July 15, 2024
AETECH Becomes the First Korean Company to Win the WIPO Global Awards
The Korean Intellectual Property Office (KIPO) announced that 'AETECH' won the WIPO Global Awards, with the ceremony held in Geneva, Switzerland, on July 12 at 12:00 PM (Geneva local time).
The Global Awards were established by WIPO in 2022 to promote IP-based commercialization and motivate businesses by recognizing SMEs and startups that contribute to economic, social, and cultural development through the use of intellectual property.
A total of 667 companies from 107 countries applied for the 2024 Global Awards, and a total of nine companies, including AETECH, were awarded among twenty five finalists.
Winning companies receive tailored mentoring for six to twelve weeks focused on IP commercialization strategies, opportunities for funding and business partnerships, international promotion through the WIPO platform, participation in the WIPO network for IP management consultation, and coverage of expenses for attending the Global Awards ceremony.
This year, AETECH's award marks the first time a Korean company has won the prize. Founded in 2020, AETECH has developed AI-based waste-sorting robots, providing automated solutions to both private and public recycling facilities. The startup recorded an impressive revenue of approximately 2.3 billion KRW (about 1.8 million USD) in 2023, highlighting its remarkable growth trajectory.
Furthermore, AETECH received support from KIPO's IP-R&D program twice (in 2021 and 2023), allowing them to build a strong patent portfolio. AETECH has filed 18 domestic patent applications, of which 10 have been registered, and has also filed 8 PCT applications. AETECH also secured business funding through the Ministry of SMEs and Startups' TIPS program.
According to a member of the international jury involved in the 2024 Global Awards, AETECH's business model and products, which are based on patents for recycling waste, were highly praised for their contribution to the UN Sustainable Development Goals (SDGs).
Since the establishment of the Global Awards, two Korean companies were shortlisted as finalists in both 2022 and 2023 Global Awards, but did not ultimately win. In response, KIPO has actively promoted the competition to encourage more Korean companies to apply and has cooperated closely with the WIPO to ensure transparency and fair criteria in the selection process.
Commissioner Kim Wan-Ki of KIPO stated, "AETECH's award is a recognition of it's effective protection of technologies through IP and their significant achievements in the integrating field of AI and hardware. It also acknowledges their contribution to the achievement of the SDGs. KIPO will continue to support not only the success of our companies in winning such awards but also their efforts to expand into the global market."
Park Tae-hyung, CEO of AETECH, expressed his gratitude, stating, "It is an honor to receive such a prestigious award at WIPO, the global IP hub. I deeply thank all members of AETECH and the government officials who have supported us along the way. Winning the Global Awards signifies a call to grow into not only a leading Korean company but also a global enterprise that contributes to the SDGs through patents. All members of AETECH will work even harder to develop our business and become a leading player in the AI-based waste sorting sector in the global market."
Photo description: Mr. Tae-hyung Park (left), CEO of AETECH, receives the main prize at the 2024 Global Awards Ceremony held at WIPO headquarters in Geneva, Switzerland on July 12th, presented by Mr. Daren Tang, Director General of WIPO (right).