Samsung Engineering Invests in Smart Safety Startup 'GSIL'

Commemorative photo of the contract signing ceremony held on the 23rd at Samsung Engineering headquarters. (From right) Kang Gyu-yeon, Head of Strategic Finance Team and Vice President of Samsung Engineering; Lee Jung-woo, CEO of GSIL; Ryu Ki-pyeong, Executive Director and Head of Strategic Business Team at Samsung Engineering.

[Asia Economy Reporter Kim Jin-ho] Samsung Engineering is accelerating safety management by investing in a smart safety specialized startup.

Samsung Engineering announced on the 24th that it will invest 4 billion KRW in acquiring shares and commercializing business in GSIL, a smart safety specialized company.

The contract signing ceremony held the day before took place at Samsung Engineering's headquarters, GEC in Sangil-dong. Executives from both companies attended, including Kang Kyu-yeon, Head of Strategy Finance Team and Vice President of Samsung Engineering, Ryu Ki-pyeong, General Manager of Strategy Business Team, and Lee Jung-woo, CEO of GSIL.

Samsung Engineering decided on the equity investment to strengthen the company's safety management capabilities and secure safety technology. GSIL is a smart safety management solution specialist providing services in areas such as smart safety platforms and smart safety equipment. The two companies have been collaborating since last year to jointly develop a safety management platform, and this equity investment will strengthen their strategic cooperation system.

The two companies will also engage in joint commercialization of smart safety. The smart safety market is expected to continue growing across industries such as construction due to social demands for enhanced safety, including ESG management and strengthened safety regulations.

A Samsung Engineering official stated, "This investment will create business synergy based on the safety technology and experience of both companies," adding, "We will further elevate Samsung Engineering's global safety management capabilities and accelerate safety management."