S. Korea Launches GMEP to Fund AI Startup US Expansion

Sejong, South Korea - The Ministry of SMEs and Startups said Tuesday it would launch a program to connect domestic artificial intelligence startups with overseas venture capital, selecting roughly 20 companies for a U.S.-based program later this year.

The initiative, called the Investment-linked Global Market Expansion Program, represents a shift from the ministry's earlier efforts, which concentrated on local networking and product-market fit testing abroad. 

The new version is designed to facilitate direct meetings with foreign investors.

Companies chosen for the program will receive KRW 80 million (US$ 53,000) in funding for global expansion, take part in a five-week program in the United States spanning July and September, undergo overseas proof-of-concept testing, and attend at least three investor relations sessions with local venture firms.

Half of the 20 slots will be filled through recommendations from the lead agency and overseas investors. 

The other 10 will be awarded through an open application process that begins March 31 on the K-Startup portal. 

The ministry plans to hold a briefing on April 9 at Orange Planet in Seoul's Gangnam district.

Smilegate Investment, a venture arm of the South Korean gaming company, will manage the U.S. track in partnership with domestic firm Orange Planet and U.S.-based Berkeley SkyDeck and Fortitude Ventures. 

Smilegate is set to open a U.S. office in April to support the program.

The program follows a smaller pilot run in 2025 that focused on AI companies. That round drew 54 applicants for eight positions — a ratio of roughly seven to one. 

The ministry said the eight participants generated KRW 2.3 billion (US$ 1.5 million) in revenue, secured KRW 10.9 billion (US$ 7.2 million) in investment, and formed seven overseas partnerships.