Busan Defense Venture Center Supports Funding for New Research Projects in the Defense Sector

Support Companies for Selected Research Projects, Synustech and IOTPLEX Support

Successful Completion of Last Year's Supported Research Projects, Approximately 2 Billion KRW Defense Sales

Busan City will support the development costs for two new defense research projects this year through the local government development cost support program at the Busan Defense Venture Center.

Busan City Hall.

The Busan Defense Venture Center is funded by the city and operated by the Defense Technology Promotion Research Institute.

Since its opening in 2008, the Defense Venture Center has been providing tailored support across the defense sector to help 60 affiliated local companies smoothly enter the defense market by discovering defense commercialization projects and pioneering sales channels using the technologies held by affiliated companies.

In particular, through the local government development cost support program operated with the city’s budget, the center supports affiliated companies with development costs for defense research projects, thereby strengthening their technological development capabilities.

The companies selected for research project support this year are ▲Synustech and ▲IOTFlex.

Synustech’s research project involves independently conducting preliminary development of an inverter that provides stable power supply to the ‘gyroscope’ which stabilizes the posture of the K2 tank turret before starting domestic development. If successful, it is expected to increase defense sales by applying it to tanks exported to European countries.

IOTFlex’s research project aims to develop technology that attaches a small sensor to personal weapons used by military personnel and links it with the communication equipment of the unit commander. This will enable safe firearm management, prevent unexpected safety accidents caused by negligence in unit management when applied to the military, and contribute to maintaining military combat power.

Additionally, research projects supported with development costs through the local government development cost support program by the Busan Defense Venture Center last year have also been successfully completed with visible results.

Korea Industry developed a prototype heater for water heaters needed by crew members inside submarines, and Synustech developed power supply units for 76mm naval gun controllers applied to naval surface ships.

Also, Samho Precision developed a prototype main control valve for armored combat dozers operated by engineering units, and Seohan Industry developed a filter head equipped with a differential pressure gauge to improve oil performance of the transmission for the K1 tank.

Through these efforts, approximately 2 billion KRW in defense sales are expected.

Son Seong-eun, Director of the City’s Financial Startup Policy Office, stated, “We hope that the steady research and development efforts of the Busan Defense Venture Center and affiliated companies will achieve visible results in expanding their entry into the defense industry,” and added, “Our city will continue to actively support the entry of small and venture companies in the Busan area into the defense sector and do our best to enhance the competitiveness of the local defense industry.”