BTuen, an AI and big data specialized company (CEO Taeil An), announced that it has signed an MOU to establish a joint venture, XOOX, in Korea to provide pet identification services using AI technology.
By signing this MOU, BTuen explained that it has gained momentum to expand the industry into the B2C sector through the XOOX application, as well as securing DNA analysis capabilities specialized for pets.
BTuen, together with the US-based XOOX LAB Inc., plans to establish the Korean XOOX joint venture and promote pet DNA testing services, including customized medical genetic database services based on pet DNA analysis, as well as pet-exclusive insurance services. Additionally, they plan to build a database platform that integrates and analyzes biometric ID services through analysis of pets' eyes and surrounding patterns, along with information on pet diseases and animal hospitals.
In establishing the Korean XOOX joint venture, BTuen and US XOOX LAB Inc. will each hold a 50% stake, and after the MOU signing, the two companies will proceed with the main contract within 30 days following business due diligence.
US XOOX LAB Inc., the developer of the XOOX application launched recently in November, provides a social networking service based on pets. Furthermore, it offers customized content by identifying the music preferences of pets and enables simple diagnosis and prediction of ancestry and diseases through urine-based diagnostic kits.
A BTuen official stated, “We will actively strive to provide new value to over 15 million pet owners and their pets in Korea through the successful establishment of the joint venture,” adding, “Leveraging proven technologies in each sector through the MOU, we will secure the highest competitiveness and market share in the pet industry. This business will become one of BTuen’s greatest growth engines.”
A representative from XOOX LAB Inc. said, “This joint venture initiative has been discussed for a long time between US XOOX LAB Inc. and BTuen, and the MOU signing has enabled us to move forward in earnest,” and added, “We expect synergy effects from the combination of XOOX LAB Inc.’s pet DNA analysis capabilities and BTuen’s AI expertise.”
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