'K-Startup' Targeting the North American Market

Despite the global investment market freezing up, the number of startups entering the North American market with competitive business models is increasing. The industries range from marketing to artificial intelligence (AI) and healthcare.

Indent Corporation officially launched the global affiliate marketing solution ‘Spray’ in the North American market, the world’s largest e-commerce industry. This is a 'B2B2C' (business-to-business-to-consumer) affiliate marketing service. Buyers recommend purchased products to acquaintances through Instagram Stories, and commerce and buyers (creators) generate revenue together based on traffic coming through those channels.

When consumers purchase products from commerce companies that have adopted Spray, they receive a link to participate in the reward program. They upload reviews in the form of videos, photos, or text tagging their unique link and Spray profile on Instagram Stories, attracting their friends who see the content to the commerce platform. Rather than simply aiming for high traffic inflow, the core is to support strengthening the inflow rate of actual potential customers with a high likelihood of purchase conversion based on the personal networks of real buyers. Various benefits are provided to real buyers who upload review content.

Founded in 2019, Indent Corporation operates the AI-based review marketing solution ‘VReview’ and recently completed a Series A multi-closing investment round worth 12.5 billion KRW. The cumulative investment amount has reached 18.2 billion KRW.

There are also startups entering the North American market based on collaboration and support from various institutions. AI startup ‘DeepingSource’ entered the North American market last August. DeepingSource provides performance analysis and optimization solutions for offline spaces using AI-based camera video analysis technology.

Last year, DeepingSource signed a non-disclosure agreement (NDA) and conducted a pilot project with TPS Engage, a distribution and outdoor advertising company, through the US Testbed Challenge program hosted by Gangnam-gu, Korea International Trade Association, Korea Venture Business Association, and Startup Junkie, demonstrating video data anonymization technology.

In the second half of the year, DeepingSource participated in the 12-week acceleration program of Fuel Accelerator, completing preparations for US market entry. After establishing a US corporation, they completed solution testing with Loloft, a US logistics company for small and medium-sized businesses, and subsequently signed a partnership to expand to all branches in the US. DeepingSource has recently signed partnerships with leading US corporations one after another, gaining attention as an excellent case of US market entry supported by domestic institutions.

The progress of ‘Nudge Healthcare’ is also noteworthy. Nudge Healthcare’s national health management application ‘CashWalk’ officially launched in Canada last December, releasing both Android and iOS versions simultaneously.

Canada’s CashWalk maintains a monetary reward system based on step counts but also established a reward system tailored to local consumption patterns. Rewards accumulated by step counts can be used to purchase gift cards widely used in North America. These are available at Amazon, Walmart, Sephora, Starbucks, and more.

'Centbee,' which is expanding its influence in overseas markets based in the US, also draws attention. The global foreign exchange total solution company Centbee officially launched its overseas remittance service in the US, the largest overseas remittance market, last January. Features include fees up to 90% lower than local banks and a simple app and web-based remittance method without the need to visit offline branches. Recently, the service has been temporarily suspended in the US due to service restructuring aimed at functional improvements and efficiency enhancements.