THINKWARE (CEO Lee Heung-bok) is targeting global markets with black boxes that support ultra-high resolution and high-tech self-driving technology.
THINKWARE has released world’s first platinum black box called ‘INAVY QUANTUM’ that has QHD resolution in the front and the back. It is going to start releasing it in global markets next year and start pioneering premium black box markets.
INAVY QUANTUM provides images with ultra-high quality that is 4 times clearer than images with HD quality and provides clear quality even in dark environments by improving sensitivity towards low light level. It records surroundings as QHD quality by minimizing blind spots with frontal angle of view of 140° and rear angle of view of 180° and also increases level of safety and convenience for drivers by having ADAS (Advanced Driver Assistance Systems) function that warns drivers when they diverge roads.
When THINKWARE was established in 1997, it set up electronic map and navigation software (SW) as its major businesses. After 2004, it has grown as South Korea’s biggest navigation business. It has released Android and iOS-based navigations since 2011 and has formed a new paradigm by releasing set-top box navigation called ‘INAVY X1 Cube’ for imported vehicles.
THINKWARE made $204 million (229.4 billion KRW) in sales in 2009 when markets for navigation were booming. However its sales have been decreasing by about $11.6 million (13 billion KRW) annually since 2010. Its 2015’s sales, which were $135 million (151.3 billion KRW), decreased by 34% compared to 2009’s sales.
THINKWARE, which needed a new driving force, has decided to focus on markets for black boxes. It has reinforced its lineups for luxury products starting with release of ‘INAVY BLACK’ in May of 2010. It has attracted customers not only with 2-channel full HD products but also with products with high-tech specifications such as QHD and ADAS. In result, its sales from black box business increased sharply from $2.40 million (2.7 billion KRW) in 2010 to $85.4 million (96 billion KRW) in 2015.
THINKWARE is planning to increase its sales again by putting out its black box products in the front. It was able to make $79.2 million (89.10705 billion KRW) in first half of this year that are 26.2% increase compared to first half of last year. Especially its sales from black boxes, which were $51.6 million (58 billion KRW), covered 65.1% of overall sales. This is all due to growth of sales of new products such as INAVY QXD950 View and others.
“Percentage of sales from premium black box products is taking up more than 40% and it is helping with positive trend of sales.” said a representative for THINKWARE. “We expect that sales will continue to increase as B2B and entry into foreign markets with electronic maps and black boxes are scheduled in second half.” said a representative for THINKWARE.
Staff Reporter Ryu, Jongeun | rje312@etnews.com
