Seoul – October 26, 2022 –

People and Technology Co., Ltd., a leader in enterprise AI and IoT solutions, has successfully secured a strategic investment of ₩6 billion from Kiwoom Investment, Danal Investment Partners, Dongmun Partners, SL Investment, and KB Investment, the company announced today.

Pioneering AIoT and Smart Hospital Solutions

Since introducing South Korea’s first IoT-based indoor positioning solution (LBS, RTLS), People and Technology has driven innovation in digital transformation solutions for enterprises. The company solidified its status as an enterprise AI service leader by successfully commercializing AI-powered CCTV Vision technology in 2022.

Notably, the company has emerged as a leader in smart hospital digitalization. Since 2019, its IoMT-based IndoorPlus+ SmartCare platform has been implemented in over 30 hospitals, achieving the top market share in South Korea.

IndoorPlus+ SmartCare integrates IoMT devices such as wearable medical devices and vital-sign monitoring systems to collect, store, and analyze hospital data. By applying AI to this platform, People and Technology has addressed operational inefficiencies and provided actionable insights to hospitals, enhancing patient care and operational productivity.

Transitioning to a Subscription-Based Business Model

With this new funding, the company aims to pivot to a Software-as-a-Service (SaaS) model, starting with its healthcare solutions. This shift aligns with the growing demand among mid-sized general and long-term care hospitals for ICT-driven innovation that minimizes IT management overhead.

South Korea’s healthcare infrastructure plans, including the replacement of approximately 80,000 Wi-Fi access points across 81 hospitals by 2026, present a significant growth opportunity for People and Technology’s SaaS offerings.

Expanding AI Capabilities and Global Reach

People and Technology established its AI Lab in 2020 to merge AI with IoT platforms, creating transformative value for customers. The AI Lab, staffed exclusively by advanced-degree holders with expertise in mathematics, has focused on developing lightweight AI models.

In June 2022, the company launched a groundbreaking AI-embedded CCTV system with global partners, eliminating the need for costly AI servers or external processing boxes. This system, which processes video data directly on AI SoC chips, has revolutionized video analysis and is set to expand into parking, traffic management, and privacy masking applications.

The company plans to penetrate global markets, including public procurement opportunities, with an end-to-end AI CCTV solution combining robust hardware, lightweight AI models, and versatile platform services.

Future Directions

The investment will be used to expand People and Technology’s intelligent AI software lineup, including:

• ANPR (Automatic Number Plate Recognition)
• MMCR (Traffic AI Software)
• DPM (Dynamic Privacy Masking)
• Healthcare Data AI Solutions

The company’s overarching goal is to address unmet needs in enterprise AI services, enabling digital transformation across industries.

CEO’s Statement

Co-CEO Hong Sung-pyo, who spearheaded the funding round, remarked:
"Amid global economic challenges and reduced investment activity, we are deeply grateful to our investors for recognizing our performance and growth potential. We will continue to expand our leadership as a pioneering enterprise AI service platform provider, driving digital transformation across industries."

This successful funding round marks a pivotal moment for People and Technology as it accelerates its growth trajectory in the enterprise AI and IoT sectors.