Amid a harsh climate in the startup investment market, the Incheon-based investment attraction platform ‘BiiG WAVE’ has selected ten startups for its first-half support program.
BiiG WAVE is a fund-based investment attraction platform supported by Incheon Metropolitan City and Incheon Creative Economy Innovation Center (hereinafter referred to as Incheon Center). Among over 200 startups nationwide that applied for the first-half program, ten high-potential companies were chosen.
The selected startups include ▲Baobab AiBIO (drug discovery and development using Structure-Based Drug Design platform) ▲VS Pharmtech (radiation therapy enhancer) ▲VTOV (service for rapid and cost-effective bulk goods transportation in urban areas) ▲SIJE (smart factory solution optimized for the clothing manufacturing industry based on big data) ▲Astrogen (development and sales of orphan drugs for neurological disorders) ▲ABLE Labs (bio-experiment automation robots) ▲Aetech (AI robot ‘ATRON’ reducing landfill/incineration waste through recycling waste sorting) ▲Aeonus (energy mobility ‘Indego’) ▲INEXOPLAT (exosome-based immunotherapy) ▲Perseus (hypervisor solution for future mobility and Software Defined Vehicle platform).
The selected companies will have the opportunity to secure direct investments from the 18 funds operated by Incheon Center and investment firms. They will receive support including ▲company diagnosis mentoring ▲investment capacity enhancement program ▲BiiG WAVE IR and networking day ▲promotion and marketing ▲linkage to direct and indirect investment opportunities, starting with an orientation on the 7th.
The program will be run by the innovation technology startup accelerator ‘MUST Accelerator,’ providing tailored education and investment opportunities based on the investment attraction stage and readiness of each company.
Lee Han-seop, the head of Incheon Creative Economy Innovation Center, stated, “We plan to support the strengthening of capabilities to help the selected startups successfully receive the investments they desire, and Incheon Center will actively review various funds, including the fund of funds.”
Incheon Center is the operating agency for the ‘Incheon BiiG WAVE Fund of Funds,’ the first municipal fund established by Incheon City, and was selected as the operator of the TIPS (Tech Incubator Program for Startups) this year. So far, it has completed investments in 44 companies and three exits, and is operating 24 funds worth 500 billion KRW both directly and indirectly. In particular, ‘BiiG WAVE’ is a representative investment platform operated by a public agency, which has attracted attention for discovering and nurturing promising startups nationwide through large-scale funds in response to the recent slump in investments in startups.
Source: Digital Insight (https://ditoday.com)