Big Wave Car Selected as a TIPS Provider by the Ministry of SMEs and Startups

Green mobility tech company Bigwavecar (CEO Oh Shin-won) announced on the 13th that it was finally selected for the Ministry of SMEs and Startups' technology startup support program TIPS for its project 'Development of a used automobile parts platform through AI-based analysis of automobile parts demand patterns.'

The TIPS program, hosted by the Ministry of SMEs and Startups, is a technology startup support program. Private investors identify promising startups and invest in them, with the government providing research and development (R&D) funding. Selected companies can receive up to 500 million won in R&D funding over a two-year period, along with 200 million won in startup commercialization and marketing support.

BigWaveCar was selected for this program through the recommendation of Sunbo Angel Partners, a TIPS operator and startup investment accelerator, and will receive up to 700 million won in research and development and commercialization funding over the next two years.

The company plans to capitalize on this TIPS selection to drive innovation in the automotive recycling and used parts markets. It plans to refine and process automotive maintenance data, scrappage data, and vehicle statistics to build big data for AI learning. Based on this data, it will develop models for predicting the lifespan of key components and demand for used parts. These models will be applied to a used automotive parts distribution platform, enabling the creation of a demand-driven parts production and supply system.

In addition to this, BigWaveCar is developing models for predicting parts demand, scrapping predictions, vehicle operation predictions, maintenance predictions, and scrapyard parts dismantling optimization, and is also considering linking these models with big data on new and used automobile parts prices.

Founded in 2024, BigWaveCar aims to "establish a digital standard for the automotive circular economy." It is currently developing "Catch Money Car," an online scrapping platform approved by the Ministry of Land, Infrastructure and Transport for pilot projects, and "Save Parts," an online platform for distributing used parts produced during the scrapping process.

The company expects that through this selection of TIPS, it will be able to secure differentiated competitiveness by incorporating AI models into its used automobile parts service and increase the efficiency of distribution and sales of used parts supplied from junkyards.