On May 15, the Ministry of Science and ICT announced that 15 companies have been selected for their 2020 global ICT future ‘unicorn’ fostering project.

The project aims to foster ICT companies with potential for global growth, supporting their international expansion and providing finances. A total of 138 companies applied for this year’s project, with the competition of 9.2 companies per one opening. Applicants were judged on a comprehensive criteria of technological advancement, marketability, global potential, and their returning plans to support the Korean startup environment. OnePredict, directed by Seoul National University Professor Byeng Dong Youn, was among the selected companies.

A total of 15 companies were selected including ‘OnePredict,’ performing prognosis on fault risk and remaining life of industrial facilities, ‘Mathpresso,’ AI-based math problem solving edutech company, and ‘Open Edge Technology,’ offering AI-based designs of semiconductor IP. Innovative companies in the field of ICT were selected for their global growth potential and technological advancement.

The companies will be supported by a number of relevant private and public institutions such as the Ministry of Science and ICT, Korea Credit Guarantee Fund, National IT Industry Promotion Agency, Korea Telecommunications Operators Association, Born2Global, and Seoul Guarantee Insurance Company.

They will be receiving a credit guarantee of maximum 10 billion won for 3 years from the Korea Credit Guarantee Fund. They will also be offered opportunities to attract venture capital investment via the Korea ICT Fund, organized by the Korea Telecommunications Operators Association.

“The spread of COVID-19 has been damaging to the financing and overseas expansion of many ICT companies,” said Vice Minister Seokyoung Jang of the Ministry of Science and ICT. “We hope to support them in this post-coronavirus era as they reach out to global markets.”