Busan Port Picks Three AI Startups for '1876 Busan' Program

BUSAN — Busan Port Authority (BPA) has selected three artificial intelligence startups to join "1876 Busan," a startup support platform for the shipping and port industry. The agency plans to test their technologies in safety, smart ports and global logistics at Busan Port and help commercialize them.

Xylo Labs, Uncommon Lab and Cargo Tree were chosen as new tenants of the program, BPA said on the 7th. The authority evaluated management capability, business viability, technology and suitability through document screening and in-person assessments.

"1876 Busan" has been jointly operated since 2022 by BPA, the Busan Metropolitan Government and the Korea Ocean Business Corporation. It aims to strengthen the competitiveness of early-stage startups while supporting Busan Port's digital transformation and the creation of higher-value services.

Xylo Labs uses AI to analyze the condition and operation of port cranes and detect early signs of malfunction. Uncommon Lab develops AI-based operating systems and software for smart ports and will take part in the port's smart transition in line with BPA's medium- to long-term AI strategy.

Cargo Tree runs an AI-based multinational freight forwarding platform. BPA said it will work with the company to expand shipping and logistics networks and cooperate on strategies to commercialize the Arctic shipping route.

The selected companies receive support at each growth stage, including waived office rent, tailored consulting, technology development advice, commercialization assistance and investment matchmaking. They also gain opportunities to verify their technologies at Busan Port and to participate in BPA research and development projects.

"The selected companies have the potential to grow into global players, using Busan Port's infrastructure and research support as a springboard," BPA President Song Sang-keun said. "Through 1876 Busan, we will build an even stronger innovation ecosystem in the shipping and port sector."