Busan Port Authority (BPA) has selected Xylolabs, Uncommon Lab and KargoTree as new resident companies at its ‘1876 Busan’ maritime port startup platform.
The platform has been jointly operated by BPA, Busan Metropolitan City and Korea Ocean Business Corporation since 2022 to support early-stage maritime startups.
Xylolabs develops AI technology for analysing port crane equipment status and operational conditions, while Uncommon Lab provides AI-based smart port operating system and software technology.
KargoTree operates an AI-based multinational freight forwarding platform and will work with BPA on maritime logistics and network expansion.
The three companies will receive rent-free office space, corporate and technical development consulting, commercialisation support and investment connections.
The programme also provides opportunities for on-site technology verification through research and development projects with BPA at Busan Port.
BPA said the approach has contributed to a 78% year-on-year increase in revenue and a 26% increase in employee numbers among existing resident companies.
