Two startups invested by Busan United Technology Holdings (CEO Park Hoon-ki) were finally selected for the general track of the Ministry of SMEs and Startups' 'Private Investment-led Technology Startup Support Project (TIPS)'.
'TIPS' is a startup support program in which the Ministry of SMEs and Startups discovers promising technology-based startups and supports them in cooperation with private investment organizations so that they can lead the global market. With this selection, the two companies will receive up to 700 million won in commercialization funds, including 500 million won in R&D funds, as well as various support such as overseas marketing, mentoring, and global network expansion.
The selected company, Ellexlab (CEO Choi Shin-sik), is a bio startup developing an AI new drug development platform based on the pretty C. elegans. The platform can quickly and precisely evaluate the efficacy and safety of new drug candidates in the body, and is attracting attention as a technology that can shorten the new drug development period by 3-4 years and reduce costs by up to 50%. Through this platform, Ellexlab discovered a microbiome treatment that is effective for Parkinson's disease, and it is expected to become a new standard of treatment in the current situation where there is no treatment for the disease.
Also, HEMC (CEO Dong-Won Lee) is a secondary battery material startup that is developing a silicon-graphene composite cathode material. HEMC has strengths in high-purity artificial graphite manufacturing technology using waste carbon resources and high-capacity silicon-based cathode material technology, which can simultaneously improve energy density and charge/discharge efficiency. In particular, in the cathode material market formed around large corporations, it is growing rapidly based on differentiated process technology and material competitiveness.
Park Hoon-ki, CEO of Busan United Technology Holdings, said, “I hope that this TIPS selection will be an opportunity for the technological potential of both companies to be verified and expanded in the market,” and “We will continue to spare no effort in strategic investment and customized support to help promising startups challenge the global market.”
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