Private Investment-Led Technology Startup Support Program
SMFab Co., Ltd. (SMFab, CEO Professor Kim Jae-il of the Department of Materials Science and Engineering), a subsidiary of Dong-A University Technology Holdings, has been finally selected for the TIPS program by the Ministry of SMEs and Startups.
The TIPS program is a 'private investment-led technology startup support program' operated by the Ministry of SMEs and Startups to foster startup companies possessing technology items that will lead the global market.
The government and private investors provide matching R&D funds up to a maximum of 700 million KRW and offer additional funding for overseas marketing and other activities.
Professor Kim Jae-il, Dong-A University.
SMFab is a research institute company and startup founded by Professor Kim Jae-il. It holds numerous intellectual property rights, including domestic and U.S. patents. Previously, it received investments of 300 million KRW in 2021 from Busan United Technology Holdings and 600 million KRW in 2022 from the Korea Venture Investment Association, recognizing its technological capabilities.
The company developed a product to prevent water pipe freezing by utilizing the principle that a shape memory alloy spring automatically reacts when the temperature drops below freezing, causing water to flow and discharge, thereby preventing pipe bursts.
Kim Jae-il, CEO of SMFab, said, "Being selected for TIPS is a great opportunity that recognizes SMFab's technological capabilities and growth potential," adding, "We will grow into the world's number one company in the field of freeze prevention."
Professor Kim, who joined Dong-A University as a professor in the Department of Materials Science and Engineering in 2006, has served as the deputy director of the Dong-A University Link Project Group, director of the Startup Support Group, and chairman of the Busan Regional Startup Leading University Council. He currently serves as the director of the Research Center for Development of Clean Processes for Small and Medium-sized Materials Reprocessing and the Future Drone Technology Development Support Center.
He has received awards including the Busan-Ulsan Regional Small and Medium Business Administration Commissioner’s Commendation (2014), Dong-A University Meritorious Service Award (2019), Busan Mayor’s Commendation in the Inventor Encouragement Merit category (2020), and the Minister of SMEs and Startups Award (2020).
Busan United Technology Holdings was selected as the TIPS operator for the Busan region in 2019 and has been supporting promising startups with excellent technology through investment and incubation.
Additionally, starting this year, it operates as the only deep-tech TIPS and scale-up TIPS operator in the Busan-Ulsan-Gyeongnam area, supporting promising startups at each stage of growth.
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