[Click eStock] "Selvas AI, the Voice AI Chosen by the Ministry of Justice and Samsung Hospital"

On the 29th, KB Securities forecasted that Selvas AI, a company specializing in voice-based artificial intelligence (AI) systems, will experience rapid growth as the government and medical sector begin to actively adopt voice AI.

Selvas AI is a voice AI specialist company based on voice recognition and speech synthesis. Its core product, ‘Selvy Note,’ is a voice recognition product related to report writing. Recently, it succeeded in expanding its sales channels by signing a supply contract with the Ministry of Justice. As part of the next-generation Criminal Law Information System (KICS) construction project, Selvy Note will be used in all investigation rooms.

Han Jeyoon, an analyst at KB Securities, stated, "With the contract with the Ministry of Justice, we can expect annual sales of about 17 billion KRW, which is more than 70% of existing sales," adding, "Since the costs incurred after the initial system setup are low, profitability will also improve significantly."

The analyst added, "With the government actively adopting AI, Selvas AI securing a contract reference with the Ministry of Justice will work favorably for future business," and forecasted, "The sales expansion trend of Selvy Note will continue."

He also mentioned, "The voice recognition product ‘Medi Voice,’ which enhances medical staff’s work efficiency, is expected to see increased adoption in hospitals due to the prolonged medical strike," and reported, "Demand is rapidly increasing, with sales in the first half of this year already surpassing those of the previous year."

Furthermore, he noted, "In June, Samsung Seoul Hospital introduced Selvas AI solutions across all departments, generating an additional 3 billion KRW in sales and securing a reference from a major hospital," and predicted, "Demand for Selvas AI’s voice recognition solutions, which have no significant domestic competitors, will continue to grow."