Lotte Ventures Signs MOU with Special Forces... "Startup Technology Exchange"

On the 11th, So Young-min, Commander of the Army Special Warfare Command, and Jeon Young-min, CEO of Lotte Ventures, are taking a commemorative photo.

[Asia Economy Reporter Lim Chun-han] Lotte Ventures announced on the 11th that it has signed a business agreement with the Republic of Korea Army Special Warfare Command (Special Forces) to enhance future combat capabilities and apply startup technologies in the field.

Through this agreement, the Special Forces expect to actively promote technological exchange and collaboration with domestic and international startups possessing advanced scientific technologies. Startups in the fields of cybersecurity, control systems, drones, new materials, and energy are mentioned as the main targets for collaboration. For example, Linkflow, a startup that manufactures wearable cameras, plans to introduce technology that allows Special Forces personnel to monitor all directions in real time through 360-degree cameras and video synthesis technology.

From the startups’ perspective, this provides an opportunity to challenge the relatively difficult-to-enter defense sector and to seek technological improvement and advancement through field application testing. The Special Forces will expand open innovation opportunities with startups through various programs, and Lotte Ventures plans to actively support this.

So Young-min, Commander (Lieutenant General) of the Special Warfare Command, stated, “Technologies such as the internet and drones were developed for military purposes but have advanced through civilian technological exchange and collaboration,” adding, “If scientific technologies developed by startups are applied and advanced in the military, it could create a ‘second internet’ technology.”

Jeon Young-min, CEO of Lotte Ventures, said, “Many startups possess technologies and services applicable to the defense sector, but due to a lack of technology verification and contact channels, many have not even attempted to enter this field,” and added, “We will serve as a bridge to introduce and apply various startups’ technologies to the military in the future.”