Go to Main Content

Economy News

A A
  • The 3rd Seoul Innovation Challenge, an Artificial Intelligence Company awarded with the Grand Prize.

  • SMG 956

    3rd Seoul Innovation Challenge
Areas for application 
-Core Technology and the application technology development of the Fourth Industrial Revolution 
* Core technology: Artificial Intelligence (machine learning) or Blockchain
Qualifications for participation
-Prep entrepreneur, startups, private developers, universities, etc.
Total R&D Support fund 2.6 billion won
-Maximum 200 million won supported by grade
-Support target: Companies based in Seoul or Consortiums hosted by Seoul based companies
Application period
March 6(WED), 2019-April 15(MON), 2019
Business announcement and inquiry
-Business Announcement: Notice on www.sba.seoul.co.kr 
-Inquiries: seoulic2017@gmail.com

    Huinno (a healthcare startup), selected as the best technology of the first Seoul Innovation Challenge, has developed a cardiac care service using a watch-type ECG device. Since designated as the first ICT regulatory sandbox project by the Ministry of Science and ICT, it successfully attracted Series A investment of KRW 8.3 billion. Currently, it is under active clinical trials at Korea University Anam Hospital.

    * Series A investment: Investment that a startup receives after developing a prototype until actively entering the market
    Plat Farm Co., Ltd., which won the Grand Prize in the same year, has a technology combining artificial intelligence technology with a global creator’s content platform. Plat Farm Co., Ltd. succeeded in attracting the KRW 2 billion investment from Samsung Venture Investment, and this technology was embedded in Samsung Galaxy Note 10.

    All of these are technologies were selected by the Seoul Innovation Challenge, the first open platform attempted by local governments, for the development of innovative ideas to lead the 4th industrial innovation and solve urban problems. Innovative ideas that challenged the ‘Seoul Innovation Challenge’ have reached a total of 1,047 cases over three years.

    ○ It recorded a high participation rate every year, with 203 teams (892) in 2017, 392 teams (1,115) in 2018, and 452 teams (1,266) this year, showing the citizens’ keen interest in developing innovative technologies to solve urban problems.

    For the best company of the ‘Seoul Innovation Challenge’, which celebrated its 3rd time this year, the ‘Algorima’ team and ‘Job shopper’ team have been selected. A total of 38 projects have competed in this final round, and 16 projects were selected at the site on December 19 including the Grand Prize (2 teams), Excellence (4 teams) and Encouragement Prize (10 teams).

    The ‘Algorima’ team that was awarded the Grand Prize received attention by developing an automated platform for blockchain smart contract security vulnerability detection based on artificial intelligence. In addition, the ‘Job Shopper’ team, which received the Grand Prize together, received great responses from citizens by introducing personalized university entrance consulting technology based on artificial intelligence. They are expected to become another excellent case study by growing through Seoul’s Priming Water Support like the 1st awarded team.

    In addition to up to 200 million won in R&D support funds, Seoul will support the technology advancement to the 16 awarded teams together with the global leading companies, and support marketing, investment, demonstration through the 「Innovative Technology Public Test Bed Support Project」through the Seoul Business Agency(SBA)’s follow-up support as well as continuously manage growth such as market pioneering.

    In particular, the city is preparing a foundation for startups and large corporations to grow together, linking technology development platform and startup support program so that the innovations developed can grow with competitiveness as well as supporting with overseas market entry. Currently, technology sponsors of Seoul Innovation Challenge include global companies leading AI technology such as SAP (Global ERP Software Company), Microsoft (Microsoft) and LG CNS.