[StartupRecipe] 5 Korean startups to watch at CES2021

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#Weekly Funding Overview

[Jan. 11~ Jan. 15]

The total funds raised by Korean startups of this week is KRW 33.83 billion.

Company	Industry	Amount	Round	Investors
Chalngers	Goal setting	-	Series A	Altos Ventures, KTB Network, Smilegate Investment, Pearl Abyss Capital
Triple	Travle	10 billion	Series B	KTB Network, Smilegate Investment, KB Investment, DSC Investment, K Bridge Investment
Moviltech	Mobility	4 billion	Series A	Atinum Investment, mobileappliance
7meerkat	Parking	-	Seed	CCEI Incheon
1011	construction	2 billion		HOBAN CONSTRUCTION, Hyundai E&C, VAIV
Bbodek	Dish cleaning	3.5 billion		DSC Investment, Hana Financial Group, EUGENE INVESTMENT
Harliek	Upcycling	-	Seed	MYSC
Chungsobridge	Cleaning	-	Seed	MYSC
Koodon	Secondhand Luxury	-		CNTTECH
Lemonbase	HR	6.2 billion	Seed	Bon Angels Venture Partners, Kakao Ventures, Shinhan Capital
Verses	Music	-	Pre-Series A	IPS Ventures
Photo widget	Photo	1 billion	Seed	A Ventures
Picky	뷰티	1.43 billion	Nothernlight Venture Capital, Wishcompany, Klim Ventures

Major Funding

• Triple, a travel app, has closed KRW 20 billion in a series B funding round from multiple investors.Triple provides various travel information including tour places, restaurants, flights, and hotels in 210 cities worldwide. Despite of bleak travel outlook, investors are betting on growth potential of travel industry.
• Chlngers, a goal setting app, landed KRW 5billion  in a series A round led by KTB network. Founded in 2018, the company has 51k users, a cumulative transaction volume of KRW 81.4billion and 55.8k goals were made through an app. The new funding will be used for providing more useful goal setting programs for users by making partnerships with professionals in different areas such education, fitness, financial management.  
• Lemonbase, HR SaaS, has raised KRW 6.2billion seed funding led by Bonangels. The company provides HR tools including 360 degree reviews, 1:1 feedback and  anonymous review  Lemonbase , which has already secured more than 200 clients, was established by the co-founder of Redibook, a leading Korean ebook company. He started Lemonbase to solve the operational problems he strongly felt while running Redibook. 
• Mobiltech, a 3D precise localization software, raised KRW 4 billion. The company develops mapping, localization, perception, and sensor fusion technologies to become a global leader of 3D spatial information service. Currently mobiltech provides a 3D data platform called replica city that is a solution to mobilities such as drones, the delivery robot which needs to drive safely in the center of the town or indoors.

More Funding

• BBodek, a dishware rental cleaning startup, has finished round 3.5 billion won Series A.
• 1011, which automates architectural design based on AI technology, has raised KRW 2 billion from Korean major construction companies.
• Connectley raised KRW 700 million in pre-series A funding. It operates zzimcong, which provides comprehensive fashion information on a popular brand for children aged 0 to 13 years old.

Undisclosed Funding

• Harliek, which develops and produces vegan eco-friendly upcycle products and  raised seed investment from MYSC.
• Chungsobridge that develops and operates custom cleaning and daily care platforms for single-person household women raised seed investment from MYSC.
• Second hand luxury platform Koodon raised undisclosed funding from CNTTech.
• Seven Meerkats, an intelligent parking control system manufacturer, raised seed investment from Incheon Center for Creative Economy & Innovation.
• Music Tech startup Versys, which utilizes deep learning sound separation technology, raised pre-series A strategic investment from IPS Ventures.

#Trend Analysis

5 Korean startups to watch at CES2021

CES 2021, the world’s largest consumer electronics show, successfully finished last week. Due to the COVID19, the show was held exclusively digitally for the first time. This year 97 Korean startups participated in CES 2021 through a K-Startup pavilion which was built by The Ministry of SMEs and Startups.

Here are 5 Korean startups to watch at CES2021.

Lux Lab

Lux Lab, a startup founded by students from Hanyang University, develops motion interface shower systems which use lidar algorithms. The smart shower products called ‘Lux Lab D102’ tracks hand movements so people can control water pressure and temperatures with a gesture. The product was originally designed for people with disabilities. The company also unveiled Lux Neckcare at CES 2021 which is a lidar neck posture care device. Neck Care checks users’ neck and back posture to prevent ‘forward head posture’ and checks carbon dioxide concentration to care for user posture and maximize work efficiency. It expects to sell LUX D102 at $850 and NeckCare at $220.

Algocare

Algocare develops a personalized nutrition management solution. The solution provides a real time combination of personalized nutritional supplements that work best for users needs. And the app continuously tracks changes in health conditions according to nutritional intake. Algocare’s algorithm is designed to provide the type and content of nutrients necessary for each person based on an individual’s body surface area, eating habits, lifestyle habits, diseases, symptoms possessed, risk of chronic diseases, and reaction to nutritional supplements. The algorithms were developed by medical researchers at the Algocare Institute who analyzed thousands of papers and consulted an advisory group of more than 50 current pharmacists. Founded in 2019, Algocare won CES 2021 innovation awards only after the company was established about a year ago. 

H-Robotics

H-Robotics develops a smart rehabilitation device called Rebless. Rebless is an FDA-registered robotic exercise therapy device for both upper and lower limbs, providing motion to the elbow, wrist, ankle, and knee joints. The robot is controlled through an app and permits patients to track their improvements and allow them to easily connect with the therapists. The company has raised KRW 6 billion in a series A funding round in 2020 and successfully entered the US market by partnering with Harmonics bionics. H-Robotics also named as CES 2021 innovation awards honoree.

Ruple

Ruple makes Olly, an AI based portable sunlight solution. Light can affect the quality of life and sleep but the problem is that people usually spend most of their time indoors. This ruins natural production of melatonin, the key hormone that helps us sleep. Olly helps users to re-stabilize biological rhythm by using Human-Centric Lighting technology. It is designed to closely mimic sunlight. Olly Day emits light that boosts energy during the day time and Olly Night emits light that helps people to sleep well at night. According to Ruple, Olly worked faster at providing mental alertness when compared to a shot of espresso. Olly successfully finished kickstarter funding in 2020 raising about $100k. Founded in 2019, Ruple is a spin-off company of Samsung Electronics’ startup incubation program C.LAB Inside.

M2S

M2S provides a digital eye health solution platform that analyses and manages eyes health with VR and AI technology. VROR EYE Dr, a digital healthcare device, uses algorithms for tracking eye movements on VR headset and media contents. VROR offers 10 comprehensive eye tests so users can easily check eye health status and keep their eyes healthy based on their exam results. The company won CES 2021 Innovation awards in Health & wellness categories. 

Here is a direct link to see all 97 Korean startups at CES 2021