- the MSIT announces the business results of the 495 benefited companies under the 2020「K-Global Project」-



□ On Apr. 7th, the Ministry of Science and ICT (MSIT) led by Minister Choi Kiyoung announced the achievements made by the benefited companies under the ｢K-Global Project*｣, a support initiative for entrepreneurs and startups in Information and Communications Technology (ICT).



* Since 2015, the MSIT has put all ICT startup support projects under a single umbrella project named “K-Global”. The ministry makes a comprehensive announcement early every year and manages the achievements.



ㅇ The achievements were analyzed through the business results survey* and became available by taking into account the four indices – numbers of employees, revenue, investment attraction and patents– , and comparing business results from in 2019 and 2020.



* ’21.1.4∼’21.1.25, Online survey (together with survey on the phone), response rate: 80.9% (495 companies in total answered)



□ Following are the achievements brought by the benefited companies under the 2020 「K-Global Project」.

ㅇ (Employee number) The surveyed companies (495) recorded 2,547 new jobs. As of late 2020, the number of executives and employees was 7,298, a 53.6% increase from 4,751 in late 2019.



- On average, one company newly hired 5.1 employees and 74.1% (367) of the surveyed companies created jobs.



ㅇ (Revenue) The revenue in 2020 is KRW 620.2 billion, an increase of KRW 129.4 billion (26.4%↑) from KRW 490.8 billion in 2019.



- 79.8% of the benefited companies generated revenue, and about 10% of the total revenue (KRW 62 billion) was created abroad.



ㅇ (Investment attraction) Also, last year attracted KRW 344.9 billion in total investment, recording an increase of KRW 98 billion (39.7%↑) from KRW 246.9 billion in 2019.



- The number of companies that succeeded in attracting investment is 187 (37.8%), and the amount of foreign investment is KRW 49.91 billion (about 14.5% of the total investment).



ㅇ (Patents) The number of patents granted in 2020 is 1,760, which is 641 more than 1,119 patents granted in 2019 (57.3% increase).



- The number of companies that obtained patents is 280 (56.6%), and the number of patents obtained abroad is 488 (about 27.7% of the total number of patents).

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□ The MSIT made efforts to establish a robust support system and strengthen support for the ICT sector by helping the growth and foreign market entry of startups specializing in specific technologies. With customized support targeting ICT entrepreneurs and startups, the MSIT was able to identify diverse success stories, such as successful oversea market entry, patent obtainments and investment attraction.



① Riiid



ㅇ Riiid is one of the leading companies in the global education market that introduced the concept of “AI tutor” for the first time. It offers an AI-based web/mobile learning platform and was in need of global patents for its technology to enter foreign markets.



ㅇ Through the Oversea Market Entry Support Programme, the MSIT provided Riiid with legal and patent consultations. Based on this support, Riiid applied for patents in countries such as the US, Japan and Vietnam. It even succeeded in obtaining patents in Middle Eastern countries, which are known to have complicated patent obtaining process.



ㅇ Building on such activities, Riiid signed a memorandum of understanding with a global education company headquartered in the UAE and an agreement with a top American education company to supply its AI-based learning solution.



- Moreover, Riiid succeeded in establishing a local establishment in Silicon Valley, California and attracting over KRW 50 billion investment.



ㅇ This year, Riiid will step up and make efforts to enter the North American, Middle Eastern, South American and African markets.



② Vuno Inc.



ㅇ Vuno is a medical AI solution developer that offers AI diagnosis support solution using medical data. It is the first Korean company to specialize in AI-powered medical devices. Despite its outstanding medical AI technology, the company was in need of professional marketing and consulting experts.



ㅇ Through the Software High-growth Club Programme, the MSIT provided Vuno with consulting and marketing solutions and funds so that the company can apply for more than 40 patents at home and abroad and obtain the EU CE marking for its five major products.



- In particular, in considering the difficulties faced by Vuno in establishing overseas network as well as demonstrating and selling products in international markets due to COVID-19, the MSIT has focused on supporting global marketing and promotion activities of Vuno such as providing support in taking part in the online exhibition of the European Congress of Radiology, which is the largest academic conference and exhibition in the world.



ㅇ As a result, Vuno has paved the way for overseas expansion including signing distributorship agreement with Taiwan’s largest medical solutions provider. Earlier this year, Vuno was listed on the KOSDAQ market through successful IPO and the company has continued to grow since then.



③ Mathpresso Inc.



ㅇ Mathpresso is a promising company in contactless education in rapidly changing educational environment due to the COVID-19 crisis. The company provides QANDA service, which is a search app that answers questions real time by using AI and aims to become a leading global company by expanding further into overseas markets.



ㅇ The MSIT has supported overseas expansion of Mathpresso in ways of guaranteed growth fund under the “program to foster global ICT unicorns of the future” and matching the company with local partners.



- Based on the support, Mathpresso launched new services in countries including Thailand and Indonesia, topped the best educational app list of Google Playstore and attracted 42.2 billion won in foreign investment. In addition, the company has grown exponentially, demonstrated by the number of newly hired employees increasing by approximately 106%, as its business has grown thanks to overseas expansion.



□ Director General Lee Seung Won of the ICT Industry Policy Bureau at the MSIT said, “Despite global economic downturn due to COVID-19 last year, tailored support has resulted in strong per-formance of companies benefiting from the ”K-Global project.“



ㅇ “Under the digital new deal policy, the government will spare no effort in ensuring that startups and venture companies can become high-growth companies and showcase their outstanding technologies across the world.”