Busan, Newswire – FREEGROW, a company specializing in indoor positioning services, announced on the 1st that it has been selected as a recipient of the ‘TIPS’ (Tech Incubator Program for Startups) R&D grant for startup growth and technology development.
TIPS is a private investment-led technology startup support program organized by the Ministry of SMEs and Startups to foster promising startups. FREEGROW secured its TIPS selection through an investment from The Invention Lab, a TIPS operating partner and investor. With this designation, FREEGROW has secured approximately KRW 500 million in funding for R&D and commercialization.
FREEGROW is an innovative startup that enables seamless indoor mapping and navigation services through its integrated indoor location-based service platform. The company’s key solutions include:
• Grow Studio: A platform for easily creating and managing indoor maps.
• Grow Maps: A mobile indoor navigation solution that delivers indoor maps and route guidance without requiring an app installation, accessible via URL or QR code.
• Grow Brick: An ultra-wideband (UWB) precision indoor positioning system for high-accuracy indoor tracking solutions.
Through the TIPS program, FREEGROW plans to develop:
1. An integrated indoor-outdoor positioning platform, and
2. An automated algorithm for real-time updates of indoor positioning data and floor plans.
The company aims to enhance its all-in-one indoor location services, providing seamless integration from mapping to hardware connectivity. By advancing its platform, FREEGROW intends to expand its applications across various business sectors, enabling more businesses to implement indoor location-based services.
Founded in 2019 by CEO Kim Young-sik, FREEGROW has successfully secured Pre-Series A investment from key investors, including Korea Credit Guarantee Fund (KODIT), The Invention Lab + Wooree Construction & Kukbo Design PropTech Joint Venture Fund, IGIS Investment Partners, and IPS Ventures. Additionally, the company recently signed an MOU with COEX, South Korea’s largest convention center operator, to develop an official COEX navigation service.