More and more companies in Korea in the manufacturing industry are using AI technology to increase productivity and efficiency. There are also startups in Korea developing AI for manufacturing industries to help with product quality, smart maintenance, automation, etc. Therefore, AI technology can significantly help industries achieve targets and meet deadlines. This is why many manufacturing companies are partnering with AI startups to collect data regarding products and development teams to make strategic and tactical decisions. This is why billions of dollars of investment are going to startups in Korea at the intersection of AI, machine learning, and Industry 4.0.
The concept of Industry 4.0 is to connect embedded systems and smart production facilities to generate a digital convergence between business, industry, and processes. Therefore, AI will be a key factor in Industry 4.0 and help drive growth and innovation. President Yoon has stressed that he will support Industry 4.0 in Korea. Below are some of the top AI startups in Korea developing AI for manufacturing industries.
Korean Startups Developing AI for Manufacturing Industries
OnePredict
OnePredict is a Korean AI startup that provides industrial AI solutions to different industries such as energy, utilities, and manufacturing. Their main product is called GuardiOne. It estimates an equipment or facility’s chance of needing repairs. It also calculates the remaining product cycle based on big data and IoT. Moreover, it is used by LG Electronics, POSCO, and Lotte Chemical to keep production costs down. OnePredict was able to raise $13 million for their series B round. They will look to raise an additional $25 million for their series C round.
MakinaRocks
MakinaRocks is a startup that uses AI technology to revolutionize the manufacturing industry. By applying AI to the high-tech manufacturing sector they will make manufacturing more productive by using the power of big data and AI. They want to focus on manufacturing companies in the semiconductor space, as well as, in the automobile, steel, and specialty chemicals sectors. The startup collects and analyzes machine data from sensors. Therefore this allows manufacturers to detect errors early to prevent defects and improve production efficiency.
Moreover, MakinaRocks has raised $10 million for its Series A round from KDB Bank, Hyundai Motors, Daesung Private Equity, HB Investment, Shinhan Financial Investment, Applied Ventures, and LG Technology Ventures. This takes its total funding to a little over $12.1 million.
“In the semiconductor industry, complexity of high-tech processes is enormously increasing with the rising number of new technical methods by around 50 to 100 each year,” said the Co-founder of MakinaRocks, Lee Jae-Hyuk.
INEEJI
INEEJI is an AI startup that develops AI solutions that provide accurate AI-based prediction services for manufacturing industries, power plant industries, chemical industries, and semiconductors. They focus on Explainable AI (XAI) a term for a set of methods that make it possible to understand and trust the results generated by machine learning algorithms. Explainable AI that supplements and develops existing technologies has become a trend in relation to industries.
INEEJI’s AI solution learns by processing data to predict overall production. Therefore, it can find ways to maximize profits in relation to industrial process optimization and predictive maintenance.
NEEJI has conducted many big projects in Korea to optimize the whole productivity and efficiency of manufacturing processes. They have worked with major industry companies and achieved successful substantiations from projects with them.
Elroilab
Elroilab uses AI technology to detect foreign objects in food manufacturing facilities. Their solution is faster than experienced human operators. It can extract foreign substances using robots or automated facilities powered by AI. Moreover, studies have found that their solution can detect 4x more foreign substances at 5x the speed when compared to experienced factory workers. Their solution is called AI hyperspectral solution which can be installed on the food production line.
