Jeju Creative Economy Innovation Center (Jeju CCEI) announced on the 11th that it has made seed investments in its Korean incubation companies, WondersLab and JIN System. The exact amount of investment has not been disclosed.

WondersLab is a startup developing AI assistant programs. They operate a subscription service with programs like ‘Wdot’ for document work, ‘Idot’ for image work, and ‘Sdot’ for SNS tasks. As the AI market is rapidly growing globally, WondersLab is focusing on developing AI assistant programs that can be easily used by individuals and small and medium-sized enterprises. The company’s multilingual service, including Korean, English, Japanese, and French, highlights its potential for global expansion.

JIN System provides ultra-precise location information services that can be applied to buses, fire trucks, snowplows, and more. They have a track record of developing an ultra-precise bus location information system for Jeju Island in collaboration with Kakao Maps.

With this technology, real-time bus information is collected once per second with an error range of 10 cm and provided to passengers. It is expected to be widely applied in emergency/disaster sites where ultra-precise location information is required. Moreover, discussions are underway with the Indonesian IT company Gojek, drawing attention to its global expansion.

With this investment, the Jeju CCEI has completed direct investments in 34 companies through its seed money investment program. Including the individual and venture capital funds it operates, the center has completed direct investments in a total of 43 companies. Since 2018, the Jeju CCEI has been investing seed money in promising startups using funds provided by the Jeju Special Self-Governing Province.

Companies that receive seed money from the Jeju CCEI can be linked to TIPS (Tech Incubator Program for Startup Korea) and Pre-TIPS, which provides up to KRW 700 million (Approximately 525,000 USD) in funding from the Ministry of SMEs and Startups. Additionally, they can be linked to LIPS (Licorn Incubator Program for Small brand), a government-matching fund program for private investment.