Korean startups are lining up the stock indexes for IPOs, with the latest is AI-startup Wayne Hills Ventures, which announced its IPO last week. Korean startup in drone delivery service PABLO Air will launch its New York operations soon, and fashion unicorn startup Musinsa will launch its channel. Ministry of SMEs and Startups looking for startups in the sustainable development sector and online education platform startup CLASS101 attracts investment.

Artificial Intelligence startup Wayne Hills Ventures launches IPO Shinyoung Securities selected as the organizer

Source: Platum

Wayne Hills Ventures, an Artificial Intelligence startup, launches its IPO process on the KOSDAQ (special listing on growth potential) with Shinyoung Securities as the host. Wayne Hills Ventures is expected to go public in the first half of 2022.

Wayne Hills Ventures uses TTV (Text to Video) and STV (Speech to Video) AI algorithms to extract the dictionary meaning of words based on natural language processing, machine learning, and speech speaker separation technology from text and voice-based data to create digital images. Wayne Hills has developed software that automatically converts and produces content. Recently, it expanded its business to the metaverse service area along with algorithm technology. Through the Metaverse-related smartphone camera video, ‘AI Digital Human Algorithm’ can track human behavior and create various 3D characters in the Metaverse virtual space.

Wayne Hills Ventures is a startup in its second year of establishment and has attracted a total of 5.3 billion won in investment so far. The company was highly evaluated for its content copyright license and technology, and achieved approximately 5 billion won in domestic and overseas sales within two years of its establishment.

PABLO AIR to Launch New York Drone Delivery PoC with EVA

Source: PABLO Air

PABLO AIR, a company specializing in drone logistics solutions and delivery services and a member of Born2Global Centre, will take part in the development of a drone delivery service for use in the United States. As a member of a consortium led by EVA, PABLO AIR will begin its participation in an empirical project on drone delivery in New York from April, 2022. The corridor is developed by Griffiss International Airport (GIA), Thales, Federal Aviation Administration (FAA), and the U.S. National Aeronautics and Space Administration (NASA) who are in the Northeast UAS Airspace Integration Research Alliance (NUAIR) Alliance. NUAIR Alliance, a nonprofit organization based in New York, supports a project that advances the UAS and AAM industries including standard development, product testing, drone integration, and real-life use-case scenarios.

This venture is especially important for PABLO AIR because it essentially grants the company exclusive drone operation rights in this project. The project will be conducted in two New York locations: GIA, in Oneida County near Rome, and in Syracuse. The project will test the safety with which cargo can be delivered via drone to its destination; PABLO AIR will load objects onto a drone to be delivered from GIA to a station in Syracuse, a distance of approximately 50 miles.

CLASS101 attracts 30-billion-won Series B investment 

Source: CLASS101

 Online Class Platform CLASS101(CEO Ko Ji-yeon/Monde) raised 30 billion won in a Series B investment. The investment round was led by Goodwater Capital and included existing investors Strong Ventures, KT Investment, Mirae Asset Capital, and Klim Ventures. CLASS101 will accelerate growth by focusing on attracting talent and expanding into global markets.  The leading role Goodwater Capital played in the round is especially indicative of the broad interests in and high expectations for CLASS101’s future performance and value in the world market. The firm is a leading global investor that has been successful in investing in global companies such as Facebook and Spotify as well as South Korean companies such as Kakao, Coupang, Toss, and Danggeun Market.

CLASS101, which launched its services in March 2018, offers more than 2,000 classes in a variety of categories (including hobbies, careers, money, and kids), reaching beyond the limits of traditional online classes. CLASS101 is a market leader among online class platforms with explosive growth every year, reaching the following astonishing figures: 100,000 current creators, 50 billion KRW in cumulative creator settlements, about 35 million cumulative visitors, and 3 million cumulative members.

Ministry of SMEs and Startups Recruiting Startups Responsible for Sustainable Development in Asia Pacific

Source: EDaily

The Ministry of SMEs and Startups announced on September 5th that it would start a venture and startup contest to seek sustainable development in the Asia-Pacific region with the Asian Development Bank (ADB).

Earlier, in September last year, the Ministry of SMEs and Startups jointly established an ADB Venture Fund worth $60 million with the Asian Development Bank to foster startups to solve problems in the AsiaPacific region. The ADB Venture Fund is the first fund created jointly with an international organization, with $10 million in equity funds and $5 million in the ‘e-Asian Knowledge Cooperation Fund’ of the Ministry of Strategy and Finance. Invest in domestic and foreign startups that contribute to sustainable development in the Asia-Pacific region.

The Ministry of SMEs and Startups is holding this contest to actively discover business models that can contribute to sustainable development, not just creating a joint fund. The participants of the contest are domestic and foreign startups and university student (preliminary) entrepreneurs. Yang Seung wook, head of the Venture Investment Division at the Ministry of SMEs and  Startups, said, “I hope that entrepreneurs and startups interested in ESG and sustainable development will participate in this opportunity that has been created while building continuous cooperative relationships with international organizations.”

Musinsa Opens Official Media Channel ‘Musinsa Newsroom’

Source: Venture Square

Musinsa, an online fashion platform , will open the ‘Musinsa Newsroom ‘ to expand communication with various stakeholders such as the media,  store brands , and  customers. Musinsa Newsroom is an official media channel that provides Musinsa’s business philosophy of  ‘Brand and Mutual Growth ‘ in various content formats and delivers accurate news and useful information about Musinsa .