ULSAN < invest Korea

According to Yonhap News,

(ULSAN=Yonhap News) Ulsan National Institute of Science and Technology (UNIST) announced that Nspoons, the first venture company founded by students, has attracted KRW 100 million won in foreign investment. UNIST is one of the four public universities in South Korea dedicated to research in science and technology.

Nspoons was founded in 2011 by a senior student of the Department of Energy and Chemical Engineering. The venture firm is currently developing an analytical tool which recommends products suitable for users' pet animals after analyzing users' purchase history from online pet supply stores.

They run an online store for pet products and encourage buyers to enter information on their pets, such as age, medical history, and breed. By analyzing such information left by the buyers, they recommend products suitable for their pets.

US venture capital firm Strong ventures proposed the investment first in April. Strong Ventures is running a startup support program, the UNISTRONG, with UNIST.

"The companion animal market is a promising field which has been exhibiting double-digit annual growth rates globally," said Kihong Bae, Co-Founder and Managing Partner of Strong Ventures. "We decided to invest in the company in anticipation of significant added value."

Nspoons plans to complete the development of its analytical tools by the first half of next year.

canto@yna.co.kr

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