By Nam Hyun-woo
Korean video processing AI startup mAy-I said on Tuesday that it achieved over 200-percent annual revenue growth since its founding in 2019.
The company, which operates the AI-driven video analytics solution mAsh, attributes this success to its innovative technology, efficient operations and the launch of its Pop-up Store Plan.
The company's proprietary reidentification technology boasts a 92-percent accuracy rate, significantly outperforming the latest academic models, which achieve only 66 percent, according to internal testing. Additionally, its web-based dashboard, mAsh Board, which visualizes analytics from mAsh, saw a 270-percent increase in users in 2024, while monthly session time rose by 200 percent.
It enables offline retailers to analyze CCTV footage using AI, providing insights into customer behavior, such as popular store zones and customer churn rates. Currently, its AI engine processes over 19,000 hours of video footage daily in real time, with cumulative processed footage exceeding 10 million hours since 2020.
As the first company in Korea to introduce a business model utilizing in-store CCTV systems for offline space digitalization, mAy-I has secured high-profile clients, including Samsung Electronics and Amorepacific. It has also partnered with leading domestic security firms such as SK shieldus and S-1, enabling seamless deployment of its solution on existing CCTV systems without additional installation.
In response to the growing demand for performance analytics at pop-up stores and offline events, mAy-I launched its Pop-up Store Plan last year. The solution has been implemented at major events, including LG Electronics’ display showcase and Hyundai Motor's automobile promotions. Since its introduction, inquiries for short-term event analytics have tripled year-over-year.
The company has gained international recognition, winning the Innovation Award at CES 2024 and participating in global exhibitions such as IFA 2024. Its edge computing technology complies with strict global standards, including Europe's General Data Protection Regulation and Artificial Intelligence Act. Through the Global IR program under the Baby Unicorn Fostering Project, mAy-I has also expanded its presence in Asia and the United States.
Looking ahead, the company aims to scale operations in 2025, leveraging insights from international projects in cities such as London and Hanoi.
"We will continue leading the digital transformation of offline spaces through data-driven innovation," CEO Park Jun-hyuk said.
English (United States) ·