Three Companies Selected as New Tenants for Maritime and Port Startup Support Platform

[Financial News] Busan Port Authority (BPA) announced on the 7th that it had selected Xylo Labs, Uncommon Lab, and Cargo Tree as the three new tenant companies for the maritime and port startup support platform “1876 Busan.”
The new tenant companies will receive various forms of support, including rent-free office space, customized consultations, technology development consulting, commercialization assistance, and investment connections. In particular, this support includes opportunities to conduct field demonstrations at the Port of Busan. By participating in various research and development projects with BPA, the tenant companies can validate their technologies at actual port facilities and gain opportunities for rapid commercialization.
The companies were selected through document screening and in-person evaluations. Their management capabilities, business potential, technological capabilities, and suitability for tenancy were assessed comprehensively. Xylo Labs, one of the selected companies, possesses technology that uses artificial intelligence to analyze the condition of port crane equipment and operating conditions and detect problems at an early stage. The company is expected to contribute to the development of a safer Port of Busan.
Uncommon Lab has artificial intelligence-based smart port operating system and software technologies. It plans to work with BPA on the authority’s mid- to long-term artificial intelligence strategy and accelerate the Port of Busan’s transition to a smart port. Cargo Tree operates a multinational logistics brokerage platform based on artificial intelligence. It is expected to collaborate with BPA on expanding its maritime logistics network and contribute to the Port of Busan’s strategy to commercialize the Arctic shipping route.
“1876 Busan” has been jointly operated by BPA, Busan Metropolitan City Government, and Korea Ocean Business Corporation since 2022 to strengthen the competitiveness of domestic startups. With support from the relevant organizations, tenant companies increased their sales by 78% and their number of employees by 26% compared with the previous year. A BPA official said, “The three companies selected this time have the potential to grow into global companies by leveraging the Port of Busan’s strong infrastructure and BPA’s research and development support.”
[email protected] Baek Chang-hoon Reporter