‘Plug in: SV’ program leads to one investment MOU and four technology development and validation MOUs
Participating startups held 164 business meetings with global companies and investors during Plug and Play Summit 2026
Busan Metropolitan City and the Busan Center for Creative Economy and Innovation said June 10 that they have wrapped up the “Plug in: SV” program, conducted in partnership with global accelerator Plug and Play in May, and generated follow-on results for the global commercialization of local startups.
The program was designed to give promising Busan startups firsthand exposure to Silicon Valley’s innovation ecosystem and help them test potential business partnerships within a local network connecting global corporations, investors and startups.
Despite the short participation period, the companies signed one memorandum of understanding for potential investment and four MOUs for technology development and validation. Busan and the BCCEI said the results showed that the technological capabilities and global expansion potential of local startups had been recognized in the U.S. market.
“Plug in: SV” is a program jointly run by Busan, the BCCEI and Plug and Play to support Busan startups seeking to enter Silicon Valley. The initiative went beyond a simple overseas visit. It was structured to include participation in global open innovation activities, expanded investor access and discussions on technology validation.
The participating startups joined “Plug and Play Summit 2026,” held in Silicon Valley for three days beginning May 19 local time. At the event, they operated exhibition and consultation booths and held business meetings and networking sessions with global companies, investment firms and startup representatives.
“Plug and Play Summit 2026” is an open innovation event that brings together global corporations, investors and startups across 17 industries, including AI, mobility, energy and smart logistics. This year’s event drew about 3,100 participants, including roughly 980 companies, 400 investment firms and 800 startups.
Before traveling to the U.S., the 10 Busan-based companies completed a preliminary acceleration program beginning in April. The process included U.S. market orientation, fundraising strategy, global go-to-market planning, one-on-one mentoring and pitch deck refinement.
On site, the companies also built practical experience for entering the North American market through visits to global companies, sessions linked to the Silicon Valley office of the Korea Technology Finance Corp. and Hanmi Bank, and investor networking. Feedback from local demand checks and investors is expected to be used to improve products and refine market-entry strategies.
The participating startups held a total of 164 business meetings with representatives from global large and midsize companies and investment firms. About 130 involved open innovation partnership discussions, while roughly 30 were investor meetings, allowing the startups to assess both business collaboration and fundraising opportunities.
In particular, meetings with one of the largest U.S. retailers, a major Japanese food company and global investors led to a range of follow-on outcomes, including business agreement discussions, technology validation plans, joint technology development talks and investment reviews.
The participating companies pursued proof-of-concept projects for solution adoption by global corporations, technology demonstrations with U.S. tech companies, joint business development and technology collaboration discussions, and investment reviews of up to $1 million.
Busan and the BCCEI said they expect the program to help expand local startups’ entry into the North American market. The participating companies will continue discussions with decision-makers and open innovation managers at global corporations. Follow-on tasks include additional investment talks, technology demonstrations, site visits and business partnerships.
The 10 participating companies were Crosshub, Ellex Lab, Fabric Duct, Terracle, JYC, Seoul Labs, Coconut Silo, Zero, Skycube and Tradeit.
Crosshub, led by CEO Kim Jae-seol, presented “IDBlock,” a next-generation identity authentication solution based on blockchain-based self-sovereign identity and zero-knowledge proof technologies, along with “V-Pay,” a voice AI-based dual-security payment authentication solution.
Ellex Lab, represented by CEO Choi Shin-sik, introduced an end-to-end drug discovery platform that organically integrates automated equipment, biochips and AI services.
Fabric Duct, led by CEO Kim Se-won, presented “FlowSox,” a smart HVAC solution using CFD-based airflow design and digital design automation. Terracle, led by CEO Kwon Ki-baek, introduced technology for producing recycled materials through the chemical recycling of waste plastics.
JYC, led by CEO Choi Jae-yu, presented “CLARIVUE,” an AI food safety inspection solution that uses SWIR imaging and AI analysis to detect contamination in the food supply chain in real time and without destructive testing.
Seoul Labs, led by CEO Jang Do-hee, introduced “WellsGen,” a personal health management platform that integrates fragmented wearable data and uses AI to recommend personalized diet, exercise and lifestyle plans.
Coconut Silo, led by CEO Kim Seung-yong, presented an AI-based software logistics routing platform that connects shippers and carriers while supporting quote comparisons and settlements.
Zero, led by CEO Heo Jin-hyuk, introduced its AI and IT solution development capabilities. Skycube, led by CEO Kim Si-hwan, presented the Q-Series aerial mobility infrastructure platform, which structures urban airspace into altitude-based digital units and provides integrated services for airspace rights management, route calculation, traffic-rights approval and settlement.
Tradeit, led by CEO Moon Sung-yong, introduced “Trade Intelligence,” an AI-powered overseas trade automation SaaS platform that helps companies identify global buyers, execute overseas sales and manage performance based on trade data and AI.
“Through this program, we gained more than simple insights. We were able to directly confirm the practical impact of Plug and Play’s global network,” said Choi Jae-yu, CEO of JYC. “It was a meaningful opportunity to see that the network can go beyond connecting participants and lead to actual business opportunities.”
“This program gave Busan startups the opportunity to experience Silicon Valley’s startup ecosystem firsthand and validate commercialization potential through collaboration with global companies and investors,” said Kim Ga-young, Busan’s startup and venture affairs officer. “As the program led to concrete outcomes on the ground, including investment reviews, technology validation and joint technology development discussions, we will continue to actively support efforts to ensure that Silicon Valley ecosystem experience and networks translate into growth for Busan startups.”
Source : Internews(https://www.inthenews.co.kr/)
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