Highly Rated in Technological Differentiation, Maturity, Trend Alignment, and Global Competitiveness
[Asia Economy Reporter Kim Jonghwa] Urbanbase Inc., a spatial data platform company (CEO Jinwoo Ha), has been selected as one of the 'Innovative Companies National Representatives 1000' that will lead South Korea's innovation growth. Urbanbase was highly evaluated for its technological achievements and growth potential in the information and communication immersive content sector.
The 'Innovative Companies National Representatives 1000' is a project led by the Financial Services Commission in collaboration with ministries such as the Ministry of Trade, Industry and Energy and the Ministry of SMEs and Startups to select representative companies leading future innovation. Since July 2020, a total of 279 representative innovative companies were selected over two rounds, and Urbanbase was selected in the third round, which chose a total of 321 innovative companies, through the Ministry of SMEs and Startups' evaluation.
Urbanbase participated in the immersive content part of the information and communication sector. Urbanbase's flagship services, '3D Home Design' and 'Urbanbase AR,' received positive evaluations in terms of technological differentiation, maturity, trend alignment, and global competitiveness.
The technology has progressed beyond the concept development stage to a stage that generates actual sales, and the company was recognized as capable of responding to megatrends such as non-face-to-face services and the metaverse, whose demand has explosively increased due to COVID-19. Additionally, since establishing a Japanese subsidiary in 2019, Urbanbase has achieved export results by signing contracts with leading Japanese companies such as Nitori and Mitsubishi Real Estate, and is considering expansion into Southeast Asia by discussing business with a major real estate platform in Singapore.
Through this 'Innovative Companies National Representatives 1000' selection, Urbanbase will receive various financial supports including exemption from loan limit application, expanded operating fund limits within the maximum guarantee limits (KRW 15 billion from Korea Credit Guarantee Fund and KRW 10 billion from Korea Technology Finance Corporation), and interest rate reductions. The Financial Services Commission has previously supported a total of KRW 1.7983 trillion to 140 companies with funding needs among the 279 companies selected earlier.
Kim Deokjung, Chief Operating Officer (COO) of Urbanbase, said, "It is an immense honor to be selected as a future-leading innovative company representing South Korea six years after being part of 'K-GLOBAL 300' at the early stage of our startup." He added, "Thanks to the government's active support, we were able to advance our technology, and we will continue to achieve relentless innovation in the proptech and metaverse fields through ongoing research and development."
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