Top Korean firms invest W21b in AI research institute

[THE INVESTOR] Seven South Korean conglomerates joined hands to launch on July 29 a research institute focused on artificial intelligence technologies.

Samsung Electronics, Hyundai Motor, SK Telecom, KT, LG Electronics, Naver and Hanwha Life Insurance have contributed 3 billion won (US$2.67 million) each to launch the AI Research Institute.
 

“We will bring in the best human resources and develop core technology for the information intelligence society,” said Kim Jin-hyung, head of the institute, at a press conference held to announce the official launch of the institute. Kim is a computer science professor at KAIST and has been spearheading the launch as the head of Software Policy & Research Institute.

This is part of the South Korean government’s initiative to boost the AI industry. The Ministry of Science, ICT and Future Planning promised in March that it would provide financial support of 75 billion won (US$66.90 million) over the next five years for core R&D projects.

The government will invest 1 trillion won while encouraging the civilian sector to invest 2.5 trillion won over the next five years.

The world’s artificial intelligence market was estimated at US$127 billion last year, and is forecast to reach as much as US$165 billion this year. South Korea accounted for 3.2 percent, according to the country’s official data.

By Hwang You-mee (glamazon@heraldcorp.com)