Korean startups introduce businesses in Singapore at D.CAMP event

2023.05.09 12:03:01 | 2023.05.09 12:04:49

The D.Day [Photo provided by D.CAMP]이미지 확대

The D.Day [Photo provided by D.CAMP]

South Korea’s promising startups introduced their businesses to overseas venture-capital firms in Singapore at an event organized by D.CAMP, a startup support program run by the Banks Foundation for Young Entrepreneurs, last week.

The D.Day, or demo day took place overseas for the first time to mark the 11th year of the support program. It was held with support from the Singaporean startup authority, the Infocomm Media Development Authority (IMDA), and from Korea’s KB Financial Group.

During the event, five Korean startups were awarded for their global growth potential by the judges that included executives at Singapore-based venture capital firms such as Cento Ventures, Golden Gate Ventures Pte, Openspace Ventures Pte, Tin Men Capital, and Insignia Ventures Partners Pte.

“We hope that this event will serve as a springboard for Korean startups to enter Southeast Asia and encourage more companies to expand overseas,” said Kim Young-duk, chief executive officer at D.CAMP.

WeMeet CEO Hyunseok An [Photo provided by D.CAMP]이미지 확대

WeMeet CEO Hyunseok An [Photo provided by D.CAMP]

Plant-based food component producer WeMeet won the D.CAMP Award.

WeMeet focuses on producing chicken substitutes, not red meat substitutes, and uses mushrooms and other similar plants and funguses instead of beans.

While tasting like chicken, its chicken substitute has no cholesterol or trans fats, is 100 percent fiber, and has 50 percent less saturated fat than actual poultry, providing a good alternative for people with cardiovascular concerns.

Targeting young consumers keen on the environment, animal welfare, and health issues, WeMeet also developed plant-based processed food products, like crispy pork, chili sauce fried chicken, or chicken masala.

The company in November was also commended for its growth potential at a previous demo day event.

Kai Health CEO and Founder Lee Hye-jun [Photo provided by D.CAMP]이미지 확대

Kai Health CEO and Founder Lee Hye-jun [Photo provided by D.CAMP]

Kai Health received the IMDA Award for its artificial intelligence-based solutions that help select good embryos to improve the success rate of fertility treatments.

Kai Health has enabled a higher success rate by using objective data about fertility treatments that used to depend on the skill and experience of the physician delivering the treatment.

It relies on an AI algorithm to identify better embryos. The company’s fertility solution can increase the success rate by up to 10 percent or more from the current 30 percent success rate, according to the company’s CEO and Founder Lee Hye-jun, a professional obstetrician and gynecologist herself.

Kai Health had also won a top award at a demo day event jointly organized by D.CAMP and Seoul National University’s College of Medicine in December 2021.

Digital healthcare company Huraypositive Corp. provides chronic disease management solutions. With an alliance of 13 startups that have strengths in specific diseases, the company is able to provide customers with customized healthcare data.

It has some of the largest insurance companies as partners and customers, including Samsung Fire & Marine Insurance Co. and Hyundai Marine & Fire Insurance Co., as well as the National Health Insurance Service.

It plans to expand its reach into global markets, including Japan, Southeast Asia, and the Middle East.

Omnis Labs Co. has developed a technology to easily analyze image data collected from airplanes, drones, or satellites through its own machine-learning AI platform, Deep Block.

Though images taken from satellites and aircraft are not easy to analyze due to their large scale of up to 100 terabytes, the company’s AI platform enables the automation of satellite and aerial image data up to 15 gigabytes per second.

The company is eyeing the Singaporean market as a geospatial analysis market there is growing quickly on the back of support from the Singaporean government.

“Meet Korea” event [Photo provided by D.CAMP]이미지 확대

“Meet Korea” event [Photo provided by D.CAMP]

Grade Health Chain has developed the financial service app “Log” based on an all-encompassing health database. Six insurance companies, including ABL Life Insurance Co. and Hana Insurance Co., are already in use of the company’s health ratings as criteria for calculating their insurance premiums.

People falling under Tier 1 to Tier 4 can enjoy discount benefits on their insurance premiums, with up to a 40 percent discount for Tier 1.

Grade Health Chain was selected as an innovative financial service by Korea’s Financial Services Commission in 2020 and holds a patent for its health rating system.

As of the end of 2022, the company’s app had accumulated 210,000 subscribers. It plans to expand the scope of its services to loans and deposit rates using its health ratings as an alternative credit rating factor.

On the sidelines of the event, D.CAMP organized a “Meet Korea” event on Wednesday for Singaporean startups to share information concerning how to apply for visas and establish a business in Korea jointly with the Singapore FinTech Association and Enterprise Singapore, and Korea’s Overall Assistance for Start-up Immigration System.

A total of 37 Singaporean startups joined the event and showed keen interest in the Korean market.

By Pulse

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