• WEFLO Picks Up Scale-Up Tips Task...31.2 billion won in annual funding
• CEO Kim Eui-jung said, "The development of drone inspection automation solution...Business to expand to electric aircraft mobility inspection solution

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WEFLO was selected for the "Scale-up Tips" program organized by the Ministry of SMEs and Startups. ( Image=courtesy of WEFLO)

WEFLO (CEO Kim Eui-jung), a future mobility AI company, announced on the 29th that it has been finally selected for the "Tech Investor Program for Scale-up" program organized by the Ministry of SMEs and Startups.

Scale-up Tips is a program run by a consortium of private investors and research and development companies to support the growth of promising small and medium-sized venture companies.If a private operator discovers promising small and medium-sized ventures and makes prior investments, the government will later support them in connection. Through this selection, Wiplo will receive 1.2 billion won in R&D funds over the next three years.

WEFLO plans to start developing a drone inspection automation solution based on the R&D funds it has secured. AI technology saves inspection costs and time by unmanned and automated airframe inspection steps while introducing a systematic and political evaluation method to prevent judgment errors that may occur during visual inspection. The goal is to minimize it.

Founded in 2022, WEFLO is developing fusion sensors and AI technologies that can establish a systematic database by checking the state of future mobility gases such as drones, air taxis, and electric vehicles in a non-contact manner within a few seconds.

According to the 2023 Drone Industry Survey Report published by the Ministry of Land, Infrastructure and Transport, the global commercial drone market is expected to expand from about $27.4 billion (about 36.31 trillion won) in 2022 to more than $51.6 billion (about 68.38 trillion won) in 2030. Wiplo expects demand from airframe manufacturing and inspection companies to gradually increase in the future, and its strategy is to preempt the future aviation mobility (AAM) inspection and prediction maintenance market through its technology.

Kim Eui-jung, CEO of WEFLO said "Through the selection of scale-up tips, we were able to confirm the possibility of an automated inspection solution" and "We are developing not only drones but also electric aircraft mobility inspection solutions, and we will take the lead in expanding our business direction in the future and creating a safe future mobility environment."

Meanwhile, WEFLO recently completed attracting 2.5 billion won worth of pre-series A bridge investment.Stone Bridge Ventures, which has a number of portfolios related to drones and future aviation mobility (AAM), participated in the investment round as a new investment company. In addition, Lotte Ventures and IBK Industrial Bank, which were existing investment companies, also joined the investment in anticipation of positive business moves.