# MIT

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/mit

- Industry: Industrial Machinery
- Headquarters: Incheon, South Korea
- Website: www.mit21.co.kr/
- Total disclosed funding: $2.1M
- Latest round: Series A (Nov 13, 2021)
- Investors on record: 2

## About

MIT, based in Incheon, South Korea, specializes in advanced inspection equipment, utilizing ultrasound technology and smart factory system integration software to enhance manufacturing quality and efficiency across diverse industries.Founded in 2017, MIT Co., Ltd. develops specialized inspection solutions. The firm operates from its headquarters in Incheon, South Korea. MIT raised KRW 2.5 billion in venture funding on November 13, 2021, with investors IBK Capital and IMM Investment supporting its growth initiatives. The company has completed a total of 1 funding deal.MIT Co., Ltd. specializes in advanced inspection equipment focused on ultrasound technology, vision/thickness measurement devices, and smart factory system integration software. The core offerings include the MIT-U100 ultrasound inspection device for non-destructive testing and the MIT-T700 vision inspection system for real-time defect detection. These products serve various industries, including manufacturing and quality assurance, delivering critical solutions for clients aiming for high production standards. MIT operates in Asia, Europe, and North America, catering to manufacturing companies, quality assurance firms, and automation integrators.MIT Co., Ltd. generates revenue through direct sales of its inspection equipment and software solutions, primarily targeting B2B transactions. The business model involves providing customized solutions to industrial clients, focusing on one-time purchases and potential maintenance agreements. Clients commonly procure flagship products like the MIT-U100 and MIT-T700 in bulk, often engaging in partnerships with distributors to enhance market reach. The precise pricing for the products remains undisclosed, reflecting the company's commitment to quality and innovation in high-performance applications.MIT plans to leverage the KRW 2.5 billion raised in November 2021 to enhance product development and expand its geographical reach. Aiming to introduce new advanced inspection devices and integrate additional software capabilities, the company targets growth in Asia and Europe by 2023, focusing on increasing its market presence in key manufacturing sectors.

## Funding rounds

- Series A, Nov 13, 2021, $2.1M — IMM Investment, IBK Capital

## Investors

- IMM Investment (https://capitalatlas.ai/funds/imm-investment) — Series A
- IBK Capital (https://capitalatlas.ai/funds/ibk-capital) — Series A