Busan Port Authority selects 3 new tenants for '1876 Busan' startup platform

The Busan Port Authority (BPA) announced Monday that it has selected three companies with innovative technologies as new tenants of "1876 Busan," its shipping and port startup support platform.

"1876 Busan" has been jointly operated by the BPA, the Busan city government and the Korea Ocean Business Corporation since 2022 to strengthen the competitiveness of early-stage startups in South Korea. The new tenants were chosen through document screening and an in-person evaluation that assessed overall management capabilities. The three selected companies are Xylo Labs, Uncommon Lab and Cargotree.

The newly selected tenants will receive full-cycle support, including office space rent exemption, customized consulting for each company, technology development consulting and commercialization support, and investment linkage.

Xylo Labs holds AI-based technology for the early detection of port crane equipment conditions and operational status, and is expected to contribute to building a safer Busan port. Uncommon Lab develops AI-based smart port operating system software and will collaborate with the BPA's mid- to long-term AI strategy to accelerate Busan port's transformation into a smart port.

Cargotree operates an AI-based multinational freight forwarding platform and is expected to collaborate with the BPA on expanding its shipping logistics and network, contributing to the commercialization of Arctic shipping routes through Busan port.

BPA President Song Sang-geun said the authority would continue to "solidify the innovation ecosystem in the shipping and port sector through '1876 Busan' and spare no effort in providing full support."