[Financial News] "A huge amount of national tax money has been invested in wearable robot research and development (R&D). As a key member of this R&D, I want to somehow succeed in commercializing it, create a number one product, create jobs, and contribute to our society."

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“This year, the number of companies in various fields trying to introduce wearable robots has been rapidly increasing,” said Jang Jae-ho, CEO of wearable robot startup ‘FRT’, whom we met at the Seoul office in Jagok-ro, Gangnam-gu, Seoul on the 22nd.

Until last week, FRT visited and consulted with various companies including furniture, electronics, display, and power plants.

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In the future, wearable robots are expected to be actively used in manufacturing plants, logistics centers, civil engineering/construction hospitals, and other fields.

According to the U.S. market research firm BIS, the global wearable robot market size is expected to increase from $96 million (KRW 108.4 billion) in 2016 to $4.65 billion (KRW 5.2545 trillion) in 2026. In addition, the Fuji Economic Research Institute in Japan projected that the market size, which was 1.9438 trillion yen (KRW 20.1772 trillion) in 2019, will increase to 4.5464 trillion yen (KRW 47.193 trillion) in 2025.

■Only the necessary functions are included
FRT is planning to release the 3rd generation model of the industrial wearable robot 'Step Up' in April. The strength of the 3rd generation 'Step Up' is that it is lightweight and low-priced through modularization.

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StepUp can be made with only the functions that companies that want to introduce wearable robots need. After going to the worksite, examining and analyzing the type of work or the site, only the necessary parts are inserted into the wearable robot exoskeleton. This way, the price can be lowered and the weight can be made lighter as unnecessary parts are removed. The second generation of StepUp weighed 4.5 kg, but the third generation is expected to be lighter to 2 kg using new materials.

CEO Jang Jae-ho explained, "In the past, consulting alone took a year and cost 300 million won, but now it is possible to design a customized wearable robot for 20 million won in three months."

The material cost of the wearable robot that CEO Jang first developed while working at the Korea Institute of Industrial Technology was approximately 130 million won. The step-up is less than 1%.

FRT’s technological prowess is also outstanding.

He created Korea's first hydraulic wearable robot at the Industrial Technology Research Institute in 2014. He has accumulated know-how through R&D for over 10 years.

FRT has sensor technology that recognizes the user's intention, technology that receives signals from the sensor and supports muscle strength. It also has circuit design technology using hydraulics, motors, and springs, and even exoskeleton design technology that can move as freely as human joints.

■Better than the best technology
CEO Jang Jae-ho looked back and said, "I thought the best technology and parts would lead to a lot of sales, but I missed what the market and customers wanted."

FRT has been in the spotlight for its excellent technology since its establishment. Founded in 2015, it received a total of 1.3 billion won in investments, including 300 million won from Korea Science and Technology Holdings and 500 million won from K& Investment Partners in 2017. In addition, it won the grand prize at the Ministry of Science, ICT and Future Planning's open competition in 2017 with a wearable robot called 'Future Firefighting Iron Man'. In addition, it has participated in and won awards in various competitions, including the 2018 Patent Management Awards.

However, there was a big difference between the lab and the market. In the lab, success was achieved by using the best components to achieve the best performance. However, in the market, you have to consider whether the performance that customers want and the price are appropriate.

Although robots are replacing people in many industrial sites, there are still areas where human touch is needed. Wearable robots used in these cases can help workers work with minimal force and prevent the occurrence of musculoskeletal disorders.

Most of the wearable robots in Korea are for medical purposes, such as rehabilitation patients, and there is no company other than Hyundai Motor Group that is making wearable robots for industrial workers.

CEO Jang said, "Since the market is not yet mature, if venture companies like us continue to form the market by making inroads, the pie will grow larger in the future as small and medium-sized companies and large corporations also participate."

He also said, "It's still a B2B, B2G product, but we're planning to make it cheaper and lighter in the future so that individuals in agriculture or the food service industry can buy and wear the robot."