Alchera, an artificial intelligence (AI) company specializing in image recognition, announced on the 2nd through its 2023 business report that its backlog of orders as of the end of last year reached 10.3 billion won, the highest ever.

This is a scale that is close to the annual sales (separate standard) of 10.4 billion won last year. Of the order backlog, about 8 billion won is sales from the facial recognition AI solution business, and the amount is from Incheon Airport, Financial Supervisory Service, and Suhyup Bank.

Alchera achieved the result of being selected as the operator of the Financial Supervisory Service's facial recognition joint system construction project in August of last year. This is providing a great boost to sales activities targeting approximately 300 domestic financial institutions this year.

Currently, AI facial recognition technology is being sequentially introduced targeting the first financial sector, and additional orders are being received targeting not only securities firms and insurance companies, but also the second financial sector.

Recently, we are strengthening our sales activities across the financial market, such as signing a standard supply contract for a ‘non-face-to-face ID verification service’ with the Korea Savings Banks Federation. Alchera's strategy is to focus on preventing domestic financial fraud damage based on △ ID verification, △ ID copy identification system, and △ Liveness technology. In the future, the company plans to expand its AI solutions to all industries, including the financial sector, retail, telecommunications, and public institutions.

Hwang Young-gyu, CEO of Alchera, expressed confidence by saying, “The issue is not due to accounting fraud, but rather accumulated operating losses, and we can sufficiently resolve financial uncertainty through efforts to expand operating revenue and reduce costs.” He also said, “We already have confirmed contracts from last year, and we will be able to expand sales and improve profits without difficulty through the financial sector business planned for this year.”