5.5 billion won invested by GS EPS, IBK Bank and venture capital, used to recruit talent and strengthen solution competitiveness in a startup founded by Professor Jaesik Choi of KAIST
A startup developing explainable artificial intelligence (AI) solutions has attracted initial investment from GS Group and IBK Industrial Bank of Korea. ‘ INEEJI’, founded by KAIST Professor Jaesik Choi, is the main character. The funds secured will be used to recruit talent and strengthen solution competitiveness.
According to the company and the investment banking (IB) industry on the 6th, Ineasy recently attracted initial funding of 5.5 billion won. Prior to full-scale series funding, pre-investment (Pre-Series A) was received. GS EPS, IBK Industrial Bank of Korea, Dodam Ventures, Spring Camp, We Ventures, and Capstone Partners participated. A private investment association comprised of executives, employees, and advisors was also named.
INEEJI is a startup founded by KAIST Professor Jaesik Choi in 2019. INEEJI is an abbreviation for ‘artificial intelligence that benefits humans.’ CEO Jaesik Choi is the director of the Explainable Artificial Intelligence Center at the Kim Jae-cheol AI Graduate School.
Explainable AI (XAI) refers to a series of methods that enable us to understand and trust the results generated by machine learning algorithms. Existing technologies effectively provide information such as decision making, recommendations, and predictions to users through big data and algorithms. However, as artificial neural networks for learning become deeper and more complex, even developers cannot understand how they are learned and how decisions are made. Although efficiency was improved, fairness, reliability, and accuracy were not guaranteed. Because of this, research on ‘eXplainable AI’, which complements and develops existing technologies, has become a trend in related industries.
INEEJI's AI efficiently learns process data to predict overall production and finds ways to maximize profits considering product costs. We have developed a solution (INFINITE OPTIMAL SERIES™) for industrial process optimization and predictive maintenance with our own technology. Immediately after establishment, AI technology developed at Ulsan National Institute of Science and Technology (UNIST) and KAIST was transferred, enabling rapid technological advancement. Recently, it has achieved achievements such as presenting seven papers at the world's top artificial intelligence conferences, such as the International Conference on Machine Learning (ICML) and the American Association for Artificial Intelligence (AAAI).
INEEJI's own AI solutions are being recognized early on in the corporate field. The founding team applied deep learning-based blast furnace control prediction AI to POSCO's smart blast furnace for the first time in the world before founding the company, and succeeded in reducing the error in the temperature of molten iron in the blast furnace by 25%. After its founding in 2019, Korea East-West Power applied related AI technology to boiler diagnosis. Through this process, we succeeded in reducing the leak detection speed of the reboiler tube by 62 hours compared to existing techniques.
INEEJI plans to use the secured funds to recruit talent and strengthen solution competitiveness. CEO Jaesik Choi said, “We will contribute to the realization of a manufacturing powerhouse by recruiting talented people with outstanding capabilities and introducing AI solutions for industrial process optimization and predictive maintenance,” and added, “We will launch a cloud service as soon as possible and enter the global market.” .
Ko Gyeong-pyo, Spring Camp team leader, said, "Digital transformation is accelerating around the world, and among them, improving the efficiency of the process process is a challenge for all companies." “It has potential,” he explained the investment background.
[Reporter Kang Woo-seok]
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