Ultiracer in the Chosun Ilbo: The Team, the Lineup and Where to Try It
By Shaun Cheon
The Chosun Ilbo has featured RealDesignTech in its startup interview series, Startup Chwijung Japdam (스타트업 취중잡담). In the interview, CEO Joongsik Lee talks about how Ultiracer came to be, the team behind it and how people can try it today (Lee, 2021). We have told the story of the accident that started it all elsewhere, so here are the parts of the interview that show where Ultiracer stands right now.
The team that made it ride
Ultiracer began as one rider's sketch, but it took a team of experienced engineers to turn that sketch into a product. RealDesignTech was founded in February 2018 by co-CEOs Joongsik Lee and Wongeun Gong, who spent 27 years as an engineer at Samsung Electronics. They were joined by factory head Busik Choi, a machinery specialist with 40 years of experience and a former R&D director at Korea Yamaichi, and development lead Cheolhyeong Lee, who developed the Saojeong telephone (Lee, 2021).
Together, the team built 22 prototypes over about two and a half years before reaching a design that riders could use safely without falling. Along the way, the company filed patents in the United States, the European Union, Japan and China (Lee, 2021).
Three models, one idea
Ultiracer has been developed in three lines: a standard model, a children's model and a premium model. The standard model is priced at 3.96 million won and comes with six free content programs that connect to a smartphone or TV, so riders can race on screen or ride through a game world (Lee, 2021).
Lee explained in the interview that indoor cycling equipment in Korea ranges from about 660,000 to 4.95 million won, which puts Ultiracer in the middle of the market. What sets it apart, he said, is that it lets riders of any age ride realistically and safely on the same machine. Because the bike moves side to side and the platform responds when riders lean, Ultiracer can also act as a controller: riders can dodge obstacles on screen or play classic arcade games, and virtual reality content is in development (Lee, 2021).
Where to try Ultiracer
"Many people wonder what could be different before they try it," Lee told the Chosun Ilbo. "But once they ride it, everyone says it's different." The best way to find out is to ride one. Ultiracer can be tried in person, with staff on hand to explain it, at:
- Lotte Department Store Gangnam, near Hanti Station in Seoul
- Lotte Hi-Mart Suji Lotte Mall, in Yongin
Online, Ultiracer is available through Lotte Rental's Myomee and Metashop (Lee, 2021). Former basketball player Tae-poong Jeon and former judo athlete Jun-ho Cho have also raced each other on Ultiracer for MBig News's YouTube show Hataejuuibo.
Built with support
Hardware startups are rarely easy to fund in Korea, and Lee was candid about the early years. The company started out on his personal savings and bank loans. It was later selected for R&D programs, including one run by the Korea Sports Promotion Foundation, which together provided about 1 billion won for research and development, and the Korea SMEs and Startups Agency supported the company with 1 billion won in convertible bonds. "All of it went straight into development," he said (Lee, 2021).
That support, together with our win at D.DAY earlier this year, co-hosted by d·camp and Lotte Group, has helped a hardware company with a long development road keep moving forward.
Imagination and focus
Asked what matters most as a founder, Lee pointed to two things: imagination and focus. "Every startup begins as a daydream," he said. "The question is whether you can make it real. I'll give everything I have to make it happen" (Lee, 2021).
We thank the Chosun Ilbo and The Vivid for the interview. If you would like to learn more about Ultiracer, get in touch with us.
References
- Lee, Y. (2021, September 3). 미국 영국이 놀랐다, 한국인이 만든 세계 최초 자전거 [The US and UK were amazed: the world's first bicycle made by a Korean]. The Chosun Ilbo. https://www.chosun.com/economy/startup_story/2021/09/03/IHOZ2TQBQ5CXZDY5T3YRU6FAXA/