As artificial intelligence (AI) continues to redefine industries, AI startups are becoming prime targets for investment. In Korea, one institution is at the forefront of discovering and fostering these startups: the Seoul AI Hub.
Established by the Seoul Metropolitan Government, the Seoul AI Hub officially opened its anchor facility in May 2023 to serve as a central hub for AI industry support. Its mission is to consolidate AI-related capabilities and drive the growth of the AI ecosystem. Originally launched as the AI Yangjae Hub in 2017 and rebranded in 2019, it adopted its current name last year to reflect its expanded scope and ambitions.
Park Chan-jin, head of the Seoul AI Hub Center, recently announced that in response to the surging interest in AI, the Hub will prioritize open innovation and investment expansion in 2024, offering more tailored support for startups.
The Seoul AI Hub provides comprehensive assistance in four key areas: technology development, investment facilitation, startup incubation, and talent cultivation. While it shares similarities with other startup support institutions, its AI-specific focus sets it apart. “Unlike other startup incubators, we specifically evaluate AI products and talent during the selection process,” said Director Park. “Our goal is to identify and nurture AI-specialized startups.”
To date, the Hub has supported over 360 AI startups, which have collectively attracted 383.2 billion won ($286 million) in investment.
The Seoul AI Hub plays a crucial role in talent development, offering education programs tailored for both the general public and professionals aiming to integrate AI into their industries. The curriculum includes specialized tracks in fields such as healthcare and robotics, ensuring a steady pipeline of AI experts.
The Hub also fosters technological innovation through industry-academia collaboration. One such initiative, the AI Seoul Fellowship, connects startups with university researchers to address technical challenges. Notably, companies like Whatsupp and Artificial Society have benefited from collaborations with faculty members from KAIST, Seoul National University, and Yonsei University.
This year, the Hub plans to enhance its open innovation initiatives by launching the AI Transformation (AX) Support Project. This program will pair startups with external companies seeking AI solutions, helping small and medium-sized enterprises (SMEs) integrate AI into their operations.
“When reviewing potential resident companies, we see many firms eager to grow through AI adoption but lacking the necessary expertise and workforce,” explained Director Park. “Our goal is to facilitate strategic partnerships between these businesses and AI startups.”
Investment networking will also be a priority. Following the success of its inaugural investment conference in October 2024—where 80 venture capital firms attended—the Hub plans to expand investor events, introduce industry-specific investment forums, and engage corporate venture capital (CVC) investors.
“There’s hesitation among investors due to the rapid pace of AI development,” Park noted. “We aim to address this by organizing thematic forums in areas like healthcare and robotics, providing investors with structured opportunities to engage with AI companies.”
To support the international expansion of its resident startups, the Seoul AI Hub is strengthening its global partnerships. It is currently collaborating with Canada’s Mila research institute, offering technical support through local AI researchers. Through this initiative, seven startups—including TriFifty, Style AI, and Noris—have successfully established entities in Canada.
Further partnerships have been forged with Canada’s IVADO Research Institute and India’s Yardi School of AI at IIT Delhi. Looking ahead, the Hub plans to shift its focus toward building an investment-centric global network, particularly in North America.
“We aim to establish strong investor connections in the U.S. and Canada, focusing on business validation and fundraising in Silicon Valley,” Park said. “Once we establish a solid presence in North America, we will explore other global markets.”
With its continued efforts to drive AI innovation, investment, and global expansion, the Seoul AI Hub is solidifying its position as a key player in Korea’s AI startup ecosystem.