[Asia Economy Reporter Hyungsoo Park] Pintel, a newcomer to KOSDAQ, is showing strong performance. News that the Saudi Arabian government and companies have requested Korea's active interest and participation in key projects such as becoming a global supply chain hub, energy, infrastructure, and smart cities appears to be influencing the stock price. Interest in related companies is growing as Korean firms participate in Saudi Arabia's NEOM City project and the bidding for new nuclear power plant construction.
As of 2:13 PM on the 10th, Pintel is trading at 7,780 KRW, up 3.87% from the previous day.
The Ministry of Trade, Industry and Energy held the 'Korea-Saudi Business Workshop' on the 10th at the JW Marriott Hotel in Seocho-gu, Seoul, together with the Saudi Ministry of Investment, marking the 60th anniversary of diplomatic relations with Saudi Arabia. The workshop, arranged on the occasion of Saudi Investment Minister Khalid Al-Falih's visit to Korea, was attended by about 10 major Saudi companies and around 90 Korean companies to explore business cooperation opportunities.
The Saudi side introduced various incentives for investment in Saudi Arabia, including a regional headquarters program to attract overseas investment. Multinational companies establishing or relocating their Middle East headquarters to Saudi Arabia and meeting certain conditions will benefit from eased local workforce employment and equipment usage obligations, as well as relaxed visa issuance restrictions.
Last month, Crown Prince and Prime Minister Mohammed bin Salman announced plans to attract investments worth $10.7 billion and provide investment incentives worth $2.7 billion. Major Saudi companies shared information on mega projects such as energy, infrastructure, and NEOM City, requesting active participation from Korean companies.
Founded in 2015, Pintel possesses high-resolution AI video analysis technology that can analyze original video without degrading image quality, unlike existing video analysis technologies. Based on six core technologies, it has successfully developed solutions such as AVAX and PREVAX.
Pintel plans to invest the funds raised through its initial public offering (IPO) to develop and enhance AI video analysis solutions optimized for autonomous driving road environments within smart cities. The goal is to solidify its position as an AI video analysis solution company in the smart transportation sector. It will also advance AI video analysis solutions dedicated to intelligent selective surveillance systems, a core element of smart security, through deep learning technology and integrate them with AI CCTV to establish a stable revenue and high-profit structure.
As cities become smarter, the convergence with artificial intelligence technologies such as metaverse and IoT is becoming important. Pintel expects that related AI technology research and deep learning algorithm development will contribute to rapid market expansion.
Kim Dong-ki, the largest shareholder and CEO of Pintel, previously served as the head of LG CNS's Saudi Arabia branch. With a master's degree from the United States, he also served as president of a joint venture in Saudi Arabia for four years. Pintel has proven its competitiveness in smart city construction overseas. Last year, Kim was selected as an innovative entrepreneur in the UK's Global Entrepreneur Program (GEP), a startup support program by the UK Department for International Trade. He is receiving support for business and investor networks as well as local business activities in the UK.
PREVAX is a video analysis software applying advanced deep learning technology. It measures vehicle types, speeds, and queues, and can recognize various behaviors such as fighting, arson, and abandonment. Last year, it was designated as an excellent R&D innovative product, and public sector sales through negotiated contracts are expected. Innovative products are designated based on their innovation and public value, with the government purchasing them first to create demonstration cases, improve public services, and promote technological innovation. They are subject to negotiated contracts in public procurement, and purchasing agencies are protected and facilitated in their purchasing decisions through purchase exemptions.
PREVAX has been launched as various smart transportation solutions including traffic volume detection systems, incident detection systems, smart intersections, and smart school zone systems. It is actively pursuing projects for traffic information collection and signal linkage systems to support autonomous driving. An adaptive signal system was established on a 3 x 3 road grid in Goyang City, Gyeonggi Province. The system is being advanced by applying metaverse for verification. This is the first real-time signal optimization demonstration in Korea.
Recently, Pintel was selected as the top technology in the '2022 Hyundai Construction Technology Contest,' organized by Hyundai Construction to lead win-win cooperation and future construction technology development, with its 'AI High-Resolution Video Analysis Platform for Apartment Complexes.'
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