4D integrated sensor technology is a significant step towards making machine vision equivalent to human vision. Korean startup Algo Thing is accelerating product development and gaining additional production design wins using this technology. Established in 2019 to solve urban traffic problems, the technology startup has developed systems for customers at the forefront of their respective market segments, including mobility, industrial machine vision, robotics, augmented reality, and consumer applications. The company has already developed an intelligent street parking solution.
Currently, AI system image processing capabilities are vastly inferior to those of humans, despite the use of massive computing power and high-resolution camera sensors. Algo Thing has taken up this challenge of improving it by designing advanced sensor technology for safe driving of an autonomous vehicle, especially intending to detect black ice on the road, which is a major cause of accidents in South Korea.
Effective traffic management technology with AI
Algo Thing’s innovative street parking management solution is designed to secure growth opportunities in the smart city mobility field through smart parking service business such as securing data related to image sensor technology accumulating operational experience through service demonstration and developed advanced IoT products.
The company is piloting its smart parking systems in the greater Seoul area and Busan and plans to upscale it by 2022. It has already carried out a demonstration project for its road surface sensors in Yangju City in 2020. It is planning to ramp it up by 2022 to bag 20% of the cooperative intelligent transport system valued at around 22 billion Korean won.
The Internet of Things (IoT) intelligent sensing device and technology startup Algo Things plans to venture into the construction for information and communications services by acquiring relevant licenses in 2021, aiming to record 100 million sales by 2022 and establish itself as a budding smart city technological solution provider.