#Weekly Funding Overview[Dec. 26 ~ Dec. 30]
The total funds raised by Korean startups of this week is KRW 69.33 billion.
|Baree Coporation||Mobility||4 billion||Series A||Strong Ventures, Lotte Ventures, BDC Labs|
|Ihateflyingbugs||Education||20 billion||Series C bridge||Korea Develpoment Bank, G&T Venture Investment, Shinhan Capital, POSCO Technology Investment, Harang Technology Investment, Rainier Partners|
|Easytask||Job Matching||-||Seed||Seoul Techno Holdings, Chunguk Technology holdings, Venture box|
|Seavantage||Ocean Freight Tracking||1.6 billion||Series A||IBK Capital, BDC Labs, We Ventures, Lindman Asia Investment|
|Yipscell||Bio/Healthcare||13 billion||Intervest, Premier Partners, HB Investments|
|Machuda||Education||-||Seed||D.camp, Moonlight Partners|
|TainAI||Fintech||5.9 billion||Series A||KT Investment, Primer Sazze Partners, KB Investment|
|AIV||Computer vision||10 billion||Series B||LB Investment, Paratus Investment, KT&G, MW & Company, J&M Partners, L&S Venture Capital, KDB Capital|
|바움디자인시스템즈||Software||5 billion||Series A||LB Investment|
|Bosaipim||Silver care||-||Pre-Series A||Kakao Ventures, Good Water Capital, Smilegate Investment, Strong Ventures|
|ABLE Labshttps||Bio/Healthcare||1 billion||Pre-Series A||Wonik Investment Partners|
|NaeYiLuLi||Social Venture||1.18 billion||Pre-Series A||Blue Point Partners, HGI, Goventure, VNTG|
|Onthelook||Fashion||7 billion||Series A||KB Investment, Hana Ventures, Naver D2SF, Future Play, Dev Sisters Ventures|
|Upstairs||Secondhand platform||4.3 billion||Series A||IBK Venture Capital, E& Investment Partners, Partners Investment|
|MOUDA||Fintech||1.4 billion||Series A||VS Investment|
|Nextpayments||Smart Store solution||-||Pre-Series A||New Paradigm Investment|
|BJY||Eco friendly||550 million||Company A, Korea Science and Technology Holdings, Low Partners|
|ONDA||Hospitality||12 billion||Series B||TS Investment, NowIB Capital, Industrial Bank of Korea, Square Ventures, K-Bridge Investment, Breeze Investment|
- Ihateflyingbugs has secured KRW 20 billion in funding. It runs online education services, such as Mildang English and Mildang Math. The business uses AI technology to compile data about users’ learning behavior and then offers personalized teaching services, a customized curriculum, and tight study management. supervision. It takes the initiative in bringing offline education online.
- Onda, a hospitality tech startup has raised KRW 12 billion. It is a B2B SaaS provider for the hospitality industry that promotes the digital transformation of the lodging ecosystem. Its half-year transaction amount exceeded KRW 100 billion for the first time in the first half of this year, and its sales increased by more than double from the same period last year.
- AiV has garnered an investment of KRW 10 billion, bringing the total funds raised to KRW 16 billion. Through deep learning-based machine vision technology, it provides AI solutions for manufacturers that automate defect detection processes. With this funding, the company will accelerate the development of optical systems specialized in inspecting atypical cosmetic defects as well as the advancement of deep learning algorithms.
- Fashion startup Onthelook has received a KRW 7 billion investment. Users are provided with fashion creators’ style lookbooks that suit their preferences and they can purchase the items on the spot. The number of its monthly active users surged by 690% compared to the previous year, and the number of creators increased by more than 40% annually on average.
Sleep Tech Startups That Tackle Sleeping Disorders
The sleep aids market is growing faster as more people struggle to fall asleep due to depression and insomnia after COVID-19. Technologies that enhance sleep quality are drawing attention, from IT-integrated mattresses to sleep monitoring and digital therapeutics.
Since 2017, CES, an IT consumer electronics exhibition, has dedicated a section to the sleep-tech industry to showcase related technologies. Big-tech firms and startups are actively pursuing this market. Even though they are few in number, some prominent sleep tech companies in Korea have risen to prominence by securing sizable investments and targeting global markets.
Asleep, which attracted KRW 16 billion, is the startup that has raised the most money this year. It offers various services by diagnosing sleep stages based on breathing sounds during sleep. One of its key features is the capability of measuring different stages of sleep with any device that has a microphone, like a smartphone. Asleep claims that its sleep diagnosis is 15% more accurate than that of the smartwatch. It recently signed a business agreement with LG Electronics to introduce services connected with home appliances.
The sleep factory acquired an early-stage investment in SmartPasa, a brand which treats sleep apnea and snoring. It uses an app and anti-snoring mouthpiece to measure sleep conditions and provide individual sleep analysis reports. Curaum, which was chosen as a baby unicorn this year, also offers medical devices to treat sleep apnea. Some startups make sounds and lights to help people fall asleep. Munice operates Miracle Night, a digital sleep aid that uses sleep-inducing sound patterns and monaural beats based on brain science. It provides optimal sleep-inducing sounds and sleep-related content as a subscription service without the need for special equipment. Luple creates lights to induce a good night’s sleep. Its two products, Olly Day and Olly Night, won the Innovation Award at CES. They improve sleep quality by creating a light environment conducive to sleep and controlling the secretion of serotonin and melatonin.
Services that integrate digital technology into pillows and mattresses are geared toward international consumers. 3boon1, which raised KRW 12 billion the previous year, announced its plan to broaden the scope of its product offering beyond mattresses to additional sleep tech goods. The business is now working on a product that combines a mattress with hardware that determines the user’s sleep patterns, such as respiratory and heart rates, to set the ideal temperature for deep sleep. Maetel, a manufacturer of smart pillows, sells Zerema, a smart bedding brand using IoT and AI, to customers in North America, Europe, and Japan. The pillow may be adjusted to the right height for the neck and head by taking into account the user’s body form, which enhances the quality of sleep.
The reason why companies are jumping into the sleep tech market is due to its growth rate.
Global Market Insights projects that by 2026, the market for sleep technology will be worth KRW 46 trillion. Additionally, the Korea Sleep Industry Association estimates that the market for sleep aids in Korea has grown to KRW 3 trillion. The market is anticipated to expand further, with both demand and supply from related industries rising along with the increase in insomnia.