SPACE.P, the operator of Korea’s automated used equipment trading solution Sosangspace, has secured seed investment from NanUhm Angels. The funding will support the enhancement of its technology, the expansion of its market presence, and the improvement of MRO (maintenance, repair, and operation) automation processes for startups and business closures in the restaurant industry.

SPACE.P operates Sosangspace, a platform that automates used equipment transactions using AI-powered estimates and sensing models, creating a secure and efficient trading environment within Korea’s used equipment market, valued at approximately KRW 30 trillion (around $22.5 billion).

The platform allows sellers and buyers to trade used kitchen and café equipment conveniently. It also integrates with cargo transportation services and convenience store delivery networks for seamless equipment delivery. Items over 20 kg can be transported on the same day via cargo platforms, while smaller items are delivered affordably through partnerships with CU convenience stores (operated by BGF Networks) and E-Mart 24, utilizing a nationwide network of over 19,000 stores.

Eom Cheol-hyun, CEO of NanUhm Angels, noted that Sosangspace is digitizing and automating the fragmented used equipment market, systematically connecting small business operators, repair companies, and trading firms. He expressed optimism about the platform’s potential to address challenges faced by entrepreneurs during business startups and closures.

Bae Sang-il, CEO of SPACE.P, shared the company’s vision of transforming the equipment trading and MRO market through digital innovation, aiming to modernize the sector, reduce barriers to business closure, and support recovery and re-startups. He emphasized the importance of listening to customer feedback to innovate the processes involved in starting and closing businesses.

SPACE.P has also been selected for the Startup Growth Technology Development Project (R&D) by the Ministry of SMEs and Startups, recognizing its innovative AI sensing-based automated transaction system.