The Korea Technology Finance Corporation (hereinafter referred to as the “KIBO”) announced on Monday the 31st that it will select 25 companies as target companies for the “Seoul-type BIRD Program” announced in December of last year and provide support for the first stage (Pre-R&D).
The "Seoul BIRD Program" is a regional specialized R&D project that Kibo and Seoul City collaborate to support the entire R&D cycle of small and medium-sized venture companies in the Seoul area and strengthen the innovation growth ecosystem. It is an expansion of the "BIRD Program" operated by Kibo to Seoul City, and provides matching support for R&D funds at each stage so that the R&D results of small and medium-sized companies can quickly lead to commercialization.
Kibo and Seoul Metropolitan Government will provide support for R&D in stages with a total of KRW 41 billion in three stages. The two organizations plan to support the entire R&D cycle of small and medium-sized venture companies by supporting ▲Stage 1 (Pre-R&D) R&D planning funds with a guarantee of KRW 200 million from Kibo, ▲Stage 2 (R&D) Seoul-type R&D execution funds with up to KRW 400 million from Seoul Metropolitan Government, and ▲Stage 3 (Post-R&D) R&D commercialization funds with a guarantee of up to KRW 3 billion from Kibo, thereby activating a private-sector-led technology innovation ecosystem.
This first-stage selection company was selected through a first-stage written evaluation, second-stage expert review committee, and third-stage technology evaluation and guarantee review targeting companies in the Seoul area that are pursuing technology commercialization at technology maturity level (TRL) 6 to 8. A total of 147 companies applied for this program, which was first introduced this year, showing high interest with a competition rate of about 6 to 1.
Among the selected companies, Korea Deep Learning Co., Ltd. (CEO Ji-hyun Kim) is a company that is promoting research and development and commercialization of a 3D object-generating AI model TT3 (Text to 3D), and has been recognized for its deep learning-based AI OCR (optical character recognition) technology. In addition, Innonet Co., Ltd. (CEO Ho-sang Yoo) is aiming to commercialize a smart public safety system based on low-orbit satellites and wireless self-communication networks, and has been recognized for its innovative technology in the ultra-high-speed wireless Internet field utilizing TVWS (TV White Space).
The companies selected in the first stage will be provided with the following benefits: ▲development planning fund guarantee support (KRW 200 million), ▲increased guarantee ratio (85% → 100%), ▲application of preferential guarantee rate (within 1%), and ▲recommendation for priority investment review for desired companies.
Lee Jae-pil, CEO of Kibo, said, “The Seoul-type BIRD program is a performance-creating R&D project that connects the technological innovation achievements of small and medium-sized enterprises to successful commercialization by linking support for R&D stages through the collaboration of Seoul City, the largest local government, and Kibo.” He added, “Going forward, Kibo will expand collaboration with various local governments to strengthen R&D support based on public-private matching capital, and do its best to successfully commercialize excellent R&D performing companies in each regional base.”
Meanwhile, the companies eligible for Phase 2 (R&D) support will be selected in July from among the companies selected in Phase 1 through Seoul City’s selection evaluation. Phase 3 (Post-R&D) will be conducted for companies that receive excellent evaluations in Seoul City’s final evaluation after Phase 2 is completed, and a separate schedule will be announced at a later date.
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