KT Jointly Develops ADAS Products with 'Kavi', a Company Incubated at Gyeonggi Center
Published2016.09.13 12:08KT announced on the 13th that it is strengthening cooperation in the Advanced Driver Assistance System (ADAS) business with Kabi (CEO Lee Eun-soo), a company nurtured by the Gyeonggi Center for Creative Economy Innovation (Center Director Lim Deok-rae, hereinafter Gyeonggi Center).
Kabi, a company nurtured by the Gyeonggi Center, is the only startup in Korea possessing core ADAS technology. It provides personalized driving guidance by adding features such as forward collision and lane departure warnings, as well as a driving habit data collection function. KT plans to pursue the joint development of ADAS products with Kabi and aims to secure a leading position in the ADAS market through future commercialization.
On this day, Kabi reached an agreement with Lotte Rent-a-Car (CEO Pyo Hyun-myung) through a supply contract to install ADAS products on 1,000 rental vehicles and decided to implement the system within the year. KT plans to rent these vehicles equipped with Kabi's products as business vehicles to support safe driving for field employees. Furthermore, through this product supply to Lotte Rent-a-Car, Kabi is now able to secure more customers.
In the meantime, KT has been closely cooperating with Kabi, including signing a Memorandum of Understanding (MOU) for business cooperation in the vehicle IoT sector and investing 2 billion won as a strategic partner. In addition, efforts have been made to support global expansion, such as supporting the exhibition of Kabi solutions at 'CES 2016' held in Las Vegas, USA, together with the Gyeonggi Center, and providing opportunities for cooperation with China Mobile's specialized IoT subsidiary through the GiGA IoT Alliance.
Through this, Kabi is receiving significant attention in Silicon Valley, including local media coverage in the U.S. and selection as a promising startup. It is also achieving tangible business results, such as successfully raising funds on the overseas crowdfunding platform 'Indiegogo (www.indiegogo.com)' for the development of new ADAS products and completing product deliveries last July.
In particular, as the Ministry of Land, Infrastructure and Transport has announced a legislative proposal to mandate the installation of ADAS starting next year to reduce major traffic accidents caused by drowsy driving, which have been occurring frequently recently, the cooperation between KT and Kabi is expected to become even more solidified in preparation for future demand.
Kim Young-myung, Head of KT’s Creative Economy Promotion Team, stated, “KT is expanding business cooperation with companies nurtured by the Gyeonggi Center through strategic investment and swift decision-making,” adding, “We will continue to discover outstanding startups like Kabi to foster a future convergence ecosystem.”
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