INFINIQ, the leading Korean artificial intelligence and machine learning data specialist, recently announced the establishment of an overseas sales corporation and its European headquarters in Luxembourg. This decision was facilitated by the Luxembourg Trade and Investment Office (LTIO) in Seoul and by Luxinnovation.
INFINIQ develops artificial intelligence technology through high quality training data, and socialized notably in the field of autonomous driving. It collaborates with large players such as Hyundai Motors and SK Telecom in the field of machine learning data and develops various solutions related to computer vision and deep learning algorithms.
The newly established European headquarters located in Luxembourg aims at serving as a base for expanding INFINIQ’s business beyond South Korea into the global autonomous driving data market. The company first plans to transfer its overseas business development activities such as PoC (proof of concept) from South Korea to Luxembourg and start marketing and sales activities tailored to customers in the European market. In addition, it will target other AI-based fields where investments are being made in Europe, such as smart farms and smart cities.
Luxembourg was initially presented to INFINIQ as a potentially interesting location by LTIO Seoul. The company then participated in ICT Spring 2019 in order to meet with the Luxembourg business community. It subsequently met with Luxinnovation’s international business development team, whose in-depth knowledge of the country’s R&D and industry fabric proved crucial for showing the company that Luxembourg was indeed an attractive alternative.
“INFINIQ had doubts about whether there was enough AI capabilities here. We provided them with detailed information about the partnership between the University of Luxembourg and global AI specialist NVIDIA and its high scientific value, and this turned out to be an important factor for the company’s decision,” said Joost Ortjens, Head of International Business Development – Automotive at Luxinnovation.
Park Jun-hyung, CEO of INFINIQ commented, “We consider our first overseas branch in Luxembourg as a bridgehead and will step up efforts to enter the global autonomous-driving data field. In particular, since Europe is the world's largest automobile market and has an autonomous driving infrastructure including research institutes, professionals, and universities, we will improve corporate investment efficiency and strengthen R&D cooperation with active networking and information accumulation.”