Leading South Korean artificial intelligence (AI) and machine learning data specialist INFINIQ has announced the establishment of an overseas sales corporation and its European headquarters in Luxembourg, with the support of the Luxembourg Trade and Investment Office (LTIO) in Seoul and Luxinnovation.
INFINIQ develops AI technology through high-quality training data, particularly in the field of autonomous driving. The company collaborates with large players including Hyundai Motors and SK Telecom in the field of machine learning data and develops various solutions related to computer vision and deep learning algorithms.
INFINIQ’s newly established branch in Luxembourg will serve as a base for expanding its business beyond South Korea into the global autonomous driving data market. Firstly, it plans to transfer its overseas business development activities such as proof of concept (PoC) from South Korea to the European headquarters 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, whose mission is to serve as a first port of call for South Korean companies looking to establish a foothold on the European market. Supported by the LTIO, the company 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 research and development (R&D) and industry fabric proved crucial for showing the company that Luxembourg was indeed an attractive alternative.
“INFINIQ had doubts about whether there were 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,” explained Joost Ortjens, Head of International Business Development at Automotive at Luxinnovation. "We also benefited from our network to introduce INFINIQ to Luxembourg automotive sensor specialist IEE. INFINIQ provides new insights in software development testing and validation. IEE is open to collaboration, but is also offering office and R&D space at its new headquarters in Bissen”.
Another decisive argument was Luxembourg’s strategic location from where it is easy to travel throughout Europe. INFINIQ expressed its hopes to leverage these advantages to effectively form a sales and business network for European global automobile manufacturers.
Sasha Baillie, CEO of Luxinnovation, commented: “We are delighted that INFINIQ has chosen Luxembourg as its European location. We can see that our efforts to find and advise international companies that complement Luxembourg’s current economic landscape is bearing fruit. This also highlights the smooth process that has been put in place with the LTIO as a local contact point, Luxinnovation as specialised advisor and contact hub in Luxembourg, the House of Entrepreneurship as facilitator for the practical steps of incorporation and the active support of the sector specialists at the Ministry of the Economy. In this case, a Luxembourg-based Korean consultant, LUXKO, also played a central role in coaching the company from a point of deep cultural understanding of the two countries. This shows the strength of the Luxembourg network and our complementarity”.
Park Jun-hyung, CEO of INFINIQ, added: “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”.