Member Corner

SI Analytics raises millions in series B funding

During June 2021, WGIC Member SIA has attracted a 10 billion KRW (US$ 8.8M) investment. According to SIA, the current enterprise value has soared to 60 billion KRW (US$ 52.8M).

Remco Takken June 25, 2021
SI Analytics South Korea

Since WGIC Member SIA has become an independent company, it has attracted a 2 billion KRW (US$ 1.8M) Series A investment in November 2019. This month, June 2021, a 10 billion KRW (US$ 8.8M) Series B investment was completed. According to SIA, the current enterprise value has soared to 60 billion KRW (US$ 52.8M)

SI Analytics CEO Jeon Tae-gyun (39) told Korean magazine HelloDD: “We will create a new ecosystem for the space industry” right after completing the series B investment. CEO Jeon said, “Our technology in the field of satellite image analysis has reached the world’s highest level.” The company that’s now in the news originally grew out of Satrec Initiative. Since its establishment in December 1999, this is the only company in Korea that has the capability to develop satellite systems proven in space. Jeon remembers that he joined the company in 2016, appreciating how the members of  Satrec Initiative were crazy about space.  Satrec Initiative created a new technology development team in January 2017 and also created a space for Jeon to actively grow into a new role.

“When I started out”, Jeon said, “The purpose of joining the company was to leave the company to start a business, and I had only thought to create a technology that could be grafted into space using AI.” As a result, we have developed satellite image analysis and monitoring software (Ovision) using AI and are aiming to launch the service within the second half of this year.

Jeon further explained: “The commercialization of satellite image analysis has been completed and we plan to start the service directly from the second half of the year. Through this investment attraction, we will reorganize the speed and direction of the satellite utilization market through domestic and overseas satellite utilization solutions.” He concluded: “It is not long before the world’s No. 1 position in the field of satellite image analysis using AI.

Source: HelloDD.com & SI Analytics