This new program launches for the first time this year and it offers South Korean SMEs a major opportunity to expand their business ventures outside the South Korean markets to the Middle East, Europe, and the Asia-Pacific region. The application forms were open until June 21 2024, and based on the applications, 10 promising SMEs were chosen to participate in the program which lasts until the end of November, 2024.

The selected SMEs are:

• Naonworks: Real-time data normalization, transmission, and processing digital twin implementation and security solutions

• SIMACRO: Developing digital twin solutions based on chemical and bio-process monitoring and simulation technology

• VEStellaLab: Provides the world's first indoor parking navigation solution to solve the problem of finding parking spaces

• Tilda: SaaS optimizing equipment control using digital twin models of manufacturing facilities

• TIM Solution: AI-based 3D rendering and real-time technology that converts videos into realistic 3D spaces (e.g., cities)

• RECON Labs: Software that preserves the connection structure of 3D CAD data and automatically reduces weight, 3D modeling technology for digital twins

• VSL: Optimization solutions for industrial vacuum system design

• 7meerkat: AI-based smart parking solutions and platforms

• Care&Co.Inc.: Digital twin-based home healthcare device and platform

• Quve: Develops and operates NeXways for dental prosthetics manufacturing and Surverymedi solutions for patient satisfaction surveys

As an Europe-based business accelerator, SkyinQ’s role is participating as an overseas collaborating partner.

Our team will utilise our global network to provide market and sector specific insights, and provide market analysis and entry strategies for all 10 participating companies. One of the key objectives is to offer B2B matching support through our networks across the various regions. Moreover, we will help these companies to handle their global PR and marketing efforts to maximize the international reach and impact.

We are excited and honoured to be a part of this program and be granted the opportunity to work with these ten innovative companies on their journey towards international expansion across new regions!

The 2024 Digital Twin Solutions’ Overseas Expansion Program for South Korean companies program is launched by the Ministry of Science and ICT of South Korea, led by the National IT Industry Promotion Agency (NIPA), and co-operated by the Telecommunications Technology Association (TTA), a global technical testing and certification specialist in South Korea, and Global Digital Innovation Network (GDIN), a specialized agency for supporting global competency enhancement for Korean companies.