Hite Jinro has announced that two startups it has directly invested in have been selected for the government's technology startup support program, TIPS (Tech Incubator Program for Startups).
The selected companies are Cool Bears, an eco-friendly textile material firm, and Vision Bridge Partners, a global fandom platform based on K-pop intellectual property (IP). Both were recommended by Hite Jinro and have been officially selected by the Ministry of SMEs and Startups for the 2026 TIPS program.
TIPS is a private investment-led technology startup program that identifies and invests in startups with technological capabilities, which are then recommended to the government for funding after a review process.
Since being designated as a TIPS operator in 2022, Hite Jinro has been working to connect its invested companies with government support programs.
Cool Bears was selected for the TIPS Deep Tech Track in April. Following Hite Jinro's recommendation, the company was chosen for the general track in August 2023 and has now advanced to the Deep Tech Track.
Over the next 36 months, Cool Bears plans to receive up to 1.5 billion won to enhance and commercialize technology for developing eco-friendly vegan cushioning materials made from starfish and shells.
Vision Bridge Partners was selected for the TIPS general track in June of this year. The company operates the K-pop IP-based global fandom platform, Hayer. It aims to receive up to 800 million won in R&D support over the next 24 months to enhance its artificial intelligence (AI) technology and expand its business into digital collections, physical products, and global commerce.
Notably, the R&D support limit for the TIPS general track has increased this year from a maximum of 500 million won over two years to 800 million won. The Deep Tech Track provides up to 1.5 billion won over three years for companies in 12 key new industries that complete the general track.
Hite Jinro is broadening its investment focus beyond food and beverages to encompass the entire lifestyle sector, combining direct investments, follow-up investments, and government support initiatives.
Cool Bears' advancement from the general track to the Deep Tech Track exemplifies how initial investments can lead to subsequent growth supported by government R&D funding.
A Hite Jinro official stated, "It is significant that the startups we have consistently discovered and supported have been selected for TIPS. We will continue to actively identify innovative companies that can bring changes to the lifestyle sector and provide ongoing investment and support for their sustainable growth."
* This article has been translated by AI.
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