Woowa Brothers, the operator of South Korea’s largest mobile food ordering and delivery service app, Baedal Minjok, said Thursday it has raised 40 billion won ($36 million) from U.S. investment bank Goldman Sachs in a new funding round.The investment bank said it will have additional funding plans for the Korean startups, which are based on an innovative idea, to help it beef up marketing efforts and increase its footing in the global markets. “With the new round of investment, Woowa Brothers wi

Technology Nov. 27, 2014

The Korea Racing Authority, South Korea’s public agency to promote horse racing, has long been trying to change the negative public perceptions on the industry and to make horse race parks across the nation family-friendly places.The scene at Seoul Racecourse Park in Gwacheon City, however, showed that these efforts have yet to bear any fruit. “It will be next to impossible to improve the park’s environment,” said a former employee of KRA who described the park as nothing short of a gambling den

Industry Nov. 25, 2014

Despite being hailed as a game changer in the world of tech, head-mounted virtual reality displays are still short of delivering a fully immersive experience for users because the technology is still too static and doesn’t require active physical movement.The Omni VR treadmill is out to change this. Virtuix, the U.S. startup that created the Omni, says it is certain to provide a wholly different experience ― one in which virtual reality can be a true reality. “We want to take virtual reality bey

Technology Nov. 19, 2014

Quantum dot technology will not have a significant impact on the global TV and display markets, while organic light-emitting diode could be a game changer, said Michael Grund, managing director of Merck Korea.Quantum dot is a rising technology that can effectively enhance the efficiency and resolution of displays by just putting a thin layer of nano-crystals on the backlight of a liquid crystal display.“The QD technology will not be a game changer in the TV market,” he said at a news conference

Technology Nov. 18, 2014

Samsung SDS, an information technology services provider, made a splash in its debut on the Korean bourse Friday with its market value becoming the sixth largest in the domestic market. The stock closed at 327,500 won ($298), bringing the market capitalization of the Samsung Group affiliate to 25.3 trillion won ($23 billion). The figure is slightly lower than that of the nation’s leading steel manufacturer POSCO at 25.6 trillion won. The head office of Samsung SDSAttending the IPO ceremony at th

Technology Nov. 14, 2014

Celebrating the anniversary of its move to a new head office in Gwanghwamun, central Seoul, on Thursday, Microsoft Korea introduced a range of positive changes achieved through its initiative to put mobile and cloud technology first at the workplace.The company said this would become the new norm for other companies in the future. The Korean branch of the software giant announced last year that it would transform its new Seoul headquarters into a ‘Freestyle Workplace,’ aimed at enhancing product

Technology Nov. 13, 2014

DAEJEON ― The Daejeon Global Innovation Forum, a global conference for innovation, kicked off Wednesday in Daejeon. The two-day global conference is expected to serve as a venue for 1,000 scholars, government officials and company executives to discuss innovation in the technology and science fields, and sustainable economic growth. “The forum will present practical solutions for a range of issues in pursuing innovation from how to establish better government policies through collaboration and c

Technology Nov. 12, 2014

DAEJEON ― A leading Bitcoin organization founder said Samsung Electronics, a chipmaking powerhouse, will likely benefit the most as the global market for the digital currency Bitcoin grows further down the road. “At least half a billion U.S. dollars, up from $10 million two years ago, will be spent on purchasing Bitcoin mining systems (built using highly efficient chips) worldwide next year or in 18 months,” said Peter Vessenes, chairman of the Bitcoin Foundation, a U.S. organization committed t

Technology Nov. 12, 2014