Daejeon: The science ministry announced that a local artificial intelligence (AI) research firm, Hanlab, nurtured at a state-run industrial cluster, has entered the U.S. market by becoming an affiliate of a Nasdaq-listed company. This move marks Hanlab's effective entry into the U.S. stock market.

According to Yonhap News Agency, Hanlab, an AI automation firm situated at Innopolis Daedeok in Daejeon, has become a subsidiary of Evolution Metals and Technologies (EMAT) Corp., a company that recently made its debut on the Nasdaq market. The Ministry of Science and ICT highlighted this development as a pioneering step for a research institute from a state research and development cluster advancing into the Nasdaq market.

First Vice Science Minister Koo Hyuk-chae emphasized the significance of this milestone, stating that the government will persist in identifying and nurturing deep-tech research firms. The aim is to ensure that these firms' technological achievements lead to the creation of startups and facilitate their entry into the global market, thereby establishing a virtuous cycle.

The science ministry has committed to sustaining efforts to cultivate businesses with competitive technologies. The budget allocated for nurturing research and development clusters is projected to rise to 167.3 billion won (approximately US$114 million) by 2026, marking a 44 percent increase from the previous year.