Green mobility tech company Bigwavecar, led by CEO Oh Sinwon, announced on January 15 that it has been finally selected for the TIPS (Tech Incubator Program for Startup) by the Ministry of SMEs and Startups with the project titled "Development of a Used Car Parts Platform Through AI-Based Analysis of Automotive Parts Demand Patterns."
Bigwavecar was selected through the recommendation of Sunbo Angel Partners, a startup investment accelerator and TIPS operator, and will receive up to 700 million won in research and development funds, as well as commercialization and marketing funds, over the next two years.
Through this TIPS selection, Bigwavecar plans to first build big data for AI learning by refining and processing automotive maintenance data, vehicle scrapping data, and operational vehicle statistics. The company will then develop AI-based models to predict the lifespan of key automotive parts and forecast demand for used parts.
The completed models will be applied to a distribution platform for used automotive parts, establishing a system in which parts desired by consumers can be produced and supplied in a timely manner by scrapyards and remanufacturing companies.
In addition to the parts demand forecasting model, Bigwavecar also plans to develop a scrapping prediction model, an operational vehicle prediction model, a maintenance prediction model, and an optimization model for parts dismantling at scrapyards. The company is also preparing to link these models with big data on new and used automotive parts prices.
CEO Oh Sinwon of Bigwavecar stated, "When the prediction models are combined with price data, they can be applied to various services in the automotive aftermarket, including vehicle maintenance, repairs, used car sales, and auto insurance. Scrapyards can prioritize scrapping vehicles with high-demand parts for commercialization, while vehicle owners and maintenance centers can detect quality and maintenance issues early and improve vehicle management standards. We also believe these models can be utilized in insurance and used car transactions."
Bigwavecar is a startup established with the goal of "building a digital standard for the automotive circular economy." Currently, the company is preparing to launch "CatchMoneyCar," an online scrapping brokerage platform that has received regulatory sandbox approval from the Ministry of Land, Infrastructure and Transport, as well as "SaveParts," an online used car parts platform distributing used parts produced from scrapped vehicles.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
