With the release of the conversational AI ChatGPT developed by OpenAI in November 2022, our lives our lives are directly affected by AI technology more than ever.
According to the research report titled “Domestic AI Analysis Market Forecast, 2023-2027,” published on April 26 by International Data Corporation Korea Ltd. (hereafter Korea IDC, CEO Han Eun-seon), an IT market analysis and consulting agency, the AI market is expected to grow by 17.2% year-on-year in 2023 to form sales o 2,612.3 billion won (.
The domestic AI market is expected to reach KRW 4.4636 trillion by 2027 as various innovative services and technologies are created through the adoption and application of AI in various industries.
To develop Korea’s AI market, the government announced the “National AI Strategy” in December 2019, and prepared measures to build an environment to enhance the competitiveness of A technology in each local government.
Currently various programs are being carried out by local governments to create AI clusters. A step ahead of this, Pangyo Techno Valley has already established itself as Korea’s leading AI cluster and now is planning to grow into a global AI cluster.
A collection of AI technology talents
In the 1st Pangyo Techno Valley, there are 1,082 large IT companies and startups (as of 2022) such as Naver and Kakao, and they are working to develop various technologies. In addition, the global R&D center, Samsung Electronics, SK, Hanwha, and Hyundai Motors are scrambbling for technological cooperation centered in Pangyo. For example, in 2020, Samsung Electronics, SKT and Kakao collaborated to develop future AI technologies, study AI utilization methods to solve social challenges, and expand the base of AI technologies.
In addition, KAIST AI Graduate School Seongnam Research Center was founded in Seongnam City in 2018 to promote joint research between KAIST’s R&D personnel and companies in Seongnam City to support the growth of startups and venture companies.
Environment for AI Technology Development
The Ministry of Science and ICT and Gyeonggi-do are cooperating to create a space for the AI research and a place where anyone can freely experience the technology. And they promoted the “2021 AI technology test bed project”. A total of KRW 39 billion was invested in this project by combing KRW 19.5 billion from the government budget with KRW 19.5 billion from Gyeonggi-do by 2023. As a result, Gyeonggi-do is creating a test bed environment for various technologies, such as Pangyo Zero City for self-driving demonstration and the 2nd Pangyo Techno Valley Global Biz Center for testing technologies for life convenience and disaster safety.
Last year, Gyeonggido Business & Science Accelerator launched AI Technology Demonstration Ted Bed Support Project to support empirical tests for the companies in AI fields. In addition, Gyeonggi-do plans to launch the ‘Gyeonggi-do AI Industry-University Cooperation Committee’ in June to propose policies for the development of the AI industry and collect opinions.
The Network for Aspiring Unicorn Companies
Various institutions that foster startup companies are located in Pangyo Techno Valley; Gyeonggi Center for Economy and Innovation, Pangyo Startup Zone, and Startup Campus. These institutions run various consulting programs for startup’s scale-up and host IR events with investors to help the companies attract investment.
16 AI-related startup companies in Pangyo
The AI-related start-ups in Pangyo, listed in “2023 Korea AI Startups” published by the Korea Artificial Intelligence Association, are as follows.
Laonpeople (CEO Lee Seok-joong)
– AI vision solution
– 723 Pangyo-ro, Bundang-gu, Seongnam-si, Gyeonggi-do
MEDIAIPLUS (CEO Jeong Ji-hee)
– Clinical data brokerage service that reduces the time and cost of clinical trials based on BIG DATA
– 735, Start-up Zone, 815, Daewangpangyo-ro, Sujeong-gu, Seongnam-si, Gyeonggi-do
Alchera (CEO Hwang Young-gyu)
– AI image recognition tech company: face recognition business (security/fintech, AR business), abnormal situation detection, etc.
– 7th floor, GB2 Building C, 25 Pangyo-ro 256beon-gil, Bundang-gu, Seongnam-si, Gyeonggi-do
AEVO (CEO Oh Seung-taek)
– AI learning data processing: customization for customers
– 9th floor, Iran Tech-dong, 17 Pangyo-ro 228beon-gil, Bundang-gu, Seongnam-si, Gyeonggi-do (Sampyeong-dong, Pangyo Seven Venture Valley 2)
Minglecon (CEO Jin Hyung-jung)
– Educational content in game format to improve kids’ intelligence for AI technology application (pattern recognition, decomposition, abstraction, algorithm, debugging, optimization, programming, etc.)
– 6, Changdeok-ro 40beon-gil, Sujeong-gu, Seongnam-si, Gyeonggi-do (Pangyo 2nd Techno Valley) LH1 complex 1st floor 3
KSTEC (CEO Lee Seung-do)
– System optimization and support for building AI, analytics and machine learning projects
– 503, 255 Pangyo-ro, Bundang-gu, Seongnam-si, Gyeonggi-do
MINDsLAB (CEO Yoo Tae -junb)
– Cutting-edge technologies such as AI voice generation, sound enhancement, resolution increase, and face replacement (AI Avatar)
– 5th floor, 49, Daewangpangyo-ro 644beon-gil, Bundang-gu,
Intelloid (CEO Yang Tae-young)
– Developing core AI technology such as keyword Spotting, Speech-To-Text, Natural Language Understanding
– #418 and #419, 9-22, Pangyo-ro 255beon-gil, Bundang-gu, Seongnam-si, Gyeonggi-do
Allbigdat (CEO Lee Dong-jae)
– A big data solution company that responds to all areas of data processing from collection to modeling.
– Room 620, 2nd Pangyo Techno Valley Corporate Growth Center, 54, Changsang-ro, Sujeong-gu, Seongnam-si, Gyeonggi-do
Wise AI (CEO Song Hyung-sik)
– AI virtual personal care, AI personal assistant, AI outbound, AIoT platform “Samverse, Amy, AU, AIOT” that understands the customers mid
– 509 Building B, 670 Daewangpangyo-ro, Bundang-gu, Seongnam-si, Gyeonggi-do
Etners (CEO Lim Gak-kyun)
– Data learning, business management and ESAI (AICC chatbot response) specializing in business platform service
– 7F, Building 2-B, U Space, 670, Daewangpangyo-ro, Bundang-gu, Seongnam-si, Gyeonggi-do
KiKii (CEO Jung Seon-yoon)
– AI system applied into city buses to handle regular dispatch, passenger safety control, and accident prevention.
-3rd floor, Building #2, 20, Pangyo-ro 289 beon-gil, Bundang-gu, Seongnam-si, Gyeonggi-do
Mind (CEO Kim Dong-won)
– Smart toy company based on natural language processing technology and artificial intelligence technology
– 12th floor, Building A, 660, Daewangpangyo-ro, Bundang-gu, Seongnam-si, Gyeonggi-do
Neo Ent DX (CEO Gwon Taek-joon)
– Content entertainment company based on the world’s best AI image processing technology
– Room 402, 4th floor, Pangyo 2nd Techno Valley Metaverse Hub, 815 Daewangpangyo-ro, Sujeong-gu, Seongnam-si, Gyeonggi-do
NHN DATA (CEO Lee Jin-soo)
– Integrated data management solutions with the company’s own data service, “Dighty”
– Play Museum, 16, Daewangpangyo-ro 645beon-gil, Bundang-gu, Seongnam-si, Gyeonggi-do
InterMinds (CEO Kim Jong-jin)
– AI solutions and services with visual intelligence technology
– 21 (Sampyeong-dong), 3rd floor, Daewangpangyo-ro 644, Bundang-gu, Seongnam-si, Gyeonggi-do