I Hate Flying Bugs Inc.(IHFB), known for its 1:1 online personal teaching platform “Mildang PT,” has been officially recognized as one of the pr e-unicorns with the 2023 “Prospective Unicorn Special Guarantee” from the Korean Ministry of SMEs and Startups.
Executives from the Technology Guarantee Fund visited IHFB headquarters on July 5 to celebrate the selection and engage in discussions. They presented the company with a plaque and engaged in meaningful dialogue with management.
The Prospective Unicorn Nurturing Program is a highly competitive initiative by the Ministry of SMEs and Startups to support promising startups through rigorous evaluation of innovation, growth potential, and market viability. With a remarkable acceptance rate of 12.5%, only 15 out of 120 applicants were selected in 2023.
The Ministry recognized IHFB’s innovative approach to online education: “IHFB’s efficient learning management model boasts a significantly lower learning abandonment rate compared to competitors. They have successfully transformed the advantages of offline education into a cost-effective online solution.”
This recognition grants IHFB access to valuable resources: They are now eligible for up to 200 billion won in special guarantees from the Technology Guarantee Fund and specialized advisory services for potential stock exchange listing. These resources will fuel their strategic pursuits in AI Digital Textbook projects, global expansion, and other initiatives aligning with the digital transformation of public education.
During the visit, Technology Guarantee Fund executives gained valuable insights: They were briefed on IHFB’s latest business trends and strategies related to public education and global expansion. Additionally, a live demonstration of the “Mildang PT” solution provided practical understanding of the technology’s potential.
Founder and CEO Chanyong Park expressed his gratitude and commitment: “Being selected as a pre-unicorn this year is a tremendous honor, and we understand the accompanying responsibility. We look forward to collaborating with the Technology Guarantee Fund, a powerful driver in the startup ecosystem, to accelerate service expansion, technological advancements, and ultimately contribute to equal educational opportunities within the public education landscape.”
IHFB’s achievements speak volumes about their expertise and potential: Over the past three years, they have amassed 657 billion won in cumulative investments, demonstrating the value of their “Mildang PT” service. Their impressive growth includes a tenfold increase in personnel and strategic partnerships with public institutions like the KDB Industrial Bank and the Korea Venture Investment. Furthermore, IHFB actively invests in the future of education by collaborating with renowned publishers like YBM and currently serves a user base of 200,000 with a database of 1.8 billion learning data points.
