[StartupRecipe] S.Korea Expands Open Innovation Initiatives to Bolster Startup Ecosystem

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#Weekly Funding Overview

#MAJOR FUNDING

• Doers secures a 10 billion KRW investment. Operating the affiliate platform ‘ZVZO,’ which connects influencers with brands, the company has raised 10 billion KRW within a year of its founding. The investment will be used to support the growth of creators and brands.
• MediThinQ secures a 12.4 billion KRW investment. The company develops medical XR wearable display solutions, including ScopeEye, which allows medical professionals to view surgical images in real time during procedures. The investment will be used for global expansion and a planned KOSDAQ listing in 2026.
• Hanpass, a financial platform for foreigners, secures a 10 billion KRW investment. The company plans to use the funds to launch new services, evolve into a super app, and expand into global markets.

#TREND ANALYSIS

S.Korea Expands Open Innovation Initiatives to Bolster Startup Ecosystem

South Korea is ramping up efforts to foster open innovation by strengthening its startup ecosystem. According to the Korea International Trade Association (KITA), the number of major open innovation programs and corporate participants has surged from seven cases involving 18 companies in 2018 to 87 cases involving 361 companies in 2023, marking a tenfold increase.

The Ministry of SMEs and Startups (MSS) has announced plans to allocate KRW 3.294 trillion by 2025 to support startups and expand open innovation programs in collaboration with global corporations. The initiative aims to enhance the technological competitiveness of domestic startups and facilitate their expansion into international markets.

A recent meetup marked the official launch of the “Deep Tech Value-Up” program, designed to connect top-tier startups with major corporations. Unlike traditional open innovation programs, this initiative involves direct participation from C-level executives. In 2024, Hyundai Motor Company piloted collaborative projects with six startups: Deep In Sight, Inchems, Rowain, Tesollo, Plaif, and Floatic.

This year, seven of South Korea’s leading conglomerates—Hyundai Motor, Samsung Electronics, SK Hynix, LG Science Park, POSCO Holdings, HD Hyundai Heavy Industries, and KT—are participating. A total of 50 startups will be selected to receive financial support of up to KRW 200 million for global expansion. Additionally, they will gain access to incubation space, joint technology development opportunities, supply contracts, and potential follow-up investments from corporate partners.

The government is also scaling up its Collaboration Program with Global Companies. This year, the initiative has grown to 14 programs* with new partners, including Thales, L’Oréal Korea, and Air Liquide, joining existing partners such as Google Play, NVIDIA, and Microsoft. The program will support 364 startups in 2025, offering up to KRW 200 million in commercialization funds, as well as professional services, training, and consulting provided by global corporations.

Additionally, a new overseas validation program will be introduced this year to help startups expand internationally. This initiative will provide proof-of-concept (PoC) and proof-of-value (PoV) support to assess the technological feasibility and business viability of participating startups in global markets.

*14 programs=① Changgu (collaboration with Google Play in mobile services sector), ② ENUP (collaboration with NVIDIA in artificial intelligence sector), ③ Majung (collaboration with Microsoft in cloud-based B2B solutions sector), ④ Daonda (collaboration with Dassault Systèmes in pharmaceuticals, biotechnology, and healthcare sector), ⑤ ASK (collaboration with ANSYS Korea in smart mobility, high-tech, industrial equipment, and machinery sector), ⑥ Jijunghae (collaboration with Siemens in electronics, electricity, machinery, equipment, parts, and medical devices sector), ➆ Jungle (collaboration with AWS [Amazon Web Services] in artificial intelligence and SaaS sector), ➇ Miracle (collaboration with Oracle in cloud-based AI/ML-utilizing smart solutions sector), ➈ IBM Quantum (collaboration with IBM in quantum computing technologies and applications sector), ⑩ Ingenious (collaboration with Intel in artificial intelligence sector), ⑪ Trust My Tech (collaboration with Thales in deep tech sector), ⑫ L’Oréal Big Bang (collaboration with L’Oréal Korea in research innovation and digital sector), ⑬ N.E.O (collaboration with Air Liquide in eco-friendly energy sector), and ⑭ ASK Space (collaboration with ANSYS Korea in aerospace sector). Companies wishing to apply for the announcement can choose one program to submit their application.

#MORE NEWS

• Creator Affiliate Platform ZVZO Raises KRW 10 Billion