Selvas AI Achieves Highest Q1 Performance in 6 Years: "AI Convergence Product Sales Generated"

[Asia Economy Reporter Hyunseok Yoo] Selvas AI, a leading company in artificial intelligence, voice recognition, and speech synthesis, announced on the 13th that it has succeeded in diversifying its revenue products and achieved a turnaround in performance.

Selvas AI recorded an operating profit of 600 million KRW on a separate basis in the first quarter of 2021, achieving a profit turnaround compared to the same period last year. Revenue grew 47% to 4.1 billion KRW, the highest since 2015.

Stable growth in the existing HCI (Human Computer Interaction) business and new revenue generation from AI convergence products occurred simultaneously. In the HCI business, the voice segment has been recognized for its competitiveness, growing by more than 30%.

Selvas AI’s voice recognition technology records the highest level of speech recognition accuracy in Korea and is utilized in unmanned stores, contact centers, and the medical field. Recently, the company explained that expansion into the automotive sector is underway, with continuous growth expected.

The AI convergence product group has established itself as a new growth engine. Selvas AI has succeeded in diversifying revenue through AI convergence products such as 'Selvy AI Call' for AI Contact Centers, the disease onset prediction solution 'Selvy Checkup,' and the medical transcription solution 'Selvy MediVoice.'

The outlook for future performance, including the second half of this year, is also positive. The AI Contact Center is conducting business in partnership with companies in the designated driver and distribution sectors, including large corporations. In the automotive sector, the company is developing vehicle middleware following handwriting recognition and speech synthesis, raising expectations for future revenue expansion.

Kwack Mincheol, CEO of Selvas AI, said, "With a focus on AI product commercialization strategy, we have achieved revenue growth and a quarterly profit turnaround since the third quarter of last year. Unlike other AI companies, more than 70% of our revenue consists of solution and product sales rather than service or temporary project-based income, securing both qualitative stability and sustainable growth in performance."