Ministry of SMEs and Startups Supports PuzzleAI with the Unicorn 200 Program

The Ministry of SMEs and Startups (led by Minister Lee Young) continually fosters an environment for unicorn companies to thrive. Consequently, it supports promising startups to grow into preliminary unicorns valued at over 100 billion KRW. In June, the ministry selected 60 companies for the Unicorn 200 project. Furthermore, it announced 41 additional selections as of the 31st (see below).

Focus on Emerging Startups

The supported companies in the Unicorn 200 program possess competitive products or services nearing completion. Hence, these companies anticipate explosive growth in the near future. A specialized review committee, along with a citizen review group, participated in the selection process. Notably, they selected candidates through a competitive ratio of 5:1.

From 100 selected companies that received support until 2021, significant growth occurred. For instance, average employment nearly doubled, increasing by 91.4%. In addition, revenue surged 2.5 times, rising by 149.6%. Of these companies, 60 successfully secured a total of 678 billion KRW in investments, averaging approximately 11.3 billion KRW per company.

The Unicorn 200: A Competitive Edge

Reflecting the remarkable growth of the selected companies, this year’s second-half recruitment exhibited record competition at 8.4:1. As a result, the Unicorn 200 program has gained recognition as a prestigious nurturing program for startups. The current batch of 41 companies has an average establishment period of 4.2 years, alongside average revenues of 3.03 billion KRW.

Sector representation among the selected companies includes 18 ICT-based platforms and 15 in the biohealth field. Moreover, these selected companies achieved grades of A or higher in evaluations. Specifically, 11 companies earned the highest rating of AAA from the Korea Technology Finance Corporation.

Notable Companies in the Unicorn 200 Program

Several notable companies have emerged from the Unicorn 200 program, reflecting impressive innovations. Wonderful Platform has launched the AI robot “Dasomi” for older citizens and the AI assistant “Aberdeen.” Furthermore, the company holds over 50 AI-related patents, with over 80% of employees being developers.

Another innovative participant, PuzzleAI, developed “VoiceEMR” with its proprietary AI voice recognition technology. This technology converts medical personnel voices into text, enhancing medical record-keeping and improving working environments.

POEN, an electric vehicle battery remanufacturing company, utilizes used electric vehicle batteries for remanufacturing processes. Their AI algorithms assess residual value, furthering applicability in various sectors such as insurance and used car sales.

Commitment to Support Startup Growth

The Ministry of SMEs and Startups remains committed to equipping selected companies to overcome risks in their early stages. These companies can access significant funding opportunities including new market exploration (up to 300 million KRW). Additionally, they benefit from special guarantees (up to 5 billion KRW) and policy funds (up to 10 billion KRW).

Minister Lee Young expressed optimism about the future, stating that support programs would enhance global expansion opportunities. Starting next year, the ministry plans to help unicorn companies move beyond the domestic market. Ultimately, the goal is for these companies to compete internationally alongside globally renowned firms.