-Hanwha Aerospace starts aerospace business backed up by solid performance
Hanwha Aerospace, the intermediate holding company of Hanwha Group’s defense industry and aviation, is continuing its high growth. The company’s status within the group is also improving every day with a solid performance and a focus on fostering the group’s aerospace venture, which is a new growth engine of the group.
According to the securities industry on July 12, Hanwha Aerospace is expected to record 1.3 trillion won in sales and 80 billion won in operating profits on a consolidated basis in the second quarter of this year.
Hanwha Aerospace entered the aerospace business in full force early this year by acquiring the satellite company Satrec Initiative. Satrec Initiative is the only company in Korea that can directly develop and manufacture key components related to satellites, such as satellite bodies, terrestrial systems, and electro-optic payloads.
Last March, the group launched Space Hub, the control tower that brings together the group’s space business capabilities. Kim Dong-kwan, the oldest son of Kim Seung-yeon, CEO of Hanwha Group, is the leader of this project.
In the Space Hub project, Hanwha Aerospace engineers who participated in the development of the Korean launcher Nuri and scientists from Hanwha Systems, Hanwha Corporation, and Satrec Initiative are participating.
In May, it established the Space Research Center with KAIST to begin the development of Inter Satellite Link. It is also studying projectile technology, satellite attitude control, observation technology, and space energy technology.
-Organoid Bowel Disease Regenerative Medicine published in Biomaterials
Organoid Science announced on July 13 that a thesis containing the non-clinical results of the efficacy of radiation proctitis treatment using intestinal organoid regenerative therapy was published in the online edition of the international academic journal Biomaterials on May 29.
Radiation proctitis is an inflammatory bowel disease that occurs in the colon or rectum due to damage to organs in the pelvis from treating bladder cancer, rectal cancer, prostate cancer, and cervical cancer.
Organoid Science has established a technology for developing intestinal organoid-based regenerative therapy to treat radiation-induced intestinal problems at the source. Also, in collaboration with the Department of Radiation Oncology at CHA University Bundang Medical Center, a mouse model of radiation proctitis was made and efficacy was verified.
According to the thesis, intestinal stem cells isolated from mouse intestinal tissues are differentiated into intestinal tissues while maintaining stem cell characteristics using organoid culture technology, and transplanting and engrafting the cells in the damaged intestines of mice directly stimulates the differentiation and regeneration.
In the thesis, not only was the efficacy demonstrated, but also the core technology for clinical application was established by developing an endoscopically guided transplantation method, a support for transplantation and a cryopreservation method. The potential usage for other inflammatory bowel diseases such as ulcerative enteritis and Crohn’s disease in the future adds to the excitement of the future of these technologies and methods..
-Krafton invests 51.5 billion won in Indian web novel platform Pratilipi
Krafton announced on July 14 that it had invested a total of 45 million dollars (about 51.5 billion won) in Pratilipi, the largest web novel platform in India.
In the Series D round of Pratilipi, Krafton was the lead investor. The company in total brought in about $48 million (about 55 billion won). Ranjeet Pratap Singh, CEO of Pratilipi, social venture company Omidyar Network, and other Indian startup founders also participated in the investment.
According to Krafton, Pratilipi is India’s largest web novel platform with 30 million monthly active users and 370,000 writers. It is offered in 12 Indian languages, and recently, in addition to web novels, it has been collaborating with companies to provide various types of content such as general books, animations, and TV series. Also, the service range is being expanded by launching Pratilipi FM and Pratilipi Comics. Including this investment in Pratilipi, Krafton has invested a total of 70 million dollars (about 80.2 billion won) in Indian IT companies this year.
-Gyeonggi-do Smart Mobility Demonstration Hub selected as MOIS’s outstanding regional balance New Deal project
Gyeonggi-do announced on July 15 that the Smart Mobility Demonstration Hub soon to open in Pangyo 2nd Technovalley was selected as the Outstanding Regional Balance New Deal Project hosted by the Ministry of Interior and Safety, or MOIS, and secured three billion won in special subsidies.
The “Outstanding Regional Balance New Deal Project Contest” was conducted to help promote early results of the regional balance New Deal by discovering outstanding cases that residents can appreciate, and to increase the public’s experience level to the regional balance New Deal. The contest began on March 24, and 15 projects were selected as finalists.
The Smart Mobility Demonstration Hub project promoted by Gyeonggi-do is a project to build a five-story demonstration test bed for vehicles, robots, and drones based on autonomous driving technology as well as an eco-friendly electric vehicle charging facility in Pangyo 2nd Technovalley. With an investment of 20.6 billion won for three years from 2021, it should be completed in December of 2023.
Self-driving simulators, 3D location tracking systems, 5G communication, and blocking facilities are installed here so that various demonstration tests based on autonomous driving can be conducted. It will also foster smart mobility companies and support startups.
Pangyo Technovalley is an innovation hub for global companies comparable to the Silicon Valley in the US, Zhongguancun in China, and STATION F in France. It is an Asia tech hub with 1,259 IT, BT, CT, and NT companies that possess innovative products and technologies. Located just south of the metropolitan area, it provides the best environment for Korean companies to do business with great transportation access and infrastructure.
Various high-tech companies are located in Pangyo Technovalley, and it is occupied by 64,000 full-time employees, many in their 20-30s. In terms of industry, the companies are engaged in information technology, contents technology, biotechnology, and nanotechnology.
With the support of innovative companies with global capabilities such as Kakao, Naver, AhnLab, Krafton, NCSoft, Nexon, and Hancom, companies in Pangyo Technovalley recorded 107 trillion won in sales last year. Investment and infrastructure growth in Pangyo is expected to continue, with the Metaverse hub entering Pangyo this year.