SEOUL, South Korea, April 26, 2018 /PRNewswire/ -- ulalaLAB, an IoT development company, raised $2 million during its Series A, led by STIC Investment and MAGNA Investment. The lead investor in this round is one of the top venture capital firms in South Korea.
Founded in 2011 as K-ICT Born2Global Centre's member company, ulalaLAB has since refocused its technological capabilities and grown into the most recognized Smart Factory Platform provider in South Korea with ever expanding local and international customer and partner portfolio. Now, it's raised Series A round to strengthen its technological capabilities through more R&D in AI and other areas, as well as to expand further in overseas market.
Along with its angel and seed financing, the Series A brings ulalaLAB's total funding to about $3 million so far. ulalaLAB says its goal is to solve SME's manufacturing problems by providing cost effective, easy-to-implement solutions that effectively combine innovative technologies with humans at the center of everything.
ulalaLAB's WimFactory platform enables SMEs and even large enterprise manufacturers to digitalize their production, enabling factories to gain instant access to real time data by capturing, analyzing and displaying operations data from all types of sensors surrounding the production line, even in old and outdated equipment, allowing better and more informed decision making.
Hakju Kang, Founder and Chief Executive Officer of ulalaLAB said, "The time was right for ulalaLAB to raise again because its WimFactory platform is already implemented in dozens of SMEs and Large factories in South Korea and with ever increasing demand from abroad - overseas markets cannot wait."
Nike and Adidas shoes OEM/ODM factories in Vietnam, Indonesia and mainland China already implemented the WimFactory platform in their everyday operations. ulalaLAB recently signed $16 million overseas export deal to expand the business further into Taiwan, mainland China, Thailand and Indonesia markets.
ulalaLAB is focusing now more on predictive maintenance, developing and implementing more advanced algorithms to detect abnormalities in production early on. Besides that, the company is dedicated to making its platform as easy to implement and operate as possible.
For more detailed information on ulalaLAB, visit www.ulalalab.com
Media Enquiries:
Jina Lee
jlee@born2global.com
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