Interview with Park Dong-hyun, CEO of Hycore, the Company Developing Autonomous Electric Wheelchairs
"Anyone Can Become Disabled"
After receiving a grade 4 disability assessment, he became interested in electric wheelchairs.
By localizing production, they achieved a price level half of that of foreign models.
"This year, we will apply for medical device approval for our electric wheelchair." Let me know if you need further translation or details!
The medical device industry is rapidly emerging as the "second semiconductor." According to global market research institutions, the medical device industry is expected to grow to over 888 trillion KRW by 2029. As a sector within the manufacturing industry, the growth of the medical device industry can also be expected to generate ripple effects such as job creation and increased investment. As of last year, the number of people employed in the medical device industry recorded the highest growth among those in Korea's health industry. This is the backdrop for the government and local governments actively working to revitalize the industry. The ChosunBiz will feature stories of companies on the frontlines of Korea's medical device industry.
The wheelchair is a symbol of the late British astrophysicist Professor Stephen Hawking, who served as a professor at the University of Cambridge. In a video conference at a forum in the United States in 2014, Professor Hawking said, “I cannot be treated with medicine, but technology allows me to interact with the world.” Diagnosed with ALS (amyotrophic lateral sclerosis) at the age of 22, Hawking spent most of his life in a wheelchair, exploring the vast world of the universe.
A wheelchair is more than just a means of transportation for some people. It is a tool of communication that enables those who cannot move by themselves to engage with the world. In the past, people needed assistance to move in a wheelchair, but now, thanks to technological advancements, wheelchairs can move autonomously, allowing the user to drive them as they wish. For those whose self-esteem may be low, it serves as a source of courage to venture out into the world.
This is the background behind HYUNDAI’s entry into the electric wheelchair business. Park Dong-hyun, CEO of HYUNDAI, explained, “As times change, the definition of disability also changes. In the past, if a person had no physical disabilities, they were not considered disabled. But anyone could become disabled due to an accident, and with the rapid aging process, anyone could become a person with disabilities.” Once healthy enough to practice judo, CEO Park showed his disability certificate, revealing he has been diagnosed with a level 4 physical disability, making it difficult for him to walk for more than 30 minutes.
HYUNDAI is a company that started in 2012 based on synthetic motor technology from an idea proposed by a student preparing for a Ph.D. at Hanyang University. At that time, Hanyang University’s technology holding company was debating whether to sell the synthetic motor technology or commercialize it. CEO Park, who worked as a team leader at the technology holding company, proposed the idea of commercialization to his advisor, which led him to take on the business himself.
However, the journey was not smooth. The company initially planned to develop bicycles and personal mobility devices based on synthetic motor technology and expand abroad. But this plan was derailed by the outbreak of COVID-19 in 2020. With countries locking down and air travel coming to a halt, even the U.S. and German subsidiaries that had been prepared could not proceed. In contrast to the overseas focus, the domestic market was not as interested in bicycles for commuting, which led to a reassessment of the business.
At that time, an opportunity came from Hyundai Motor Company. Chung Eui-sun, the chairman of Hyundai Motor Group, had an interest in mobility devices that would assist in reaching a final destination. For example, a commuter would walk from home to a bus or subway, and then walk again to the office. The idea was to replace the walking process with electric bicycles, electric scooters, or similar devices. This is known in the mobility industry as the "Last Mile" solution, and HYUNDAI’s synthetic motor technology aligned perfectly with Hyundai’s vision.
CEO Park explained, “We were offered a project from Hyundai Motor Company, and it turned out that we already had 90% of the necessary technology. They said it would take two years, but we completed it in just two months. This was our first experience with open innovation with a large corporation, and it was a great learning experience. Afterward, HANJIN and KT also showed interest in our technology.”
As large corporations showed interest, market demand naturally followed. Disability organizations and hospitals began requesting electric wheelchairs. HYUNDAI supplied 40 autonomous electric wheelchairs to Seoul National University Bundang Hospital.
Currently, HYUNDAI has developed three types of wheelchairs: fully autonomous, standard, and safety models. The standard model is a basic electric wheelchair, while the safety model includes ultrasonic sensors and collision sensors that stop the wheelchair if it detects an obstacle. The fully autonomous model comes equipped with self-driving sensors such as LIDAR, cameras, and mini-computers. It has a top speed of 8 km/h and a range of 45 km, with a battery life of up to 10 hours on a single charge.
HYUNDAI plans to apply for medical device certification for their electric wheelchair from the Korea Food and Drug Administration (KFDA). Because they developed the product using their own technology, the price is about half of international brands like Ottobock from Germany or Yamaha from Japan.
CEO Park mentioned, “We have raised about 8 billion KRW in external investments so far, and we plan to secure an additional 10 billion KRW by June this year. We expect to increase our production capacity from 200 units to 1,000 units. Our projected revenue for this year is around 7 to 8 billion KRW, and we expect to exceed 20 billion KRW next year.”
In an interview with Chosun Biz on March 20, which coincided with the Day for the Disabled, CEO Park shared the following insights about HYUNDAI.
- What kind of company is HYCORE?
“HYCORE is a company that creates future technologies based on solid evidence. Established in 2012, we initially focused on producing personal mobility devices like bicycles, but due to COVID-19, we shifted toward developing autonomous and AI-integrated mobility products such as electric carts.”
- What is the core technology of your company?
“Our core technology is synthetic motor technology. Instead of having a single motor, we combine two or more motors. In the past, computers only had one CPU, but now they have multiple. This allows us to make motors lighter and develop software as well. We handle both hardware and software development. This technology was originally developed by a student preparing for a Ph.D. at Hanyang University.”
- What led to the development of electric wheelchairs?
“COVID-19 played a big role. We originally focused on export markets for products like bicycles, but the pandemic made exports nearly impossible. During that time, Hyundai Motor Company approached us with a project that was already 90% ready for development. We completed it in just two months. It was our first experience working with a large company on an open innovation project, and it was a valuable experience. Following that, companies like Hanjin and KT also showed interest. As a result, there was increasing demand from disability organizations and hospitals. This wasn’t about developing something companies wanted but about responding to actual market demand. We’ve already finished mass production and are currently selling our products.”
- What types of electric wheelchairs have you developed?
“We have developed three models: fully autonomous, standard, and safety models. The fully autonomous model is more of a future-oriented product, not yet commercially viable. The standard model is a basic electric wheelchair, and the safety model is equipped with collision sensors. The basic models all work on the same principle. The autonomous model is equipped with LIDAR, cameras, and mini-computers. The safety model uses ultrasonic sensors. The standard model is quite simple.”
- Who is the target market for your electric wheelchairs, and how do you see the future of the market?
“Our target market includes the elderly, patients, and people with disabilities. The definition of disability is changing. In the past, if someone had no apparent disability, they were not considered disabled. But as accidents can happen at any time and with the aging population, anyone could become disabled. The market potential is high, and we see it as similar to how elevators, initially designed for disabled people, are now used by everyone. In Japan, young people use electric wheelchairs for commuting due to the convenience and cost benefits. I believe the same trend will happen in Korea. Although only 2% of the population currently uses electric wheelchairs in Korea, that number will surely rise in the future.”
- Isn’t the price of the electric wheelchairs high due to the many components and electronics involved?
“We have priced our product at around 3 million KRW, which is about half the price of overseas products priced at 6 to 7 million KRW. Because we developed the product using our own technology, we can keep the price lower. Of course, there are cheaper, lower-quality Chinese products, but they are not comparable in terms of quality.”
- Are there any government subsidies for purchasing electric wheelchairs?
“Only people with disabilities are eligible for subsidies, and even then, only about 1% of them actually receive support. The guidelines for subsidies are outdated, especially for lithium-based products, which are not eligible. It’s like telling people to wear traditional Korean clothing and headwear in modern times.”
- Would it be possible to lower the price further by manufacturing abroad?
“We are considering production in countries like China, Taiwan, and Vietnam, but we will only manufacture certain parts overseas to prevent technology leakage. Some parts, such as the software, will still be produced domestically.”
- How much external investment have you raised so far?
“We’ve raised about 8 billion KRW so far and plan to secure an additional 10 billion KRW by June. We are currently receiving investments in the form of financial investors (FI), not strategic investors (SI), to avoid any interference in company management.”
- What are your financial projections for the next few years?
“We are already generating about 500 million KRW in monthly revenue as of December, and we expect annual revenue to reach 7 to 8 billion KRW this year. If things go well, it could even reach 10 billion KRW. We expect next year’s revenue to exceed 20 billion KRW.”
- What do you want to emphasize?
“I hope that government agencies can collaborate more effectively across departments, creating a unified platform for support. From a business perspective, it would be more helpful to receive support from a single platform, even if it involves multiple agencies. The ecosystem should expand so that more people can benefit from it. We need policies that make it easier for people to access products, especially for the elderly. I hope that the regulatory environment will be more flexible.”
Chosun Biz - Kim Yang-hyuk, Reporter
Interview with Park Dong-hyun, CEO of Hycore, the Company Developing Autonomous Electric Wheelchairs
"Anyone Can Become Disabled"
After receiving a grade 4 disability assessment, he became interested in electric wheelchairs.
By localizing production, they achieved a price level half of that of foreign models.
"This year, we will apply for medical device approval for our electric wheelchair." Let me know if you need further translation or details!
The medical device industry is rapidly emerging as the "second semiconductor." According to global market research institutions, the medical device industry is expected to grow to over 888 trillion KRW by 2029. As a sector within the manufacturing industry, the growth of the medical device industry can also be expected to generate ripple effects such as job creation and increased investment. As of last year, the number of people employed in the medical device industry recorded the highest growth among those in Korea's health industry. This is the backdrop for the government and local governments actively working to revitalize the industry. The ChosunBiz will feature stories of companies on the frontlines of Korea's medical device industry.
The wheelchair is a symbol of the late British astrophysicist Professor Stephen Hawking, who served as a professor at the University of Cambridge. In a video conference at a forum in the United States in 2014, Professor Hawking said, “I cannot be treated with medicine, but technology allows me to interact with the world.” Diagnosed with ALS (amyotrophic lateral sclerosis) at the age of 22, Hawking spent most of his life in a wheelchair, exploring the vast world of the universe.
A wheelchair is more than just a means of transportation for some people. It is a tool of communication that enables those who cannot move by themselves to engage with the world. In the past, people needed assistance to move in a wheelchair, but now, thanks to technological advancements, wheelchairs can move autonomously, allowing the user to drive them as they wish. For those whose self-esteem may be low, it serves as a source of courage to venture out into the world.
This is the background behind HYUNDAI’s entry into the electric wheelchair business. Park Dong-hyun, CEO of HYUNDAI, explained, “As times change, the definition of disability also changes. In the past, if a person had no physical disabilities, they were not considered disabled. But anyone could become disabled due to an accident, and with the rapid aging process, anyone could become a person with disabilities.” Once healthy enough to practice judo, CEO Park showed his disability certificate, revealing he has been diagnosed with a level 4 physical disability, making it difficult for him to walk for more than 30 minutes.
HYUNDAI is a company that started in 2012 based on synthetic motor technology from an idea proposed by a student preparing for a Ph.D. at Hanyang University. At that time, Hanyang University’s technology holding company was debating whether to sell the synthetic motor technology or commercialize it. CEO Park, who worked as a team leader at the technology holding company, proposed the idea of commercialization to his advisor, which led him to take on the business himself.
However, the journey was not smooth. The company initially planned to develop bicycles and personal mobility devices based on synthetic motor technology and expand abroad. But this plan was derailed by the outbreak of COVID-19 in 2020. With countries locking down and air travel coming to a halt, even the U.S. and German subsidiaries that had been prepared could not proceed. In contrast to the overseas focus, the domestic market was not as interested in bicycles for commuting, which led to a reassessment of the business.
At that time, an opportunity came from Hyundai Motor Company. Chung Eui-sun, the chairman of Hyundai Motor Group, had an interest in mobility devices that would assist in reaching a final destination. For example, a commuter would walk from home to a bus or subway, and then walk again to the office. The idea was to replace the walking process with electric bicycles, electric scooters, or similar devices. This is known in the mobility industry as the "Last Mile" solution, and HYUNDAI’s synthetic motor technology aligned perfectly with Hyundai’s vision.
CEO Park explained, “We were offered a project from Hyundai Motor Company, and it turned out that we already had 90% of the necessary technology. They said it would take two years, but we completed it in just two months. This was our first experience with open innovation with a large corporation, and it was a great learning experience. Afterward, HANJIN and KT also showed interest in our technology.”
As large corporations showed interest, market demand naturally followed. Disability organizations and hospitals began requesting electric wheelchairs. HYUNDAI supplied 40 autonomous electric wheelchairs to Seoul National University Bundang Hospital.
Currently, HYUNDAI has developed three types of wheelchairs: fully autonomous, standard, and safety models. The standard model is a basic electric wheelchair, while the safety model includes ultrasonic sensors and collision sensors that stop the wheelchair if it detects an obstacle. The fully autonomous model comes equipped with self-driving sensors such as LIDAR, cameras, and mini-computers. It has a top speed of 8 km/h and a range of 45 km, with a battery life of up to 10 hours on a single charge.
HYUNDAI plans to apply for medical device certification for their electric wheelchair from the Korea Food and Drug Administration (KFDA). Because they developed the product using their own technology, the price is about half of international brands like Ottobock from Germany or Yamaha from Japan.
CEO Park mentioned, “We have raised about 8 billion KRW in external investments so far, and we plan to secure an additional 10 billion KRW by June this year. We expect to increase our production capacity from 200 units to 1,000 units. Our projected revenue for this year is around 7 to 8 billion KRW, and we expect to exceed 20 billion KRW next year.”
In an interview with Chosun Biz on March 20, which coincided with the Day for the Disabled, CEO Park shared the following insights about HYUNDAI.
“HYCORE is a company that creates future technologies based on solid evidence. Established in 2012, we initially focused on producing personal mobility devices like bicycles, but due to COVID-19, we shifted toward developing autonomous and AI-integrated mobility products such as electric carts.”
“Our core technology is synthetic motor technology. Instead of having a single motor, we combine two or more motors. In the past, computers only had one CPU, but now they have multiple. This allows us to make motors lighter and develop software as well. We handle both hardware and software development. This technology was originally developed by a student preparing for a Ph.D. at Hanyang University.”
“COVID-19 played a big role. We originally focused on export markets for products like bicycles, but the pandemic made exports nearly impossible. During that time, Hyundai Motor Company approached us with a project that was already 90% ready for development. We completed it in just two months. It was our first experience working with a large company on an open innovation project, and it was a valuable experience. Following that, companies like Hanjin and KT also showed interest. As a result, there was increasing demand from disability organizations and hospitals. This wasn’t about developing something companies wanted but about responding to actual market demand. We’ve already finished mass production and are currently selling our products.”
“We have developed three models: fully autonomous, standard, and safety models. The fully autonomous model is more of a future-oriented product, not yet commercially viable. The standard model is a basic electric wheelchair, and the safety model is equipped with collision sensors. The basic models all work on the same principle. The autonomous model is equipped with LIDAR, cameras, and mini-computers. The safety model uses ultrasonic sensors. The standard model is quite simple.”
“Our target market includes the elderly, patients, and people with disabilities. The definition of disability is changing. In the past, if someone had no apparent disability, they were not considered disabled. But as accidents can happen at any time and with the aging population, anyone could become disabled. The market potential is high, and we see it as similar to how elevators, initially designed for disabled people, are now used by everyone. In Japan, young people use electric wheelchairs for commuting due to the convenience and cost benefits. I believe the same trend will happen in Korea. Although only 2% of the population currently uses electric wheelchairs in Korea, that number will surely rise in the future.”
“We have priced our product at around 3 million KRW, which is about half the price of overseas products priced at 6 to 7 million KRW. Because we developed the product using our own technology, we can keep the price lower. Of course, there are cheaper, lower-quality Chinese products, but they are not comparable in terms of quality.”
“Only people with disabilities are eligible for subsidies, and even then, only about 1% of them actually receive support. The guidelines for subsidies are outdated, especially for lithium-based products, which are not eligible. It’s like telling people to wear traditional Korean clothing and headwear in modern times.”
“We are considering production in countries like China, Taiwan, and Vietnam, but we will only manufacture certain parts overseas to prevent technology leakage. Some parts, such as the software, will still be produced domestically.”
“We’ve raised about 8 billion KRW so far and plan to secure an additional 10 billion KRW by June. We are currently receiving investments in the form of financial investors (FI), not strategic investors (SI), to avoid any interference in company management.”
“We are already generating about 500 million KRW in monthly revenue as of December, and we expect annual revenue to reach 7 to 8 billion KRW this year. If things go well, it could even reach 10 billion KRW. We expect next year’s revenue to exceed 20 billion KRW.”
“I hope that government agencies can collaborate more effectively across departments, creating a unified platform for support. From a business perspective, it would be more helpful to receive support from a single platform, even if it involves multiple agencies. The ecosystem should expand so that more people can benefit from it. We need policies that make it easier for people to access products, especially for the elderly. I hope that the regulatory environment will be more flexible.”
Chosun Biz - Kim Yang-hyuk, Reporter