AI Startup RyanRocket Selected for Ministry of SMEs and Startups Post-TIPS... "Accelerating Scale-up and Global Expansion"

[Asia Economy Reporter Kwak Minjae] AI startup LionRocket announced on the 25th that it has been selected as a ‘Post-TIPS’ company by the Ministry of SMEs and Startups. LionRocket is an IT company that possesses core technologies in AI virtual humans, as well as voice and video synthesis.

Post-TIPS is a growth-focused support program by the Ministry of SMEs and Startups designed to help excellent graduate companies from the technology startup investment program TIPS scale up smoothly. Companies that receive a ‘success’ rating in the final evaluation upon graduating from TIPS can receive funding for business expansion only if they pass the screening by the dedicated managing organizations for the Post-TIPS project, either the Korea Institute of Science and Technology or the Korea Venture Capital Association.

LionRocket will receive not only commercialization funds but also detailed investment attraction programs for follow-up investments, networking with foreign investment institutions, and support necessary for global expansion such as establishing local subsidiaries through the Korea Venture Capital Association, which was selected as the dedicated managing organization.

The successful launch of the AI-based content creation platform ‘OnAir Studio’ and in-house technology development were the reasons behind the Post-TIPS selection. LionRocket, selected for TIPS in 2019, successfully developed AI deep learning voice and video synthesis technologies during the contract period. Based on this, it also succeeded in attracting follow-up investments worth 7.5 billion KRW. The number of subscribers to the ‘OnAir Studio’ service, which allows users to create their own video content, increased more than fivefold from January to May compared to the same period last year.

Seunghwan Jeong, CEO of LionRocket, stated, “Through Post-TIPS, we will accelerate the advancement of OnAir Studio technology and strive to expand our presence in overseas content markets.”