Neofect "Ybrain, Hyundai Motor Collaborate on BCI Development for Personal Mobility"

[Asia Economy Reporter Eunmo Koo] Neofect announced on the 30th that its affiliate, Ybrain, has secured a project to develop a BCI (Brain-Computer Interface) device for personal mobility from Hyundai Motor Robotics Lab.

BCI is a next-generation technology that connects the human brain with computers. By analyzing brainwaves in real time, it can control robots or machines, making it a promising future interface technology. When BCI technology is applied to the personal mobility product line developed by Hyundai Motor Robotics Lab, users will be able to operate personal mobility devices using only their thoughts.

Ybrain will participate in the development of a commercial-level BCI solution by developing a wearable EEG (electroencephalogram) device for personal mobility integration. The product will be designed as a wearable band with sensors fixed to detect brainwaves, and Neofect will be responsible for the product design.

According to market research firm Valuates, the BCI market size is expected to grow from $1.36 billion (1.5 trillion KRW) in 2019 to $3.5085 billion (4 trillion KRW) by 2027. The compound annual growth rate (CAGR) between 2020 and 2027 is 14.3%. As a highly anticipated future technology, global companies are actively investing. Tesla founder Elon Musk established Neuralink, a BCI development company, and Facebook acquired the BCI startup CTRL-Labs.

A Ybrain official stated, “As Hyundai Motor continues its aggressive efforts to establish itself as a leader in the future mobility business, the commercialization of personal mobility products incorporating BCI technology is not far off. Through this project collaboration, we will strive to strengthen competitiveness in the mobility business sector by developing BCI technology.”

He added, “BCI technology is expected to become a blue ocean not only in the medical field but also in the long term in industries such as gaming and smart home markets. Ybrain will target the medical market through product development based on its advanced BCI technology and will continuously build cooperative relationships with global companies to create new growth opportunities.”