[IPO] Pintel "Leading Smart City Industry with High-Resolution AI Video Analysis Technology"

[Asia Economy Reporter Jang Hyowon] “As artificial intelligence technology using video is essential in the creation of smart cities, we will lead the smart city industry and the autonomous driving era through our high-resolution AI video analysis technology.”

On the 4th, Donggi Kim, CEO of Pintel, held a press conference in Yeouido, Seoul, for the initial public offering (IPO) and announced the growth strategy after listing on KOSDAQ.

Founded in 2015, Pintel is an AI-specialized company developing various solutions through high-resolution video analysis technology. Unlike existing video analysis technologies, it possesses high-resolution AI video analysis technology that can analyze the original video without degrading image quality.

Based on six core technologies, Pintel has successfully developed solutions such as AVAX and PREVAX. Currently, it is focusing on developing the cloud solution Pintel Net, which combines years of accumulated data and technological expertise. Pintel Net enables video analysis without pixel loss and object detection analysis without a GPU, maximizing resource efficiency.

CEO Donggi Kim stated, “Since the 2000s, with the introduction of large-scale video equipment such as CCTV cameras, the demand for high-resolution video analysis technology that can replace human visual intelligence has surged. Therefore, there are countless business areas where our technology can be applied, including smart security, smart transportation, smart unmanned services, and smart towns.”

In fact, Pintel is realizing the construction of an Intelligent Transportation System (ITS) using AI video analysis technology. As part of a project to improve traffic flow based on AI video analysis, last year, a smart intersection test was completed in Sangam-dong, Seoul, responding to pedestrian crossings and traffic flow. This year, it is promoting a “real-time traffic system demonstration project” applying metaverse technology in Goyang City, Gyeonggi Province.

Pintel has continued rapid growth, recording a three-year annual sales growth rate of 101%. Annual sales reached 8.2 billion KRW in 2021 and 4 billion KRW in the first half of 2022. An order backlog of 5.2 billion KRW was carried over from the first half, and about 70% of the sales target orders were secured in the third quarter. Due to the characteristics of the B2G industry, the company expects to achieve the annual sales target of 18.6 billion KRW this year, as the second half accounts for a higher sales proportion.

Moreover, with approximately 3.8 trillion KRW planned for the advanced road traffic system sector within the Ministry of Land, Infrastructure and Transport’s smart city-related government budget through 2025, Pintel’s high growth is expected to continue alongside market growth. For government projects, securing references such as demonstration tests is important, and by entering the smart transportation market early, Pintel is participating as a key company in numerous AI video analysis projects.

Pintel expects to raise between 15 billion and 17.8 billion KRW through the KOSDAQ listing. The funds raised from the public offering will be used to secure excellent research personnel for business expansion and operating funds due to increased sales.

Meanwhile, Pintel will issue a total of 2 million new shares. The expected public offering price range is 7,500 to 8,900 KRW, with an estimated market capitalization of 74.7 billion to 88.6 billion KRW. After a two-day demand forecast on the 4th and 5th, the final public offering price will be confirmed, followed by a general subscription on the 11th and 12th. The lead underwriter is Daishin Securities.