Pukyong National University Faculty Startup Nutright Selected for Ministry of SMEs and Startups 'TIPS' Program

Nutright CEO Jo Seungmok.

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Du-yeol] Nutra-it, a venture company founded by Professor Cho Seung-mok of Pukyong National University, was recently selected as a final recipient of the Ministry of SMEs and Startups’ TIPS program.

TIPS is a private investment-led technology startup support project in which the government and private investors jointly discover and support startups with technological capabilities that can lead the global market.

Nutra-it was selected for TIPS through investment and recommendation from the Chungbuk Creative Economy Innovation Center and will receive 500 million KRW in research and development funds over the next two years.

Founded last year, Nutra-it is a company specializing in research and development of health functional foods, including sleep improvement functional materials.

Nutra-it CEO Professor Cho Seung-mok, an expert in health functional foods, succeeded in developing Korea’s first sleep improvement health functional food derived from seaweed (Gamtae) and obtained individual recognition from the Ministry of Food and Drug Safety (MFDS). The rice bran extract was also recognized as a sleep improvement health functional food.

Recognized for the CEO’s technological capabilities, Nutra-it was selected for the K-Startup support project just three months after its founding and secured 200 million KRW in investment this year.

The company succeeded in developing low-dose, high-efficacy sleep improvement functional materials N1 and N2, completed patent and trademark applications, and recorded sales of 1 billion KRW within one year and six months of its founding.

Cho Seung-mok, CEO of Nutra-it, said, “So far, we have strived to create a new market through the development of Korea’s first sleep improvement health functional food and recognition by the MFDS,” adding, “We will not be satisfied with this and will work to have new functional materials recognized as world-class sleep improvement health functional foods.”

Oh Jeong-hwan, head of the Industry-Academic Cooperation Foundation at Pukyong National University, said, “Nutra-it’s selection for TIPS, born from Pukyong National University’s Department of Food Science, the first food-related department in Korea, is a truly proud example of excellent industry-academic cooperation,” and added, “The Industry-Academic Cooperation Foundation will spare no support to help faculty-founded startups like Nutra-it grow.”