Digital Platform Government Committee Launched... WiseITech's Growth Speed to Accelerate

Strong Promotion of Digital Platform Government Project... High Investor Interest in Related Industries
Wise ITEC Expected to Benefit from Government Digital Policies with Excellent Technology and References

[Asia Economy Reporter Hyungsoo Park] Expectations for the growth of WiseITech, an AI and big data specialized company, are increasing. With the government launching the ‘Digital Platform Government Committee’ on the 1st of next month, related industries are expected to grow.

The Digital Platform Government is a government where all data is connected on a digital platform, and citizens, companies, and the government work together to solve social problems and create new value. The government plans to actively introduce AI and big data systems throughout the system in line with the Digital Platform Government project to build a platform that provides customized policy services to each individual citizen.

Due to the government’s strong push for digital transformation, it is expected that companies with excellent technology and outstanding performance will have more opportunities to grow. Sang-guk Lim, a researcher at KB Securities, named WiseITech as one of the companies likely to benefit from government policies.

Researcher Lim analyzed, "WiseITech is expected to receive substantial benefits related to the new government’s digital economy pledge," adding, "They have excellent references such as the first domestically developed AI development platform and big data analysis software (SW), and the execution of various national projects worth 24 billion KRW."

WiseITech developed ‘WiseProphet,’ the country’s first AI development platform, in 2018. Its big data analysis tool, ‘WiseIntelligence,’ is recognized for superior performance compared to foreign products. It holds an overwhelming 56% market share in the big data analysis solution sector based on purchases from the government procurement mall, Nara Marketplace.

The company continues to accumulate experience in the public sector. Last year, it was responsible for the Bank of Korea’s ‘Foreign Exchange Review Automation System Construction’ and the Korea Workers’ Compensation & Welfare Service’s ‘Labor Welfare Data Analysis System Reconstruction.’ Through the government’s ‘AI Voucher Support Project,’ WiseProphet was applied to public projects such as ‘Introduction of Big Data Analysis-Based AI Solutions for Smart Water Treatment Process Management’ and ‘Research on Building a New Drug Toxicity Prediction Platform Using Artificial Intelligence.’

Recently, WiseITech also participated in the ‘2022 Return-to-Farming and Rural Settlement Integrated Platform Construction Project’ led by the Korea Agro-Fisheries & Food Trade Corporation and the ‘Green Startup Town ICT Convergence Center and Platform Construction’ led by the Chungnam Information & Culture Industry Promotion Agency.

WiseITech recorded sales of 34 billion KRW and operating profit of 5.8 billion KRW last year, increasing by 37% and 58% respectively compared to the previous year. In the first quarter of this year, it achieved sales of 7.6 billion KRW, marking the highest first-quarter performance since its establishment.