'K-testbed' helps develop water-related technology and industries

K-테스트베드•펀드 '물 산업' 토대 넓힌다

Companies big and small are getting help from a Korean government agency... that's providing a testing platform for ideas and technologies in the highly capital-intensive sector of water resources.
This platform is what they're calling the K-testbed, which businesses can use to try out their ideas that involve water infratructure.
Jeong Eun-joo explains.

This is a testbed platform that South Korea launched last year.
It provides nationwide infrastructure for small and medium sized enterprises and venture companies so they can demonstrate and try out new technologies.
A lot of companies that get help from this “K-testbed” develop technology related to water.

Such as a company that manufactures fire extinguishers.
While trying out a fire detection sensor at Gampo Dam in Gyeongsangbuk-do Province, the company developed a sensor that accurately distinguishes sea fog from fire smoke.

“Humidity levels can be high in basements. So we reduced malfunctions by distinguishing smoke from humidity. Large companies, our customers, evaluated this positively.”

As of last month, 61 businesses have participated in the “K-testbed.”
Over the past year, more than 190 projects have been selected and supported.
Two out of ten were submitted to the Korea Water Resources Corporation for assessment.

The Korea Water Resources Corporation is the one of the most active corporations involved in the K-testbed platform.
With rapid climate change, managing and using water more efficiently has become more important.
This has led to more funding to develop water-related technology and industries.

A 131-point-1 billion won, or roughly 90-million U.S. dollar, venture fund was also created to invest in the water industry, and 29 startups have received funding so far.

“Commercialization in the water industry usually takes a long time because investor interest is relatively low. So startups in water-related industries experience a lot of difficulty in raising funds.”

The government, local governments, and Korea Water Resources Corporation recently started working together to create a 3-hundred-20 million U.S. dollar, regional innovation fund.
They've decided to invest 60 percent of the financial resources into water-related companies.

Jeong Eun-joo, Arirang News.

#water #SouthKorea #Arirang_News

2022-10-23, 12:00 (KST)