China Unicom to invest in Korean start-ups

By Kim Young-won
  • Published : Jun 29, 2016 - 13:14
  • Updated : Jun 29, 2016 - 14:49
[THE INVESTOR] Network operator SK Telecom said June 29 that a leading Chinese telecommunications firm has decided to invest in two Korean start-ups, which had participated in a start-up program run by the Korean telecom firm.

SKT said the two start-ups -- Wisejet and Ezbelle -- have secured 900 million won ($769,500) of funding, respectively, from China Unicom, the second largest telecom firm in China.

Jang Dong-hyun(second from left), the chief executive of SK Telecom, looks at products made by a Korean start-up at the MWC Shanghai 2016, a mobile trade show, on June 29. SKT
The two Korean start-ups have been partaking in the Dream Venture Star, a start-up nurturing program, since September last year, and they have successfully commercialized their products so far, according to SKT.

SKT and the Center for Creative Economy and Innovation in Daejeon run the program.

Wisejet produces an advanced video transmission solution while Ezbelle develops a 3-D selfie platform.

Wisejet’s video transmission solution allows devices to send and receive large uncompressed data faster than the existing Wi-Fi technology without delay.

Ezbelle’s platform lets smartphone users to take 3-D pictures without extra software or 3-D scanners.

China Unicom has 252 million subscribers and operates a venture fund for fledgling ventures.

“The company will try to tap into the global markets after its business settles down in China,” Lee Jong-min, the chief of Ezbelle, said.

SKT is taking part in the Mobile World Congress, an annual mobile trade show being held in Shanghai from June 29 to July 1, with a total of 14 start-ups.

At a start-up demo day held by SKT on June 29, the Korean start-ups showcased their products and services to visitors and buyers, having meetings with potential partners.