South Korean AI-powered data solution-providing startup AIMMO Inc. is expediting its global push with an aggressive advance into the US market, where it aims to rake in $10 million in revenue this year.
“Given the current market conditions and technological advancements, (AIMMO’s) revenue is projected to triple every year, and the company has set a target to raise $10 million in the US this year,” said Kim Jeonghyun, AIMMO’s chief business officer who is newly appointed as the president of the company’s US operations.
AIMMO officially launched its US office in January to use the market as its gateway to the broader global market, and Kim will orchestrate the diversification of the company’s business portfolio covering not only the autonomous driving data solution but also the smart city, smart factory and smart healthcare programs.
“With AIMMO’s unrivaled AI data technology, we will invite more multinational companies as our partners and bring a new paradigm to achieve a domestic revenue of more than $30 million in 2025,” said Kim.
The Korean startup also plans to make a big leap in the global market by 2025.
Founded in 2016, AIMMO offers an end-to-end data solution powered by artificial intelligence.
NEW PARADIGM IN DATA SOLUTIONS
The company said its deep-learning-assisted data services significantly reduce manual operations in data collection, curation, augmentation, labeling and inspection.
Screenshot captured from AIMMO's website Its data annotation platform boasts a speedy but accurate data labeling process, according to AIMMO.
In machine learning, data annotation is the process of attributing, tagging or labeling data to help machine learning algorithms understand and classify the information they process.
AIMMO unveiled its new product “AIMMO 4 Core”, which offers data lifecycle processes from data collection to refinement, processing and evaluation at this year’s CES in January.
The company said its four-step AI model data solution can be used by both people and AI in all industries ranging from autonomous driving to smart city, CCTV, robotics, drones, ships and construction equipment.
AIMMO embarked on a global drive with its venture into Vietnam in 2020. Since then, it has opened four more overseas operations in Canada, the UK, Germany and the US in a bid to woo more international clients.
Thanks to such efforts, the Korea-headquartered startup now offers its data solutions to multinational companies such as Bosch, Continental and Magna International.
Its platforms include AD-DaaS specializing in autonomous driving, SC-DaaS for smart cities and RT-DaaS for AI models for robotics. DaaS, or data as a service, is a cloud-based software used for working with data.
It expects to rake in more than 50% of its revenue from overseas markets this year.
AIMMO’s global competitors are Scale AI, Playment, Understand.ai and Deepen AI.
Write to Kang-Ho Jang at callme@hankyung.com Sookyung Seo edited this article.
