[Click eStock] "CUBox Expands AI Video Recognition Solutions with Major Corporate References"

On the 9th, KB Securities analyzed that CUBox's artificial intelligence (AI) video recognition solution sales, based on Samsung SDS references, could extend to other companies. No investment opinion or target price was provided.

CUBox, an AI video recognition tech company established in May 2010, was listed on the KOSDAQ market in May 2023. In 2019, it built the Ministry of Justice's automated immigration inspection system at Incheon International Airport and subsequently secured references by winning projects such as the National Intelligence Resources Management Agency and the Smart Government Building project.

One of the AI facial recognition solutions, the FaceOn solution (video security solution), has secured major clients and is generating substantial sales. Soo-kyung Lee, a researcher at KB Securities, stated, "In the third quarter of 2023, we signed a monthly subscription contract per employee with Samsung SDS, and future expansion to other affiliates is expected." She added, "Large corporations such as SK Telecom and POSCO Group are establishing base offices mainly in the metropolitan area, and this trend continues even after the endemic phase."

Results are also expected in senior-related businesses. The researcher explained, "While smart senior centers projects are actively progressing in local governments such as Seoul Metropolitan City, led by the Ministry of Science and ICT, CUBox signed a business cooperation agreement related to senior informatization projects with the Korea Senior Citizens Association." She continued, "They plan to provide facial recognition API supply (facial login), kiosks and camera module supply, facial payment services, and facial recognition terminal supply targeting 67,800 senior centers." She added, "Smart senior center users will use kiosks within the centers for member login, non-face-to-face medical services, payments, and additional services and content, where the facial recognition solution can improve accessibility and convenience."