[Start人] Leave Your Skin Care to AI

Interview with Son Seung-woo, CEO of Fastlane

When users visit dermatology clinics
Data is accumulated through AI diagnostic devices
Treatment methods recommended based on condition changes

Son Seung-woo, CEO of Fastlane, which operates the skincare procedure information platform 'Yeoshin Ticket'.

[Asia Economy Reporter Donghyun Choi] "I believe that using artificial intelligence (AI) and big data in skincare will improve diagnostic accuracy and greatly reduce information asymmetry issues."

Seungwoo Son (36, pictured), CEO of Fastlane, which operates the skincare procedure information platform ‘Yeoshin Ticket,’ expressed high expectations for the changes that their developing ‘AI Skin Analysis Service’ will bring. This service is being jointly developed by Fastlane and cloud service provider Megazone Cloud since last year, with a planned launch in the second half of this year. Currently, AI-powered skin diagnostic devices are installed in about 10 dermatology clinics in the Seoul metropolitan area for beta testing.

Once the service is fully launched, Yeoshin Ticket users will have their skin condition precisely photographed through the diagnostic device each time they visit a dermatology clinic. The captured images will be linked to the Yeoshin Ticket application (app) and accumulated as data. As this data builds up, the AI will recommend the optimal treatment methods tailored to changes in the user’s skin condition. When users’ big data accumulates, they will also be able to gauge how their current skin condition compares to the average of others. CEO Son emphasized, "There are apps that provide skincare based on photos taken by smartphones, but Yeoshin Ticket is the first to develop and apply a dedicated device. Since photo quality can vary depending on lighting and angle, which may cause diagnostic errors, we have minimized these factors to enable accurate diagnosis."

Son also mentioned that AI-based skincare has the advantage of improving the information asymmetry problem between patients and doctors. He explained, "Sometimes patients suspect that doctors might intentionally recommend expensive procedures, but when the doctor’s diagnosis and prescription are combined with data accumulated by the AI device, such distrust will be greatly alleviated. Doctors can also use this data as supplementary material to enhance the objectivity of consultations."

Since launching in 2017, Yeoshin Ticket currently provides procedure information and reviews for about 4,500 dermatology clinics nationwide. Among these, around 900 clinics have partnership agreements with Yeoshin Ticket. About 300 of these have CPM (Cost Per Mille) contracts with Yeoshin Ticket. CPM is a method where hospitals charge a certain mileage, which is deducted each time an advertisement is shown to users on the platform.

So far, the app has surpassed 1.5 million cumulative downloads and 350,000 registered members. Last year’s revenue was 4.3 billion KRW, doubling from the previous year. CEO Son expects revenue growth to reach the 10 billion KRW range this year. Based on rapid growth, the company secured Series A investment in early 2020 and Series B investment at the end of last year. The total accumulated investment amount is 17.1 billion KRW. They plan to raise Series C investment around the second half of this year.

Actor Lee Sun-bin selected as the advertising model for Yeoshin Ticket.

CEO Son said that the most rewarding experience while operating Yeoshin Ticket was discovering clinics with excellent skills but little recognition due to lack of advertising or marketing conditions.

Considering the improving COVID-19 situation, Son is preparing to link Chinese tourists with the Yeoshin Ticket service this year. They are currently discussing partnership methods with domestic travel agencies and tourism associations. Collaboration with Chinese travel platforms is also underway. Son expressed confidence, saying, "Korea’s beauty medical procedures are world-class, but prices can be as low as one-fifth compared to China. Unlike plastic surgery, skincare procedures do not interfere with travel, making it a highly competitive market."

The partner clinics, currently concentrated in the Seoul metropolitan area, will gradually expand nationwide. Son said, "While plastic surgery tends to be concentrated in famous areas like Gangnam, skincare procedures are region-based services. We want to first discover well-known clinics in non-metropolitan local governments and major cities to provide better services to Yeoshin Ticket users."