SparkLabs, leading Korean accelerator specializing in early-stage startups, announced that it has selected four companies for its highly competitive 22nd startup fostering program. The selection process saw around 250 early-stage startups vying for a coveted spot, reflecting the vibrant and dynamic landscape of innovation in various fields such as artificial intelligence (AI), environment, society, and governance (ESG), software as a service (SaaS), and finance.
In the field of AI, Amber Road has been selected for its revolutionary ‘MinerReport’ solution, designed to enhance manufacturing productivity through AI. A venture originating from POSCO, Amber Road has leveraged its eight years of experience in AI projects at various manufacturing sites. The solution is tailored for practitioners unfamiliar with AI, aiming to streamline manufacturing processes and boost productivity.
In the ESG field, Livit, which provides a carbon emission management solution ‘TANSOLUTION’, was selected. TanSolution implements automation technology through B2B SaaS, allowing corporate managers to easily register and monitor emissions, and provides a report generation function based on global standard guidelines to help manage carbon emissions efficiently.
In addition, the investment tech startup ‘KUPA,’ which combines global financial data analysis and dynamic data mapping (DDM) technology to provide market trends and key information to investors, was chosen. The platform ‘MOBA,’ offering a calendar-based project management tool for Project Managers (PMs), also secured a spot in Spark Lab’s program.
SparkLabs is set to provide these startups with an initial investment of up to 100 million won ($75k) , kicking off an approximately 18-week placement program. Dedicated managers and representative partners will work closely with each company, conducting 1:1 corporate diagnoses and arranging sessions with industry expert mentors. The primary focus will be on identifying Product-Market Fit (PMF). As the program concludes, a private demo day will be organized, offering a platform for business presentations and networking to attract follow-up investments.
Kim Yu-jin, CEO of Spark Lab, expressed his enthusiasm for the program, stating, “Building on the know-how and data accumulated over the past 12 years, we aim to pinpoint the most crucial PMF in the early stages, attract follow-up investments, and devise roadmaps for overseas expansion.” He emphasized the global reach of SparkLabs, spanning continents such as the US, Taiwan, Australia, and Saudi Arabia, and assured the startups of comprehensive support.
SparkLabs has been at the forefront of supporting early startup growth since 2012, selecting and investing in two candidates every year. Last year alone, the accelerator invested in 27 companies, bringing the total number of startups in its portfolio to an impressive 320.
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