Data is driving the future of many businesses around the world. It is crucial in creating innovative products/services, offering better customer service, and making smarter decisions. It is safe to say that data science has become a core business function. Now there are data science startups in Korea using AI technology with big data. It is estimated that the big data market will have a global revenue of $70 billion by 2025. This is why there are many up-and-coming startups based in this industry.
There has been a rise in data scientists in Korea as they are in high demand. As technology advances and more data is collected, it will be vital for companies to have a data specialist who can process key data points. AI technology can collect and analyze the data, but a data scientist is needed to interpret that data. Data science startups in Korea are using big data and AI to help companies leverage their data, and below are some of the top startups in the industry.
SmartMind develops digital transformation customer-oriented solutions. The startup offers a full-stack digital transformation service for companies of any size to increase revenue, save time, and solve maintenance issues. SmartMind is now building ThanoSQL which allows users to query and even train machines using all types of data (both structured and unstructured) directly on SQL. Therefore customers can develop AI models using only SQL. They are also focused on a real-time customer behavior management system that provides a customized experience by understanding changes in customer intent in real time.
SmartMind aims to provide smart AI solutions for the solar industry by utilizing SmartMind’s AI-based technology. Therefore, clients will be able to experience all the AI solutions needed in the energy industry. This includes power generation forecasting to failure and defect detection.
Upstage is the developer of AI Pack which serves as an AI solution that standardizes and automates key tasks such as data annotation and feedback. They aim to help companies around the world establish AI services using their data through AI Pack. Therefore, Upstage can become a leader in the AI market based on its AI-based development and infrastructure management capabilities.
They raised over $27 million for their Series A round from investors such as Company K Partners TBT Premier, Stonebridge Ventures, and SoftBank Ventures. Their aim for 2022 is to hire more developers to advance AI Pack-based technology innovation.
In 2022, Upstage won 2nd place at the Kaggle competition. They placed first in 2021. Kaggle is a global competition platform owned by Google for data scientists and engineers.
Korean startup Who’s Good is Asia’s first AI-driven ESG (environmental, social, and governance) insight, provider. Using AI technology and public data, Who’s Good provides objectives and up-to-date corporate ESG insights on Asian companies. Currently, ESG analysis products are costly and the results are too subjective. Therefore Who’s Good uses AI and big data to deliver fact-oriented, real-time corporate ESG analysis. Their AI offers real-time/in-depth corporate ESG analysis without compromising its quality. Furthermore, they leverage 350 public big data sources and 93 news data sources in Korea to uncover insights.
ENERZAi, is a Korean startup that provides AI-based solutions for the energy sector. They focus on the inefficiency problem during drilling. The cost of drilling costs hundreds of millions of dollars. Therefore ENERZAi is developing an autonomous drilling system for better efficiency and safety. Their aim for 2022 is to become a global leading energy company based on AI technology. ENERZAi is currently discussing collaboration with government-funded research institutes and drilling players and is planning to promote field tests.
“We plan to interpret oilfield data based on machine learning algorithms to suggest optimum parameters which could eventually minimize inefficiency. These parameters will then be applied to the autonomous drilling system, which is expected to reduce drilling costs and casualty accidents. Our goal is to become a global leading energy company based on AI technology,” said the CEO of ENERZAi, Chang Han-him.
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