SparkLabs, the leading Korean accelerator specializing in early-stage startups, has announced the selection of four companies for its highly competitive 22nd startup fostering program. With around 250 early-stage startups vying for a coveted spot, the selection process reflects the vibrant and dynamic landscape of innovation in various fields such as artificial intelligence (AI), environment, society, and governance (ESG), software as a service (SaaS), and finance.
In the field of AI, Amber Road has been selected for its revolutionary ‘MinerReport’ solution. Developed to enhance manufacturing productivity through AI, Amber Road leverages its eight years of experience in AI projects at various manufacturing sites. The solution aims to streamline manufacturing processes and boost productivity while being tailored for practitioners unfamiliar with AI.
Livit, a company focusing on the environment, society, and governance (ESG) field, has been chosen for its carbon emission management solution called ‘TANSOLUTION’. Implementing automation technology through B2B SaaS, TanSolution allows corporate managers to easily register and monitor emissions, providing a report generation function based on global standard guidelines for efficient carbon emissions management.
KUPA, an investment tech startup, combines global financial data analysis and dynamic data mapping (DDM) technology. This unique combination allows KUPA to provide market trends and key information to investors. Additionally, the platform ‘MOBA’ secured a spot in Spark Lab’s program. MOBA offers a calendar-based project management tool for Project Managers (PMs), allowing them to effectively manage their projects.
Selected startups will receive an initial investment of up to 100 million won ($75k) from SparkLabs as they embark on an approximately 18-week placement program. Dedicated managers and representative partners will work closely with each company, conducting 1:1 corporate diagnoses and arranging sessions with industry expert mentors. The primary focus will be on identifying Product-Market Fit (PMF). Upon the program’s conclusion, a private demo day will be organized, offering a platform for business presentations and networking to attract follow-up investments.
Kim Yu-jin, CEO of Spark Lab, expressed his enthusiasm for the program, stating, Building on the know-how and data accumulated over the past 12 years, we aim to pinpoint the most crucial PMF in the early stages, attract follow-up investments, and devise roadmaps for overseas expansion. He emphasized the global reach of SparkLabs, which spans continents such as the US, Taiwan, Australia, and Saudi Arabia, offering comprehensive support to the startups.
Since 2012, SparkLabs has been at the forefront of supporting early startup growth, selecting and investing in two candidates every year. Last year alone, the accelerator invested in 27 companies, bringing the total number of startups in its portfolio to an impressive 320. With its commitment to fostering innovation and supporting budding entrepreneurs, SparkLabs continues to play a crucial role in shaping the startup ecosystem.
As the 22nd accelerator program kicks off, these four startups are poised to make significant strides in their respective fields, bringing their innovative solutions to market and making a lasting impact. With SparkLabs’ support and investment, they have the opportunity to accelerate their growth and contribute to the ever-evolving landscape of entrepreneurship and innovation.
