Korean AI and Digital Companies Seek Overseas Expansion Opportunities in Silicon Valley

K-Global@Silicon Valley 2024 Held
Supporting Overseas Expansion of Korean Companies... 13th Edition

An exhibition supporting domestic artificial intelligence (AI) and digital companies to expand overseas was held in Silicon Valley, USA. The 43 Korean companies participating in the exhibition promoted their technologies and conducted export and investment consultations there.

Kang Dohyun, the 2nd Vice Minister of the Ministry of Science and ICT, is awarding the Minister of Science and ICT Award to the first-place company in the investment competition at K-Global@Silicon Valley. Photo by Ministry of Science and ICT

On the 28th, the Ministry of Science and ICT announced that it held 'K-Global@Silicon Valley 2024' over two days from the 26th to the 27th. This exhibition supports the overseas expansion of domestic AI and digital innovation companies locally in the United States, with 43 companies participating this year. Business consultations, investor relations (IR) presentations, and networking programs were conducted. The event, which has been held since 2012, marked its 13th edition this year.

Silicon Valley is a global hub for big tech companies and AI and digital innovation, making it a place with high demand from domestic companies seeking reliable references for overseas expansion.

At the AI conference, keynote speeches were delivered by Thales Teixeira, Associate Professor at U.C. San Diego (on the impact of AI and digital innovation on industries and business models), Eric Kim, founder of Goodwater Capital (investment strategies for AI startups), Mikki Iqbal, Senior Technologist at Amazon Web Services (AWS) (innovative cases using AWS AI and cloud and collaboration directions with Korean companies), and Silpi Kollaka, Global Head at NVIDIA (NVIDIA's AI leadership strategy and open innovation programs).

Following this, a memorandum of understanding (MOU) signing ceremony was held between Korean companies that concluded export contracts and local companies, along with presentations on overseas expansion cases by Younghoon Jung, CEO of AI translation solution company XL8, and Jaehyung Lee, CEO of infrared camera specialist company Stratio.

Earlier, at the investment competition (K-Stars), 10 domestic companies gave IR presentations to Korean and U.S. investors (venture capitalists). The 1:1 English education platform company Ringle English, selected as first place, received the Minister of Science and ICT Award, and the machine learning development and operation platform company Vesel AI, which took second place, was awarded the President’s Award from the National IT Industry Promotion Agency.

At the exhibition and export consultation (K-Partnership), 41 domestic companies set up booths to promote their products and services to over 200 local buyers, investors, and partner companies in the U.S.

During the investment consultation (K-Investment), 13 domestic companies including NubiLab, RealDraw, and Vesel AI held one-on-one in-depth consultations with 22 venture capital firms specializing in AI and digital sectors, arranged through prior coordination.

At the final event, the networking reception, about 60 domestic participating companies, 30 venture capitalists, the Korean digital experts group in Silicon Valley (K-Group), and the Korean-American Scientists and Engineers Association, totaling around 140 participants, attended.

Kang Dohyun, 2nd Vice Minister of the Ministry of Science and ICT, and Lim Jungtaek, Consul General in San Francisco, are listening to explanations of domestic companies' products at the K-Global@Silicon Valley exhibition hall. Photo by Ministry of Science and ICT

Kang Dohyun, Vice Minister of the Ministry of Science and ICT, visited Google headquarters to explore international cooperation measures as a follow-up to the launch of the National AI Committee, meeting with Mark Romeyer, Vice President of Cloud Computing and AI Infrastructure. He also visited KIC Silicon Valley to check the status of support for companies’ overseas expansion and met with students currently interning at local companies to hear their suggestions.

Vice Minister Kang said, "The main actors of the agenda of the National AI Committee, launched on the 26th, are ventures, startups, and young students with technological capabilities in the AI and digital fields," adding, "The government will also support creative and challenging innovators to freely start businesses and expand into the global market."