Go to Main Content Go to Footer Content

Press Releases

A A
  • Seoul attracts US$110 million worth of foreign investment from four new growth companies in North America

  • SMG 38
    • In cooperation with KOTRA, Seoul successfully attracts foreign investment from four new growth companies in North America
    • Scanline VFX, a visual effects production company for Hollywood movies such as The Avengers, to open its first studio in Asia at the Sangam DMC R&D Center in Seoul
    • In addition, Seoul attracts the investment from medical diagnosis bio-tech firm Platinum 21; blockchain technology-based fintech firm Finhaven; and Stanford University’s startup BuildBlock
    • Through this investment, Seoul to attract US$110 million worth of foreign investment and create about 550 quality jobs

    SEOUL, SOUTH KOREA, April 16, 2019 – The global innovative company Scanline VFX (hereinafter “Scanline”) will open its first studio in Asia at the Sangam DMC R&D Center in Seoul this year. Scanline produced visual effects (abbreviated VFX) of great hit Hollywood movies, such as The Avengers and Aquaman. Currently Scanline has studios in Vancouver, Los Angeles and Munich, and has considered setting up additional studios in Asia including China and Japan to advance globally. It has recently decided to have its Asian studio in Seoul. The Seoul Metropolitan Government, the Ministry of Trade, Industry and Energy and the Korea Trade-Investment Promotion Agency (KOTRA) have made efforts to attract their office in the capital city of Korea.

    In addition, the Seoul Metropolitan Government and KOTRA announced that they also successfully attract other three innovative North American companies to Seoul – medical diagnosis bio-tech firm Platinum 21; blockchain technology-based fintech firm Finhaven; and prestigious Stanford University’s startup BuildBlock in Silicon Valley. The four companies including Scanline plan to set up regional headquarters or R&D centers in Seoul and invest a total of US$ 110 million over the next five years in Seoul, creating some 550 new jobs.

    Scanline will invest US$50 million in Seoul and recruit more than 310 talents for five years from 2019 to 2023. It has recently been working on films, such as “Godzilla vs. Kong,” “X-Men: Dark Phoenix,” “Spiderman: Far From Home,” and “Joker,” and plans to make productions of Hollywood movies at its upcoming Asian studio in Seoul.

    Stephen Trojansky, a VFX Supervisor and Co-Founder of Scanline, said, “Seoul is an attractive destination for investment and great talents. Thanks to Korean engineers, we have been able to develop our high technologies and make more movies.” He added, “Active and systematic support plans for foreign-invested companies provided by the Seoul Metropolitan Government, the Korea Central Government and KOTRA Vancouver helped us make our final decision to make investment in Seoul.”

    The Seoul Metropolitan Government and the KOTRA have also succeeded in attracting the regional headquarters of Platinum 21, a bio-tech company for medical diagnosis based in Vancouver. Platinum 21 has developed BioIQ Test Kit that diagnoses quickly various diseases such as AIDS, syphilis, hepatitis and cancer. According to its plan, Platinum 21 will invest about US$53 million worth of intellectual property and cash in Seoul over the next five years for more effective research and development in preventive medicine and clinical tests. It also plans to create decent jobs for around 200 people.

    With Finhaven, one of the leading blockchain technology-based fintech firms in Vancouver, Seoul signed a negotiation to attract investment in opening a research and development center in the city. Finhaven is a financial services-providing platform company that mediates buying and selling of securities based on blockchain technology. It plans to invest US$10 million in Seoul over the next five years and hire 30 new workers. If the final decision is made to advance to Seoul, Finhaven’s platform will serve as a bridgehead for connecting financial markets of Korea and the rest of the world.

    Seoul has also attracted the establishment of a branch office of BuildBlock in Seoul. BuildBlock is a promising startup at Stanford University located in Silicon Valley. BuildBlock has a plan to build a real estate transaction platform based on blockchain technology. It is expected to advance into the Korean financial service platform market by making US$1 million worth of investment and recruiting 10 new workers, promoting the growth of the local blockchain industry.

    An official from the Seoul Metropolitan Government said, “Through this investment to be made by the four promising new growth companies in North America, Seoul will attract US$110 million worth of foreign investment and create about 550 quality jobs. We will continue our efforts to attract new foreign companies in Seoul in cooperation with the central government and KOTRA so to boost the local economy and provide jobs in Seoul.”