SEOUL -- HOMI AI, a generative AI startup, has been selected for the inaugural Global TIPS (Tech Incubator Program for Startup) program by the Korean Ministry of SMEs and Startups. This is a program where the government, private VCs, and selected startups collaborate to support companies with high potential for global expansion.

Through this selection, HOMI AI has secured a comprehensive support package valued at approximately KRW 2 billion (roughly $1.5 million), which includes R&D funding, venture capital investment, and the company’s own contribution. This funding will significantly accelerate the company’s entry into the North American and international markets.

HOMI AI is developing an AI framework that allows users to create and edit images intuitively using drawings or other visual inputs, completely eliminating the need for text prompts. Its core technology was recognized at the prestigious ECCV 2024 (European Conference on Computer Vision). The company is the first to commercialize this AI technology, building an interface that offers real-time previews and prompt-free image generation.

The company’s technology has already been validated through partnerships with publicly listed domestic companies in KOSPI, including Danal and Chokwang Paint, showcasing its commercial viability.

Seed Investment from Silicon Valley’s Hustle Fund

In addition to the government funding, HOMI AI has also secured a seed investment from Hustle Fund, a prominent early-stage venture capital firm in Silicon Valley. The investment was made under a SAFE (Simple Agreement for Future Equity) with a post-money valuation cap of $7 million.

Hustle Fund‘s decision was based on its high confidence in HOMI AI’s unique technology, the founding team‘s strong execution, and the company’s potential for global market expansion.

HOMI AI plans to use the investment not only to advance its technology but also to actively pursue its localization strategy for the U.S. market. This includes hiring local talent in Silicon Valley and exploring partnerships with other major global investors including Plug and Play.

HOMI AI’s co-CEOs, Kim Tae-yoon and Kim Kyung-tae, stated, “With both the Global TIPS selection and the investment from Hustle Fund, we are determined to become a global leader in the commercial image generation sector.”