Naver Cloud Signs Business Agreement with Satrec Initiative to Strengthen Satellite Service Competitiveness

At the business agreement signing ceremony on the 26th, (from left) Kim Dohyung, Head of Business Development at Setrec Eye, Han Sangyoung, Executive Director at Naver Cloud, and Lee Po-won, Head of Business Development at SIA, are taking a commemorative photo.

[Asia Economy Reporter Seungjin Lee] Naver Cloud announced on the 27th that it has signed a Memorandum of Understanding (MOU) with satellite specialized company Satrec Initiative to promote cooperation in the cloud-based satellite service sector.

This agreement involves Satrec Initiative and its subsidiaries SIIS (SIIS) and SIA (SIA), and Naver Cloud plans to provide the proven Naver Cloud Platform across various industries to Satrec Initiative.

To reliably process satellite imagery and image information, large-scale storage and computing devices are required, making cloud essential. Additionally, as the space industry is transitioning from being government-led to being driven by private companies, both companies aim to strengthen competitiveness in the satellite service sector through cloud transition and collaboration in line with this trend.

Satrec Initiative, the only domestic satellite system development and export company, is targeting the global earth observation solution market by integrating the image sales service of its subsidiary SIIS and the AI-based geographic information analysis service of SIA. Based on core technologies in satellite systems and image analysis, Satrec Initiative provides various image and video services and plans to launch its own satellite SpaceEye-T in 2024.

Naver Cloud plans to gradually expand collaboration in AI satellite image analysis, starting with providing infrastructure products such as servers and storage. The satellite image analysis service ‘Obizone’ using Satrec Initiative’s own AI technology had a high demand for infrastructure such as graphic processing units (GPUs).

Accordingly, moving away from the existing on-premise model, they plan to SaaS-ify based on the Naver Cloud Platform, aiming to provide fast and efficient satellite image data analysis services to public and private enterprises. In the mid to long term, by combining AI, search, and 3D map technologies owned by Naver with satellite imagery to advance AI solutions, they aim to activate services targeting private and global customers.

Hansang Young, Executive Director of Strategy & Planning at Naver Cloud, said, “It is meaningful to be able to promote growth together in the satellite service sector through this collaboration,” adding, “We will actively utilize our stable infrastructure and various technologies owned by Naver to continuously innovate so that cloud technology can accelerate the space economy.”