Daewoo E&C Vina, SparkLabs, and Bespin Global Partner to Build a Smart City Platform in Vietnam – Press Release

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Daewoo Starlake City

“Startups with innovative technologies have played a prominent role in the creation of representative smart cities such as Singapore, Dubai, New York, and London,” said Eugene Kim, General Partner at SparkLabs Korea.

SparkLabs Korea signed a strategic partnership with Daewoo E&C Vina and Bespin Global to collectively build a smart city platform in Vietnam. Daewoo E&C is a leading construction company in South Korea and Bespin Global is the first East Asian company to be positioned in Gartner Magic Quadrant for Public Cloud Infrastructure Professional and Managed Services for four consecutive years. The company supports all major public cloud platforms and offers cloud managed service globally through its proprietary platform, OpsNow.

The three companies plan to build and operate a smart city-integrated management platform to utilize data generated from Daewoo E&C’s Vietnam smart city and smart construction effort. Additionally, they plan to introduce and implement open innovation to discover, invest, and nurture technology startups to be introduced into ASEAN countries with a primary focus on Vietnam.

Daewoo E&C’s smart city initiative is seeking to solve urban problems caused by rapid urbanization following Vietnam’s economic growth, and to improve the efficiency of urban infrastructure operations and management. Through this partnership, Daewoo E&C plans to build a core smart city data-management system for a new city project in Vietnam and build an integrated city platform to accelerate the development and commercialization of smart city element technologies.

Bespin Global supports Daewoo E&C’s Vietnam smart city platform and strategies. Specifically, it plans to attract R&D and innovation centers, which are essential elements of a smart city platform, and build and support a smart city development platform and cloud infrastructure.

“Startups with innovative technologies have played a prominent role in the creation of representative smart cities such as Singapore, Dubai, New York, and London,” said Eugene Kim, General Partner at SparkLabs Korea and SparkLabs Group. He continued, “Based on the know-how of SparkLabs Group, which has fostered leading startups in major cities across the globe, we will discover high-capacity startups that will build successful smart cities in ASEAN countries.”

“Daewoo Starlake City, which is being developed by Daewoo E&C, is Vietnam’s first smart city demonstrative city that is applying smart technologies such as a drone control system, BIM-based construction and operation management, and air quality measurement system. It has contributed to the improvement of Hanoi’s city environment,” said Sung-Jin Cho, Executive Vice President of Daewoo E&C.

Min-Sik Cho, CEO of Bespin Global, said, “In order for a smart city to succeed, it is essential to build a ‘smart city platform’ that can collect and analyze various data created by facilities and services in the process of urban development and operation, as well as demonstration projects of element technologies.” He added, “I have high expectations because Bespin Global’s technology can contribute to the construction of Daewoo E&C’s smart city development platform and cloud infrastructure.”

SparkLabs will operate and foster the ‘Vietnam Smart Tech Fund’, which specializes in smart city solution startup investment and acceleration. Since SparkLabs Group is a leader in early-stage venture capital in Asia, it is ideally suited to partner with Daewoo E&C Vina and lead this new venture capital fund. In addition, it will pilot cloud smart city solutions such as autonomous driving, big data, AI, and machine learning with Bespin Global and other select partners.

ABOUT SPARKLABS GROUP

SparkLabs Group is a network of startup accelerators and venture capital funds that has invested in over 300 startups across 6 continents since 2013. SparkLabs Korea is the leading accelerator in South Korea along with SparkLabs Taipei in Taiwan and SparkLabs Cultiv8 in Australia respectively. SparkLabs Global Ventures is an early-stage fund that primarily invests in the U.S., SparkLabs Ventures is an early-stage for South Korea and SE Asia, and SparkLabs Global Capital is a late-stage vehicle. For more information, please visit http://www.sparklabsgroup.com

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