Brand innovator solution startup Expensia announced on the 6th that it was finally selected for the 'Tips R&D', a private investment-led technology development (R&D) support program hosted by the Ministry of SMEs and Startups.
Expensia attracted investment from investment firm Infobank and received recommendations for beneficiary companies. The TIPS program is operated in a way that private operators make initial investments of 100-200 million won in promising startups, and the Ministry of SMEs and Startups provides support in connection with R&D funds, etc. Expensia can receive up to 500 million won in R&D funds over the next two years, and additionally, 100 million won each for commercialization and overseas marketing is also available.
The task that Expensia will undertake is the development of an 'AI-based K-commerce solution', and the goal is to develop a service that supports domestic small and medium-sized brands to smoothly enter and grow into overseas distribution platforms such as Amazon. This solution provides various functions such as ▲sales prediction tools ▲automatic optimization of product descriptions ▲advertising campaign design ▲data-based decision support based on market data analysis using AI.
“The future of the domestic consumer goods manufacturing industry depends on whether it can effectively enter the global market, and the government is also actively pursuing various support projects for this,” said Kang Byung-ho, CEO of Expensia. “The K-commerce solution being developed by Expensia will contribute to lowering the key hurdles for entering the global commerce platform.”
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