supports promising startups through private investment firms. When private investment firms invest in promising startups, the government provides matching funding for R&D, commercialization, and overseas marketing, as well as two years of funding and support for global market expansion. SOOJIB plans to leverage its TIPS selection to enhance its platform using convolutional neural networks (CNNs) and expand its global market share.
SOOJIB received investment from operator CNT Tech in December of last year and was selected for TIPS through a recommendation. This secured not only R&D funding but also a foundation for securing specialized talent. Currently, SOOJIB is experiencing rapid growth in the European market, centered around London, UK, and is distributing a variety of Korean culture-related products, including K-pop and K-beauty, to the global market.
Lee Chang-woo, CEO of SOOJIB, stated, "I am very pleased to have been selected for this TIPS program and have the opportunity to contribute to the spread of the Korean Wave in the European and North American markets. We will go beyond simply providing Asian cultural products and establish ourselves as a company that creates cultural value for local customers. We will lead the global market through innovations leveraging AI technology."
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