INVESTMENT

News on Major Investments in IFEZ

Signing of Intent of Cooperation with
China’s AI Unicorn ‘SenseTime’

[Company Introduction]

 

SenseTime

• SenseTime was founded by Professor Tang Xiaoou of a Chinese University and the
world’s top expert in image recognition in October 2014, along with his pupils
who were senior researchers.
• 800 out of its 1,200 staff members are researchers, comprising scientists with
doctorate degree from universities in China, MIT, and Stanford of the USA and
former engineers of Google, Microsoft (MS), Lenovo, and Baidu.

At the G Tower on February 15, Commission Jin-yong Kim of IFEZ, President Zhang Wen of SenseTime, Vice President Gyeong-tae Lee of Yonsei University, and President Gwang-jae Lee of the Future Consensus Institute (Yeosijae) signed an Intent of Cooperation, which is mainly about the establishment of a Global AI Association in Songdo, an AI SCHOOL inside Yonsei University’s International Campus, and a Future City Research Center.
SenseTime was founded by Professor Tang Xiaoou of a Chinese University and the world’s top expert in image recognition in October 2014, along with his pupils who were senior researchers. 800 out of its 1,200 staff members are researchers, comprising scientists with doctorate degree from universities in China, MIT, and Stanford of the USA and former engineers of Google, Microsoft (MS), Lenover, and Baidu.
SenseTime’s core technology is ‘AI (Artificial Intelligence) based face recognition software’, which is applicable to smartphones, mobile, automobiles, accounting, distribution, security, and robot engineering. it has shown outstanding performance particularly in technologies used to identify faces or analyze videos and enable autonomous driving. Its clients include over 700 companies around the world, including the Public Security Department of China. It has nearly 400 patents in the AI area. Its corporate value rose to 6 billion dollars (approximately 6.732 trillion won) with additional investments of 600 million dollars from Alibaba in April 2018 and 1 billion dollars (approximately 1.122 trillion won) from Softbank.

 

The conclusion of the Intent of Cooperation is expected to bring the effect of adding core technology of the fourth industrial revolution to Songdo’s knowledge industry, uplift the technological competitive edge of young people through collaboration with Yonsei University, vitalize the local economy, and create jobs for young people in connection to SenseTime’s collaboration with Yonsei University, the establishment of a Global AI Association in Songdo, the establishment of an AI School inside the international campus of Yonsei University, and the Future City Research Center.
“In May 2018, the government established the AI R&D Strategy, which is mainly about establishing six graduate schools, fostering 5,000 AI experts, funding large scale projects in the national defense, medicine, and public safety fields, holding R&D
hallenges, funding semiconductor businesses, and investing in the infrastructure for the development of start-ups and small- and medium-sized companies as of 2022,” said Commissioner Jin-yong Kim of IFEZ, “IFEZ attracted a company with core face recognition technology in the AI field, which is the core technology of the Fourth Industrial Revolution in Songdo, offering Songdo of Incheon the chance to grow into the advance base for the Fourth Industrial Revolution. Furthermore, IFEZ will play a pioneering role in realizing Korea’s AI R&D strategy and make efforts for the diversification in the industrial revolution field through integration with blockchain technology.”

[Main contents of a contract]

Contents of a contract

• The establishment of a Global AI Association
• The establishment of an AI School inside the international campus of Yonsei University
• The Future City Research Center

Building effect

• Adding core technology of the fourth industrial revolution to Songdo’s knowledge industry
• Uplift the technological competitive edge of young people through collaboration with Yonsei University
• Vitalize the local economy, and create jobs for young people