Interview with Woosangbeom, CEO of High-Quality Home IoT Company
Founded in 2014... Leading Smart Home Popularization
Raised 5 Billion Series A Investment... Emphasizing B2B Collaboration
At 8 a.m., when opening the front door to leave for work, the living room and bedroom lights automatically turn off, and the TV shuts down. At work, I occasionally check on my pet cat through the home camera. The air conditioner operates according to the indoor temperature, so there is no worry even during the recent heatwave. After returning home from work, the air purifier powers on, and the motorized curtains that were open during the day gently close.
All of this is smart home technology that operates appliances without lifting a finger, using phone settings or voice recognition. It saves time and energy for busy modern people, solves inconveniences, and improves quality of life. This is also the world pursued by the IoT (Internet of Things) specialized venture company ‘GoQual’.
Woo Sang-beom, CEO of GoQual, said in an interview with Asia Economy on the 2nd, "Since founding the company in 2014 as a university student, we have focused solely on ‘smart homes’," adding, "We concentrated on consumers’ needs to manage their spaces." GoQual’s slogan is ‘The Easiest Smart Home.’ Rather than boasting about technology with difficult technical terms, they have maintained a consumer-friendly approach.
GoQual’s home IoT brand ‘HeyHome’ products are compatible with various AI speakers such as KT Giga Genie, Kakao Mini, and Naver Clova, enhancing consumer convenience. The ‘Remote Control Hub,’ priced at 29,900 KRW and known as an all-in-one remote, can remotely control appliances like TVs, air conditioners, set-top boxes, and circulators. CEO Woo said, "Even if it means lowering margins, I hoped that as many people as possible could enjoy smart home technology," and added, "We have continuously observed consumers to help solve everyday inconveniences with the aid of technology."
Recently, due to the impact of COVID-19 and increased time spent at home, public interest in smart homes has grown. Last year’s annual sales grew eightfold compared to the previous year, and with over 250,000 customers, this year is expected to record the highest sales ever. Recently, they succeeded in raising 5 billion KRW in Series A investment from companies including Hanssem. GoQual collaborates with over 80 companies, and Kyungin Electronics, a manufacturer established in 1973, is the second-largest shareholder.
CEO Woo emphasized that for the popularization of smart homes in Korea, collaboration among companies must become more active. He said, "The IoT industry requires convergence of various fields such as manufacturing, IT, and services," adding, "It is difficult for small companies to enter the market quickly, and large corporations also find it hard to approach easily." He continued, "I want to create a win-win structure with various partners in a horizontal structure," and said, "I hope there will be more cases where companies build trust by collaborating with a more open attitude."
Recently, they have been focusing on hiring good talent. CEO Woo said, "The number of employees has more than doubled compared to early last year," adding, "This is partly because the workload has increased, but also to build a solid organization." In the future, they plan to release solutions that can manage not only homes but also offices and commercial spaces, and are considering integrating business into virtual spaces. He expressed his ambition, saying, "The concept of space is gradually becoming online through metaverse and other means," and added, "We will play a major role in the process of digitalizing offline spaces."
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