- Korean technology companies step up regularization to enter Indian market
- K-ICT Born2Global Centre hosts K-Global@India 2018: Demo Day on July 10 in New Delhi
NEW DELHI, July 11, 2018 /PRNewswire/ -- The Korean company Exosystems and Indian company Chainwolf were selected as the winners of K-Global@India 2018: Demo Day, which was held in New Delhi. Each company received a $1,000 cash prize and an award from the South Korean Minister of Science and ICT (MSIT) You Young Min.
Korean company Exosystems and Indian company Chainwolf were selected as the winners of K-Global@India 2018: Demo Day, which was held on July 10 in New Delhi.
K-Global@India 2018: Demo Day was hosted by the K-ICT Born2Global Centre, a startup incubator that supports promising technology companies in their efforts to debut overseas. The event was attended by over 80 people, including major local VCs, accelerators, angel investors, business partners, and representatives from the government, media, and startups. The attendees shared their unique insights on the startup environments of Korea and India and discussed ways of engaging in bilateral cooperation. In addition, a pitch contest was hosted for the participating companies, doubling as a business information session.
A total of 12 companies competed in the pitch contest: eight Korean companies (Alleys Wonderlab, Day2Life, Exosystems, GSIL, Luxrobo, Ovitz, SketchOn, and ulalaLAB) and four Indian companies (Chainwolf, Parkzap Labs, RightWatts, and The Solar Labs).
In addition to the contest, K-Global@India 2018: Demo Day also included a panel discussion and seminar.
NASSCOM 10000 Startups Director Sunil K Shekhaw at conducted a seminar on India's startup environment and introduced the trends of the Indian ICT market and status of major investment markets. The panel discussion was comprised of in-depth dialogue on the startup environments of Korea and India and brainstorming to find opportunities for collaboration between Korean and Indian companies and strategies for a future development model.
To secure local business channels and expedite the successful debut of Korean companies through a stable cooperative network, the K-ICT Born2Global Centre signed an MOU with NASSCOM 10000 Startups, an institution that works with the Indian government to support IT companies. The K-ICT Born2Global Centre also confirmed the growth potential of NDMC-Smart City and India's smart city market as well as the potential for collaborative opportunities with Korean companies, leading to significant discussion on future collaborative projects.
In addition, the K-ICT Born2Global Centre and E-Cell IIT Madras (Indian Institute of Technology Madras), India's startup nursery school, have decided to pursue a long-term cooperation exchange plan on the growth direction of the startup entrepreneurial ecosystem of Korea and India.
K-ICT Born2Global Centre Chief Executive Director Kim Jongkap said, "We met with major Indian institutions and learned a great deal about overseas startups that have debuted successfully in India and strategies for entering the Indian market and securing investment in India. Going forward, we will be working closely with Korean technology companies to attract local investment, promote business development, secure partner companies, and address a wide range of other issues related to establishing a business presence in India and will do everything possible to support the debut of Korean startups in the country."
Here are the two startups that won:
Exosystems is developing a wearable joint rehabilitation solution with the motto "Fun at Home! Data driven Rehab." For rehabilitation patients suffering from the limitations of existing rehabilitation systems.
Chainwolf's product lets merchants and lenders buy/sell consumer loans/leads to each other, without disclosing private information like customer PII or credit risk model. Leads to a lower cost of customer acquisition.
Although they did not secure the final top two spot, the other ten businesses pitching included:
1. Alleys Wonderlab: Alleys Map is the world's first crowdsourced video map platform in first-person view for travelers. It processes street view video in first-person view uploaded by tourists, mapper and extreme activists, converts them into geospatial information, and provides them as a map-based service for virtual exploration and travel.
2. Day2Life: TimeBlocks is a mobile planner app which have 1.2M downloads and 0.3M active users. Users can manage their events with 2 times less touches than normal calendar app. In addition, users can manage not only event having specific time, but also todo or memo in a single place.
3. GSIL: GSIL has established a system that preemptively detects risk factors in construction sites utilizing IoT/ICT technologies for integrated management for safety of workers.
4. LUXROBO: MODI is a modular device for DIY IoT, and robotic creations. Just connect and Build with MODI module. The MODI App connects the smartphone to the Newtork module via Bluetooth. It allows the APP to control with MODI device.
5. Ovitz: Ovitz's EyeProfiler is an accurate, compact, easy to use, portable and inexpensive vision diagnostic device. It embodies an advanced application of Wavefront sensor technology in a patented design to deliver high level of performance while keeping the device cost low.
6. SketchOn: "Prinker" allows users to apply a design to their skin safely in just a few seconds. Suggesting the easy, interesting and safe self-expression way by making a platform service combining of the "Prinker" which can print up the temporary tattoo directly on skin and 'online art gallery' is providing variety of images.
7. ulalaLAB: Easy and Simple IoT Smart Factory Platform 'WimFactory' for Small and Medium Sized Manufacturers WimFactory application can be completed if WICON connected with function sensors is attached to the current facility without change.
8. Parkzap Labs: Parkzap Labs is building the next generation Electronic Toll Collection and Automated Parking Systems based on vision and AI.
9. RightWatts: RightWatts uses IoT and Analytics for driving Energy Efficiency and Predictive Maintenance. Their commercially available flagship product DeepView is a vendor-agnostic IIoT based Energy Analytics Platform that helps measure & optimize energy consumption, along with eliminating unexpected shutdowns.
10. The Solar Lab: Design a solar PV system for any rooftop site in minutes using AI. The Solar Lab's software takes 5% time to make designs which generate 10-15% more than manual solar software tools on the market.
About K-ICT Born2Global Centre
K-ICT Born2Global Centre (www.born2global.com) is a full-cycle service platform for global expansion. Since inception in 2013, Born2Global has been setting the standard for successful startup ecosystem as the main Korean government agency under the Ministry of Science and ICT. Born2Global has expanded and transformed startups to be engaged, equipped and be connected with the global market.
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