Freegrow Co., Ltd., an indoor location service company, announced on the 1st that it has been finally selected as a company subject to “TIPS” start-up growth technology development (R&D).
Tips is a private investment-led technology start-up support program organized by the Ministry of SMEs and Startups to foster startups. The selection of tips was carried out by attracting investment from The Invention Lab, an investor and tip operator. Through the selection of tips, Freegrow secured about 500 million won worth of funds for research and development and commercialization.
Freegrow Co., Ltd. is a startup that supports the production of integrated indoor location services through the creation of indoor location-based services that can easily produce and manage maps of complex indoor spaces, the management platform “GrowStudio” and “GrowMaps,” which can easily serve customers through URL or QR codes without installing a separate APP, and the ultra-precise indoor positioning solution “GrowBrick” that applies ultra-wideband (UWB) technology.
Through this tips program, we plan to develop an integrated platform for providing △ indoor and outdoor location information and an automatic update algorithm for △ indoor positioning and drawing data. Based on this, we will upgrade an integrated construction platform that can implement location-based services indoors to support all functions and products from mapping to equipment linkage, and we plan to expand the construction site to apply indoor location services in various business sites.
Founded by CEO Kim Young-sik in 2019, Freegrow Co., Ltd. succeeded in investing in the Pre-A series from The Invention Lab+Woomi Construction and Kukbo Design PropTech Joint Partnership, IGIS Investment Partners, and IPS Ventures, a technology-based startup investment company, starting with the success of the Korea Credit Guarantee Fund’s seed investment. In addition, it recently signed an MOU with COEX, the largest convention operator in Korea, to “build a COEX road search service.”
CEO Kim Young-sik said, “We will provide an indoor location service platform that users can conveniently use around complex indoor buildings, and we will become a company that further advances technology to create a global service that connects indoor and outdoor, all spaces and people.” Meanwhile, Freegrow recently succeeded in exporting its first overseas to Turkiye.
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