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Playtag Attracts 500 Million KRW in Funding from the Ministry of SMEs and Startups through the ‘TIPS’ Program

IT World Editorial Department | 2022.8.16

August 16, 2022 — Playtag, an AI video analytics startup focused on early childhood education, is excited to announce that it has been selected for the Ministry of SMEs and Startups’s technology startup support program - 'TIPS' (Tech Incubator Program for Startups).

TIPS is a government-backed program of the Ministry of SMEs and Startups that aims to foster promising startups with excellent technologies. Under the program, private investors select promising startups, and the government provides up to 500 million KRW in research and development (R&D) funding over two years to help enhance the startups' technological capabilities. PlayTag's selection for TIPS was led by Schmidt, who had participated in the company’s seed investment.

Founded in February 2022, Playtag is an Edu-Safe Tech startup that develops AI technologies for “personalized education” through computer vision and automated algorithms. Playtag highlighted that its selection for TIPS was largely due to its pioneering work in infant behavior analysis using computer vision technology. 

In recent years, the demand for personalized education in early childhood settings has surged, yet early childhood institutions have faced challenges in meeting this need due to limited resources. To address this, Playtag plans to launch services that integrate computer vision-based infant behavior analysis with automated algorithms. The company aims to introduce a pilot service within 2022, followed by evaluations of its stability and commercial potential.

“We will use the selection for the Ministry of SMEs and Startups’ TIPS program as an opportunity to strengthen our technological capabilities, develop competitive services, and use it as a stepping stone for entering the U.S. market,” says Hyun Soo Park, CEO of Playtag. 

Source: https://www.itworld.co.kr/artificial-intelligence/#csidx1e39df2cd3402ce9d4b47f0c4417838