SEUM Advises Flexible Battery Startup LiBEST in KRW 5 Billion Funding
SEUM advised flexible battery and wearable device developer LiBEST (an acronym for Lithium-ion Battery Energy Science and Technology) in its KRW 5 billion funding, which included investments from HGI, S-Oil, POSCO Capital, Korea Development Bank, SEMA Translink Investment, and Simone Investment Managers, among others (see related article here).
LiBEST was founded in 2016 by Joo-Seong Kim, who developed the original technology for the flexible lithium secondary during his studies at KAIST (see related article here). Most smartwatches and other wearable devices utilize a flexible battery, and the batteries produced by LiBEST are highly regarded not only for its ability to bend but also for being safe from thermal events upon being cut.
This funding round arose from LiBEST’s participation in the startup festival ComeUp 2019, during which LiBEST met with constituents of Samsung Electronics while operating its demonstration booth and pitching its product and technology. Samsung proposed to collaborate with LiBEST, which ultimately helped the company to procure a higher-than-average amount in funding.
This funding round was significant because it included many Korean conglomerates. Korean conglomerate investors remarked that although LiBEST’s primary source of revenues are from the wearable devices (such as smart watch bands), they proposed to engage in technological collaboration because they believe in CEO Joo-Seong Kim’s vision in application the technology to medical devices that will to enable the socially disadvantaged to receive medical care at a low cost.
The SEUM team was comprised of partners Hoseok Jung, and associates Egyul Kim, Hyunjee Kim, and Juhyun Park.