Artificial intelligence, virtual reality, and healthcare solutions were the most dominant areas of patented technologies nominated for the Korea Venture/Startup Patent Awards inaugurated this year to recognize promising players in the disruptive technology sector, while helping them in business growth and job creation.

Small companies, ventures and startups with less than seven years in business are eligible to apply for the award co-hosted by Korean Patent Attorneys Association and Maeil Business Newspaper and sponsored by Presidential Council on Intellectual Property and Woori Bank.

Among the 78 entries accepted in the four weeks between July and August, bio- and med-tech patents as well as ‘untact’ solutions in the e-commerce and virtual reality fields were prevailing, according to Hong Jang-won, head of the Korean Patent Attorneys Association, who is in the judging panel. This shows an alignment with the government in the focus on strategic growth drivers and casts a bright outlook for the future in this area, he added.

By specialty, patents in electrical engineering took the largest portion of the entry list with 43.6 percent, followed by chemistry that includes life science and medical technology (28.2 percent), medical and other devices (21.8 percent), and machinery (2.6 percent). By expertise area, computer technology topped the list with 15 cases, followed by medical technology (10 cases) and e-commerce (10 cases) and biotechnology (8 cases).

The breakdown marks a perfect match with a trend seen in Korean patent applications last year, where patents related to metaverse solutions and business models stood out amid the steady increase in patents in electricity and electronic engineering and chemistry fields.

Alpha Circle is the top winner of the first Korea Venture/Startup Patent Awards for its efficient image reconstruction technology for an 8K 3D VR video. Other winners include MDimune (drug delivery platform), Heuron (AI-based MRI reading), Plasmapp (plasma sterilizer), Seed Korea (new user interface for digital content work), and Enterobiome (anti-inflammatory and metabolic therapy). An award ceremony will take place at Maeil Business Newspaper’s Seoul headquarters building on Nov. 2.

By Song Kyung-eun and Minu Kim

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]