SEOUL, South Korea, /PRNewswire/ — AI technology is set to revolutionize the Korean economy and compete on the global stage. Elgen, an AI platform company, is leading the charge by integrating various technologies, from voice recognition to big data analysis. Elgen, selected as a ‘Hi Seoul Company’ by the Seoul Metropolitan Government and the Seoul Business Agency, is making significant strides in the AI sector.
Founded in 2016, Elgen first made waves with the delivery of Ddubot, a civil service chatbot for Daegu Metropolitan City. Since then, the company has expanded its offerings to include smart kiosks and AI contact centers (AICC) equipped with voice recognition, voice synthesis, and text analysis technologies. These advancements have enabled identity verification, automated customer service, and improved call center operations.
Elgen’s CEO, Kim Nam-hyun, formerly an information and communications officer in the Marine Corps, brings a wealth of experience in venture and IT companies. Despite initial skepticism surrounding the commercial viability of AI technology, Kim recognized its potential early on. The success of Ddubot and the watershed moment of Google DeepMind’s AlphaGo versus Lee Sedol in 2016 solidified his belief in the AI revolution.
The company saw further growth when it entered the smart kiosk market in January 2019, installing its devices at Lotte Cinema. These intelligent kiosks utilize voice recognition and natural language processing to cater to customer needs, from food and beverage orders to movie reservations. Elgen’s smart kiosks currently account for 30% of its sales.
Elgen’s commitment to innovation is demonstrated through partnerships with government entities. In 2020, the company collaborated with Gwangju Metropolitan City, installing 300 units at senior centers and shopping malls. Additionally, Elgen secured a contract with the National Police Agency for its cybercrime reporting assistant, ‘Fallbot.’ This chatbot system streamlines the crime reporting process, classifying and summarizing details through AI technology.
With sales of KRW 7.6 billion last year and a team of 30 employees, Elgen may not be a large company yet, but its vision extends globally. In April 2021, Elgen launched AINote, a voice-based note app utilizing AI interpretation and supporting 196 languages. This expansion into the global market has already attracted users worldwide.
Elgen’s ambitions don’t stop there. The company aims to launch an initial public offering (IPO) in 2025, leveraging the technology special listing system to support its listing on the KOSDAQ market. By targeting markets that may be challenging for global tech giants to access, Elgen plans to enhance its profitability through on-premises and private closed AI services, focusing on business-to-business transactions.
As Korea’s AI industry continues to flourish, Elgen is positioned as a pioneer, driving economic growth and transforming technological landscapes. With the promise of a blue ocean market, CEO Kim Nam-hyun and the Elgen team are determined to make AI a driving force in the global economy.
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