Meat Deep-Aging, Indoor Seaweed Farming... NH Nonghyup's Food Tech Partners Are "Amazing"

NH Open Business Hub Ag & Food Tech Startup IR / Graphic=Yoon Sun-jung

When a cow is butchered, the popular cuts are sold, while the less popular parts are often discarded. While beef round and shank are delicious, they are less preferred than sirloin or ribs. For pork, front and hind leg meat face this challenge compared to the highly popular belly and shoulder cuts. Is it possible to process these less-preferred cuts to improve their taste?

On July 26th, at COEX in Seoul, a host of technologies set to change our dining tables were showcased. Amid the 2nd Agri-Food Tech Startup Fair (AFRO), NH Nonghyup Bank held an IR event for ag-tech and food-tech startups. Ag-tech refers to innovation in agriculture, and food-tech in new food-related technologies.

NH Open Business Hub Ag & Food Tech Startup IR / Graphic=Yoon Sun-jung

Six startups—Deep.Plant, Sweetd.O, e4A (food-tech), and Doo Beonjjae Bada, Transfarmer, Team Space Farm (ag-tech)—advanced to the finals, capturing the attention of the venture capital industry. The Grand Prize went to Deep.Plant, which improves the taste of meat and increases the value of livestock products with its protein-decomposition deep-aging technology.

Deep-aging is a method where meat is placed in a special container to activate proteolytic enzymes. As the protein breaks down, flavor-enhancing compounds are released. The company explains that by increasing the consumption of less-preferred cuts, the costs associated with disposal can be reduced, benefiting both farmers and consumers.

"Deep-aging transforms less-preferred cuts, or even low-grade popular cuts, to be tender enough for grilling," explained Kim Cheol-beom, CEO of Deep.Plant. "We also analyze meat data with AI to determine the processing method, enabling a consistent supply of high-quality meat."

Choi Jae-ha, Director of Deep.Plant (right), which won the Grand Prize at the Ag-tech/Food-tech Startup IR hosted by NH Nonghyup at COEX, Seoul on July 26, and Kim Ju-sik, Head of NH Nonghyup Bank's Digital Strategy Division / Photo=NH Nonghyup Open Business Hub

Excellence Award winners Doo Beonjjae Bada and Sweetd.O received attention for their indoor seaweed farming solution and plant-based alternative foods, respectively. While the production environment for seaweed (gim) is deteriorating due to the climate crisis, its overseas exports have surged. What if this valuable "black semiconductor" could be mass-produced in indoor facilities instead of the sea?

Doo Beonjjae Bada made this vision a reality with its aeroponics technology, which sprays seawater like a mist. While large water tanks have been developed for seaweed farming, aeroponics creates a sea-like environment (a "micro-ocean") in a small space with minimal seawater. During the IR, CEO Moon Kyung-hyun emphasized, "Since we spray seawater in a mist form, the usage is minimal, and farming is possible anywhere in the country. The high area efficiency increases seaweed productivity by 30 times compared to existing methods."

(From left) Moon Kyung-hyun, CEO of Doo Beonjjae Bada; Kim Ju-sik, Head of NH Nonghyup Bank's Digital Strategy Division; and Kang Bo-ra, CEO of Sweetd.O, pose after receiving their awards at the IR event hosted by NH Nonghyup at COEX, Seoul on July 26. / Photo=NH Nonghyup Open Business Hub

(From left) Kim Ki-hyun, CEO of Transfarmer; Kim Ju-sik of NH Nonghyup Bank; Seo Yu-ri, CEO of Team Space Farm; and Shin Dong-seop, CEO of e4A, pose after receiving their awards at the IR event hosted by NH Nonghyup. / Photo=NH Nonghyup Open Business Hub

Other notable participants included Team Space Farm, which showcased a case where it increased the productivity of Busan's famous Daejeo "Jjaltomato" (salty tomato) by 20% using data-driven cultivation management technology. Transfarmer introduced a platform to digitalize farmland transactions, which have traditionally lacked price and transaction transparency. Shin Dong-seop, CEO of e4A and a former athlete, developed various sports health foods based on his experience.

For agri-food startups to scale up, meeting the right partners who understand the field is crucial. Deep.Plant is currently pursuing business with NH Nonghyup affiliates with support from the NH Open Business Hub. CEO Kim Cheol-beom told Money Today's Unicorn Factory, "The NH Open Business Hub has provided various forms of help, including the opportunity for office space."

Kang Bo-ra, CEO of fellow Excellence Award winner Sweetd.O, also said, "The support from NH Nonghyup boosts our credibility, which has a positive effect on expanding into new stores." CEO Kang smiled as she mentioned that her company had secured a spot in the Hyundai Department Store's Trade Center branch on the day of the IR.

The judging panel included representatives from NH Nonghyup Bank, the Korea Agricultural Technology Promotion Agency, Lotte Ventures, Envisioning Partners, Kingsley Ventures, and ROI Investment Partners. An NH Nonghyup official stated, "This was an opportunity for the companies from our NH Open Business Hub to present their IRs. It was a great chance to increase their visibility among investors."

NH Nonghyup operates the Open Business Hub to discover and support startups. It goes beyond simple collaboration, providing support to strengthen the startups' partnership capabilities and seeking open innovation linked to Nonghyup's diverse financial and non-financial businesses.