As level of interest towards development of AI (artificial intelligence) models has been growing, demands for AI competition platforms from both the private and public sectors have also been rising at the same time. As competitions are good for feeling out possibilities of AI projects by utilizing outside manpower and resources, new businesses have started to make their appearances next to existing businesses.
A South Korean AI consulting corporation called Minds & Company that was established in 2017 recently announced that it would launch a platform for AI competitions. The market has had companies such as Dacon and AI Factory that have been absorbing AI developers and customers. As demands for AI have been growing, there have been more demands that need to be connected to supplies.
“A role of marketplaces that connect supplies and demands within the AI ecosystem has become more important.” said CEO Ko Seok-tae of Minds & Company. “We have decided to launch our platform in order to connect companies that need AI innovation and developers that need actual data and mediate in between them.”
Platforms for AI competitions started to receive interests from the private and public sectors since last year. Such platforms allow companies to find various AI models with lower costs and in shorter period of time than carrying out projects on their own. As a result, such platforms draw the most interest from groups that cannot invest huge budget in AI projects and companies that attempt to develop pilot AI models with low budget.
Dacon has held 60 AI competitions so far after receiving requests from major companies and public agencies such as LG Electronics, NH Investment & Securities, and Korea Hydro & Nuclear Power Co., Ltd.
“As level of understanding on data has becomes higher, government agencies that were hesitant on introducing AI models due to security reasons have become highly interested in AI competitions.” said CEO Kim Guk-jin. “Level of satisfaction from companies that participate in AI competitions is very high as finished results from competitions can actually be applied right away.”
The fact that the percentage of competitions being held again is over 70% shows quality of finished results from competitions. “It will be difficult to hold a competition again if finished results do not come out great or cannot be used for actual industries.” said CEO Kim. “The fact the percentage is very high indicates that AI issues of companies are clearly defined and that there are many opportunities to learn during competitions.”
AI Factory was established by CEO Kim Tae-young who is the administrator of the South Korean community of a global AI competition platform called Kaggle.
“Our goal is to develop AI Factory into a place where AI models can be purchased and sold and a SNS (social network service) where various AI contents can be shared.” said CEO Kim of AI Factory. “In order to enhance “evaluation”, which is important for education in AI and operation of AI models, we are currently working on different plans such as various metrics and benchmark verification.”
Meanwhile, Minds & Company was established as a joint venture with Minds Lab back in 2017 and it is currently being operated as an independent company after acquiring the entire share of Minds Lab in March last year.
Staff Reporter Oh, Dain | ohdain@etnews.com