[Report] K-Startup Rising in New York, The Dream of Overseas Expansion Begins (Comprehensive)

'Korea-US Startup Summit' Held in the US for Two Days from the 20th
Over 200 Participants Including Global Corporations, Startups, and US VCs
Sharing Business Ideas... Investment IR and Joint Fund Establishment Scheduled

On the 20th (local time), Lee Young, Minister of SMEs and Startups, and his delegation attended the 'Korea-US Startup Summit' held at Pier 17 in New York, touring startup booths collaborating with major domestic and international companies such as Hyundai Motor Company and Google.

The government has chosen the United States as the first destination to support the global expansion of startups domestically. In New York, known as "Silicon Alley" for its favorable conditions and environment for innovative company startups, Korean and American entrepreneurs and investors gathered together. The plan is to broaden the startup ecosystem so that domestic companies can break away from the narrow domestic market and expand onto the global stage.

The "Korea-US Startup Summit," hosted by the Ministry of SMEs and Startups, was held over two days on the 20th and 21st (local time) at Pier 17 in New York, with over 200 participants including global companies such as Google and Amazon Web Services (AWS), startups from both countries, and venture capital firms.

Near the venue, yachts that had briefly docked while traveling around the world were lined up, and outside the window, the iconic Brooklyn Bridge of New York was visible. The event, which started at 1 p.m. on the first day, took place under clear and sunny weather with temperatures around 20°C.

On this day, domestic and international large corporations such as Google, Naver Cloud, and Hyundai Motor Company set up booths to promote startups they are collaborating with to the U.S. market. "Mycel," a bio company spun off from Hyundai Motor in 2020 that produces eco-friendly leather car seats using biological materials like mushrooms, recently succeeded in raising 13 billion KRW in pre-Series A funding.

A representative of the smart factory solution "FutureMain," participating in the "Korea-US Startup Summit," is demonstrating their solution.

Sungjin Sa, CEO of Mycel, who is participating in an overseas exhibition for the first time, said, "There are only four companies worldwide doing similar business to ours," adding, "We aim to enter the global market next year, so we decided to participate in the event." He continued, "Meetings with overseas venture capital firms and AWS are scheduled," and said, "I want to build networks and establish good relationships through this opportunity."

FutureMain, a smart factory solution company established in 2014, also participated in the event by jointly setting up a booth with Naver Cloud. FutureMain provides services that monitor machinery and diagnose and analyze defects using artificial intelligence (AI) and augmented reality (AR) technologies. It participated in Naver Cloud's SME support program called "SaaS N" and successfully raised 4.8 billion KRW in Series A funding last year.

FutureMain, which has secured various domestic clients such as Korea East-West Power, LG Energy Solution, and Daewoo Shipbuilding & Marine Engineering, is targeting entry into advanced manufacturing countries like the U.S. and Germany.

A representative from FutureMain introduced, "We built an AR-based safety management platform using data accumulated over 30 years in the field of equipment diagnostic engineering," adding, "Another advantage is that it can be used anywhere in the world by accessing the cloud server."

Since 2019, Google has been running the "Changgu (Startup + Google) Program," collaborating with application-based startups to help them enter the global market. It collaborates with about 80 companies annually and has supported over 300 companies to date. This event involved startups mainly focused on mobile apps and game services. Jiha Kim, Google Play Marketing Manager, said, "Google also started as a startup and came this far. We are running startup support programs in many countries worldwide, but Korea has particularly outstanding companies." He added, "We will spare no effort to introduce startups to the U.S. market and connect them with overseas investors."

Collaboration between large corporations and startups is a good means for both sides to achieve a 'win-win' through new business ventures and market expansion. Kyuseung Noh, team leader of Hyundai Motor's Zero One team, said, "Hyundai Motor's business ranges from mobility and eco-friendly energy to smart cities and smart factories," adding, "Since it is impossible for Hyundai Motor to do business alone, we are securing business competitiveness through investment and cooperation with partner companies."

Jayoung Joo, manager at Naver Cloud, said, "The cloud business is a service model suitable for growing together with startups," adding, "We support solution companies that face difficulties in building infrastructure in the early stages of their startups. When they grow, our sales also increase and we can grow together."

At the main stage on this day, the first part of the "Startup Demo Day" featured 10 startups from both countries with similar items presenting their ideas and exploring cooperation methods. On the sub-stage, collaboration programs between large corporations such as Google, AWS, Hyundai Motor, Naver Cloud, and Korean startups were introduced.

Tomorrow (the 21st), 10 Korean startups will conduct investment attraction IRs targeting U.S. venture capitalists. A joint fund formation agreement ceremony between Korea's Korea Fund of Funds and U.S. venture capital is also planned.