[StartupRecipe] Korean AI Startups to Watch in 2024

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#Weekly Funding Overview

[Oct. 7~ Oct. 11]

The total funds raised by Korean startups of the week is KRW 148.8 Billion.

Company	Inudustry	Amount	Round	Investors
Korea Liposome	Healthcare	-	Grant	TIPS
TOFF Mobility	Mobility	-	Grant	TIPS
Nanum Vitamin	Food sharing	-	Grant	TIPS
Cycloid	Electric Two-Wheeled Vehicle	-	Grant	TIPS
Remo	AI Healthcare	-	Grant	TIPS
Culture art 4u	Art content	-	Grant	TIPS
CAMI Lab	Pet tech	-	Grant	TIPS
Hydro Oasis	Non alcohol wine	-	Grant	TIPS
Kupa	Fintech	-	Grant	TIPS
Insight FI	Food	-	Grant	TIPS
Beyond Robotics	a crop-harvesting robot	-	Pre-Seed	Antler Korea
Second Ocean	Indoor seaweed farming smart farm	-	Pre-Seed	Antler Korea
Resolution	Automate PCB inspection	-	Pre-seed	Antler Korea
Crayon	Upcycling interior materials	-	Pre-Seed	Antler Korea
Firic	Video Music Generation AI	-	Pre-Seed	Antler Korea
Haebom	K-beauty concierge	-	Pre-Seed	Antler Korea
Searchlight	Headhunting	-	Pre-Seed	Antler Korea
Seoul Gaok	Home purchase	-	Pre-Seed	Antler Korea
CLASS101	Creator Content	-	Series B Bridge	Goodwater Capital, Mirae Asset Venture Investment, Mirae Asset Capital, Strong Ventures, SBVA
Clinkers	a migrant worker platform	-	Pre-Series A	New Paradigm Investment
CartLabs	Marketing	-	M&A	AVERER
H Energy	Energy investment platform	40 billion	Series C	Stick Investment, KDB Development Bank, POSCO Technology Investment, Ascendo Ventures
Fronics	beauty equipment	-		Amore Pacific
MAKESTAR	Entertainment tech	30 billion	Series D	HRZ, RPS Ventures, Company K Partners, Altos Ventures, KDB Development Bank, NextG Investment
VESSL AI	AI	15.8 billion	Series A	Ubiquitous Investment, Mirae Asset Securities, Sirius Investment, SJ Investment Partners, Wooshin Venture Investment, Shinhan Venture Investment
Returnall	E-commerce Return Solution	1 billion	Seed	ETRI Holdings, Korea Investment Accelerator, Blue Point Partners, MYSC, Deajeon CEEI
Gyul Medal	Citrus brand	-	Pre-Series A
Water Trinez	Eco-friendly water treatment filter	-	Seed	JNP Global
RNAgene	mRNA	2 billion	Series A2	AI Angel Individual Investment Association, AI Angel Medical Individual Investment Association, Angel Lounge Investment Association
VoyagerX	AI	16.5 billion		Intervest, Murex Partners
Blank	Re-modelling house	-	Pre-Series A	Blue Point Partners, Heren Corporation
Ellect	Electrical Excavator Software	-	Pre-Series A	Krypton
Liner	AI search service	27 billion	Series B2	Atinum Investment, Intervest, Samsung Venture Investment, LB Investment, Capstone Partners, IBK Industrial Bank, SL Investment
Urock	Global Digital Forensics Solutions	1.5 billion		EAST GATE PARTNERS
searchM	AI Based Ad-Fintech	-		K-Ground Ventures

#Major Funding

• Makestar, a leading entertainment tech company, has secured KRW30 billion in a recent funding round. Established in 2015, Makestar has grown into a global K-pop platform, attracting users from over 230 countries and generating revenue across 180 markets worldwide.
• AI search startup LINER has raised KRW 27 billion. Founded in 2015, LINER operates in over 220 countries, primarily in the U.S., and boasts 10 million registered users. The fresh capital will be used to invest heavily in talent acquisition and marketing.
• AI-powered service provider VoyagerX has secured KRW16.5 billion in new funding, bringing its total raised capital to KRW 46.5 billion. The company offers tools like the video editor Vrew , mobile scanner VFlat, and customer service data analysis solution VOC Studio.
• VesselAI, which provides an MLOps platform that enables efficient AI infrastructure management, has raised KRW 15.8 billion. VesselAI partners with major corporations like Hyundai Motors and LG Electronics, while expanding its global presence through collaborations with Google Cloud and Oracle.

#Trend Analysis

Korean AI Startups to Watch in 2024

South Korea’s AI startup ecosystem is heating up in the second half of 2023, with significant funding rounds driving growth. Several AI firms have closed deals exceeding KRW10 billion ($7.5 million), showcasing their expertise in cutting-edge AI technologies.

Among the hottest trends are large language models (LLMs) and generative AI. Standout players include Pegasus-1 by Twelvelabs, Sola by Upstage, Liner by Liner, and Wrtn by Wrtn Technologies. Alongside these, AI infrastructure—spanning data management, AI model development, AI search engines, and MLOps platforms—is attracting serious investor attention.

Many of these startups are using fresh capital to fuel global expansion. Twelvelabs, originally US-based, and Liner, with over 60% of its users in the U.S., are already building strong international footprints. SuperbAI and Vessl AI have their sights set on Silicon Valley, aiming to set up technical and sales teams. Meanwhile, VoyagerX is targeting both Japan and the U.S., and Upstage has announced aggressive expansion plans across the U.S., Japan, and Southeast Asia.

A recent Google survey reveals that global growth is a top priority for South Korean startups, with over 80% of CEOs surveyed seeing international expansion as a critical strategy. The North American market, in particular, is seen as a gateway to global dominance, attracting increasing interest from venture capital firms and corporate investors.

In response to this global push, the South Korean government is stepping up with policies to support domestic AI startups. A key initiative was the government’s collaboration with OpenAI, which helped startup Waddle secure an official partnership with the AI powerhouse. By 2027, the government aims to expand its global fund to KRW15 trillion ($11.3 billion) and offer new incentives to lure international venture capital, bolstering the AI sector’s global competitiveness.

Even as the broader investment landscape remains sluggish, South Korea’s AI startups are defying the trend, drawing in large-scale funding and ramping up their global market strategies. Companies are pushing the boundaries in LLMs, generative AI, and specialized fields, leveraging their tech strengths for rapid growth. Analysts expect continued breakthroughs, particularly in LLMOps and generative AI applications, as well as growing diversification into new industries.

As the global AI race intensifies, South Korean startups are positioning themselves as formidable players, armed with government backing and increasing recognition on the world stage.