InterMinds showcases AI smart cabinet solution at Try Everything 2021

Courtesy of InterMinds

InterMinds (CEO Kim Jong-jin) participated in Try Everything 2021 held at the Shilla Hotel in Seoul from Sep. 15 (Wed) to 17 (Fri).

Founded in 2016, InterMinds is AI is an excellent venture company in the field of image recognition. It received the grand prize in the distribution sector at the 2019 Korea Artificial Intelligence Awards established by IT Chosun and Micro Software, and provides unmanned and automated solutions for the distribution market using computer vision, deep learning, and sensor fusion technologies.

Currently, it is expanding its business in various distribution fields with AI smart cabinet solutions for stable and efficient 24-hour unmanned operation, and is developing fully autonomous AI unmanned stores such as Amazon Go.

InterMinds’ main product, AI smart cabinet (doorpop), purchases goods after personal authentication on the payment module attached to the cabinet. When the customer closes the door, the vision sensor and weight sensor inside the cabinet and learned AI model are used to calculate what the customer purchased. It is an unmanned vending machine where payment is made only by the in-out of the product.

The retail industry is gradually changing into stores that use AI and smart stores combined with IoT. Also, the global unmanned stores are not a market of possibility, but a market that is already growing, and unmanned stores are rapidly spreading around the United States and China.

An InterMinds official said, “With the advent of Amazon Go’s unmanned stores and the spread of untact consumption due to COVID-19, the forecasts for the e-commerce market and the unmanned store market have also increased sharply, revealing the greatest prominence in retail tech and AI unmanned stores. Amazon US is rapidly expanding its stores using several AI technologies. However, Amazon Go’s business model has the disadvantage that it is locked in its own ecosystem and it is difficult to transform the shape to fit various existing store situations.”

Courtesy of InterMinds

He continued, “To compensate for these shortcomings, we reduced the unmanned store to an independent cabinet form and developed a hybrid form that can be applied anywhere and can be transformed into various forms. Small stores like convenience stores and supermarkets that can’t run 24 hours due to the increase in labor cost can be run by one owner, and it is economic compared to the existing complex smart banding machines, unmanned operation can be done at a low cost.”

In order to establish a consistently connected on-offline channel while domestic distributors are implementing an omni-channel strategy in line with the changing retail paradigm, InterMinds analyzes product information, consumer purchasing patterns, and real-time inventory status. Judging by this, it is actively designing and developing the service so that it can additionally be introduced into the smart cabinet business in the future.

Regarding the future plan, an InterMinds staff said, “We are accelerating the development of technology lightweight and automation for the distribution of fully unmanned stores that are operated with low resources and costs that can be commercialized, and through this, we are securing price competitiveness to a level that can be used in the market. In particular, there are many distribution unicorns in the Southeast Asian market along with Vietnam where we are preparing to enter. In line with this trend, InterMinds wants to lead the distribution digital transformation of the Southeast Asian market beyond Korea.”

Seoul Startup Hub, the major startup institution of Seoul, established a network with foreign governments like the Ministry of Science and Technology of Vietnam to provide localization fostering program for promising companies to better advance into the global market.

The results were announced at the 2021 global startup festival Try Everything. In Try Everything, global startup experts from more than 15 countries, global conglomerates, VCs, ACC, and startup specialized organizations are operating a total of 91 scale-ups and startup programs for companies interested in entering the global market.

→ Go to Try Everything 2021 news special page