Korea's science ministry picks 10 AI, digital startups to back global growth

South Korea’s Ministry of Science and ICT on Thursday announced that it has selected 10 startups founded by Koreans in a program to support their global expansion in the AI and digital services space

The 10 companies include crowdsourcing translation platform Flitto Inc.; AI food scanner developer Nuvilab Inc.; fabless chip designer FuriosaAI lnc.; AI-based human resource management service startup Mckinley Rice; and digital health technology firm Exosystems.

The list also includes machine learning solution developer Vessl AI; customized sleep device startup TheSleepFactory; AI-based fintech platform Quantit; AI-powered diagnostic solution developer Stratio; and fashion advisory chatbot Designovel.

Under the initiative titled “AI and Digital Business Partnership Program,” the selected startups will receive support to establish a foothold in New York as part of a three-month program running from May 27 to Aug. 15.

During the period, they will be based at the Global AI Frontier Lab at New York University. The lab provides not only physical workspace and infrastructure, but also access to NYU’s Stern School of Business startup support programs.

Among the 46 applicants, the 10 startups were selected through a multi-phase evaluation process, involving South Korea’s National IT Industry Promotion Agency (NIPA), the Korea Software Industry Association and academic partners at NYU.

Write to Yeonhee Kim at yhkim@hankyung.com