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Irience selected to join Silicon Valley startup incubator program


As reported by Tech for Korea, South Korean iris recognition firm Irience has been chosen as the startup to join the CCEI-KIC (Korea Innovation Center) Silicon Valley startup incubator program.

Supported by the Gyeonggi province Center for Creative Economy and Innovation (CCEI), Irience has developed an iris recognition-based financial settlement service and has been selected to move to Silicon Valley where it will work for eight weeks toward establishing a global network and developing a localization strategy for entering the US market and other global markets such as South America, Europe, Russia, Middle east, and Southeast Asia.

“Security devices market in the U.S. has had astounding growth, especially in biometrics technologies since 9/11, and we are expecting a high demand for our iris recognition solution,” stated Kim Sunghyeun, CEO of Irience. He added that “CCEI, KIC, and KT have helped the company to strategically prepare for its global expansion”.

The Gyeonggi Center for Creative Economy & Innovation (“Gyeonggi Innovation Center”) is located in Pangyo Techno Valley where it keeps offices, IoT labs and 3D printing rooms.

The Center is currently supporting 34 startups, including 11 IoT firms, eight game companies, three Fintech businesses, and 12 other types of enterprises, and each of them was selected through public contests or periodic recruitment initiatives.

The Gyeonggi Innovation Center also assists firms by providing a variety of extensive support, including: initial working capital, mentoring for financing and legal affairs, professional seminars such as the Fintech forum, regular education for startups to nurture entrepreneurship, offers of free office space, and access to 3D printing rooms and IoT labs.

Lim Deok-Rae, CEO and General Manager of the Gyeonggi Center for Creative Economy & Innovation, said, “We will focus on helping entrepreneurs get through the first one to three years of business operation by assisting them with setting up marketing channels, going overseas, and attracting investment.”

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