Promising Venture Accelerator
Venture Square, an accelerator which helps the growth of domestic startups, said it has invested 100 million won (US$87,681) in Inobone Co., which specializes in biocompatible materials for bone substitutes.
As a company selected for the Tech Incubator Program for Startups (TIPS), Inobone will receive an additional financial aid worth 500 million won (US$438,404) from the government. With 6 million won (US$526,085) of initial capital, the company will accelerate the home production of artificial bone implants and break into the global market in earnest.
Inobone specializes in the advancement, manufacture and commercialization of a range of bone substitutes based on the world-class research and development in ceramics and bone graft substitutes and multi-pass extrusion process. It also developed synthetic bone named the Frabone.
By making the best use of investments from Venture Square and the government, Inobone is planning to spur the development of bone graft materials for knee joints, whose demand is on the rapid increase due to the ageing population.
Venture Square co-founder Kim Tae-hyun said, “Since Inobone holds unrivaled technological prowess in the bone graft material market, it is a promising company to be not only successful in the domestic market, but in the global market as well. Thus, we will give full support, including follow-up investments and marketing programs, so that the company can focus only on the technology development.”
Meanwhile, Venture Square plans to start making an investment in promising startups with technical competence, such as Inobone and Jobis, a cloud back-office accounting service for businesses, in earnest from this year.