UK tech firms eyeing growth in South Korean AI sectors

The UK-APAC Tech Growth Programme has facilitated over 40 meetings for six UK semiconductor and artificial intelligence companies with prominent South Korean corporations and institutes.

The programme, backed by the UK's Department for Business & Trade, aims to assist UK firms in breaking into significant markets in the Asia-Pacific region, specifically in areas of high demand such as semiconductor and AI technologies. The companies involved in the trade mission to South Korea were able to engage with major names in the industry, including Hyundai Motor Group Korea, LG Electronics, Samsung Venture Investment, and SK Telecom.

The UK companies that participated in the trade mission include Heronic Technologies, Monolith AI, Quinas Technology, Teraview, Skyral, and Smartkem. These businesses focus on developing technologies in areas such as AI accelerator architectures, quantum mechanics applications, terahertz light spectroscopy, and organic thin-film transistors.

Participants of the mission were also briefed on the semiconductor and AI market landscape in South Korea, which has announced plans to create the world's largest semiconductor supercluster. This initiative is being established in partnership with leading South Korean companies Samsung Electronics and SK Hynix.

Sam Emeny-Smith, Head of Automotive & Defence at Monolith AI, remarked on the value of the mission, stating, "This was an incredibly valuable experience. The opportunity to meet company representatives face-to-face allowed us to have deep, insightful conversations about the challenges they face and learn how AI-powered engineering could help. And the interest we received was remarkable, with companies eager to explore how our technology can accelerate innovation in the semiconductor industry. We're looking forward to continuing discussions with several."

James Ashforth-Pook, CEO of Quinas Technology, also reflected positively on the experience, commenting, "The mission proved an invaluable opportunity to connect with leading players and potential partners. We were delighted to hold discussions with many South Korean and research institutes. The pace of deep-tech innovation in South Korea is remarkable and our focus is now on advancing fabrication partnerships and securing investment to accelerate the path of bringing our patented memory technology to market."

Intralink, the consultancy behind the UK-APAC Tech Growth Programme, sees South Korea as a growing market for UK tech scaleups, particularly those innovating in the semiconductor sector. The consultancy has highlighted opportunities for UK companies to contribute to South Korea's 'upstream' semiconductor ecosystem, which relies on advanced technologies for essential components and materials. Additionally, the AI market in the country is expanding rapidly, supported by significant government investment.

The landscape for UK firms in South Korea spans multiple sectors, including manufacturing, robotics, cybersecurity, data protection, sustainability, healthcare, and biotech. The growth is backed by the establishment of an AI Strategy Council and a financial injection of more than GBP £400 million into various AI initiatives.