Eloy Lab, a deep learning AI solution company based on hyperspectral technology (CEO Kwangsun Yoo), announced on the 22nd that it recently secured 5 billion KRW in Series A funding. With this investment, Eloy Lab's total accumulated investment has reached approximately 7 billion KRW. Additionally, another 1 billion KRW is currently in multi-closing, so the total Series A investment amount is expected to reach 6 billion KRW.
This round was led by Woori Venture Partners, with participation from Shinhan Capital, Etri Holdings, Villans Investment, Korea Bio Investment, and Magna Investment. Woori Venture Partners, the lead investor, is the successor of KTB Investment & Securities, Korea's first-generation VC, and currently manages assets under management (AUM) of about 1.5 trillion KRW. It is one of Korea's top VCs, having invested in companies such as Woowa Brothers (Baedal Minjok) and Viva Republica (Toss). Furthermore, this investment includes a decision by Pulmuone (CEO Hyoyul Lee), a leading company in digital transformation (DX) in the food sector, to invest through Korea Bio Investment, which is expected to lead to various collaborations in the food industry in the future.
Eloy Lab's hyperspectral AI technology has been recognized for its technical excellence in the food industry and is actively being adopted by various food companies as a solution for foreign substance sorting and quality control. In addition, the technology is exploring various collaboration possibilities for adoption in secondary batteries, pharmaceuticals, and recycling sectors.
Kwangsun Yoo, CEO of Eloy Lab, expressed his pleasure at securing the necessary funds to optimize and enhance research capabilities for Eloy Lab's hyperspectral AI solution technology through the recent Series A investment, following the company's selection as a ‘Scale-up TIPS’ firm last December, which provided about 1.2 billion KRW in research project funding from small and medium venture companies.
In October, Eloy Lab was evaluated by SCI Evaluation Information as having ‘excellent technology and good growth potential based on a favorable market,’ and was selected with a TI3 investment-grade technology credit rating. Various foreign substance sorting and quality control solutions already introduced to major food companies have proven their effectiveness, leading to additional adoption in food manufacturing lines. Eloy Lab's technological competitiveness and capabilities continue to be validated.
CEO Kwangsun Yoo, announcing the recent investment, stated his strong ambition to actively pursue Eloy Lab's vision of ‘contributing to creating a clean world with new eyes that observe the starlight of the universe.’
Along with the recent Series A funding, Eloy Lab is currently recruiting talent in research/development, business, and various other fields.
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