Bito, D-Lab, and Mondrian AI among the new tenants set to receive investment and operational support.

STARTUPS | Posted: May 25, 2022, 10:04 AM | Updated: May 25, 2022, 10:17 AM

The Yangjae AI Hub, a key initiative by the Seoul Metropolitan Government to foster an artificial intelligence (AI) ecosystem, announced on the 24th that it has selected 12 new startups for its residency program.

The newly admitted companies include Looxid, led by a founder from Samsung SDS, along with Bito, D-Lab, Mondrian AI, Edint, AITRICS, Impactive AI, LITIV, Hudson, Rion IPL, Dromii, and Summercat.

Established by the Seoul Metropolitan Government in December 2017, the Yangjae AI Hub holds the title of being South Korea's first institution dedicated to incubating AI startups. It is currently operated by the Kookmin University Industry-Academia Cooperation Foundation and the Electronics and Telecommunications Research Institute (ETRI). The Hub was created to transform the Yangjae district into a specialized cluster for AI innovation.

As of April of this year, the Hub is home to over 90 resident companies and 100 member companies. Tenants benefit from a wide range of support, including investor relations, networking opportunities, R&D assistance, and business management consulting.

The Yangjae AI Hub operates across three locations: its main center at the Korean Federation of Teachers' Associations (KFTA) building, the Huikyung Building near Yangjae Citizen's Forest Station, and the Hi-Brand building near Costco's Yangjae branch.

Startups can choose between two types of residency options:

• Private Office: A 2-year term, extendable annually for up to four years, at a monthly rate of KRW 5,000 per square meter.

• Co-working Space: A 1-year term, extendable for up to two years, at a monthly rate of KRW 60,000 per seat.

By Eun-joo Bang (ejbang@zdnet.co.kr)

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