PII Co., Ltd. (Co-CEOs Jeong-il Choi and Hyeon-jun Kim), a company specializing in AI vision and data-based smart factory solutions, held a press conference in Yeouido, Seoul on the 6th and announced the company's growth potential and post-listing plans.
CEO Choi Jeong-il said, “PII is providing AI vision solutions optimized for advanced manufacturing processes that are becoming more sophisticated and sophisticated based on its own market-recognized S/W technology.” He added, “With the listing, we will strengthen our AI and image processing S/W technologies and leap forward as a global leader covering all advanced industrial fields such as secondary batteries and semiconductors.”
Piei focuses on AI vision solutions and data-driven smart factory solutions, leveraging technologies such as machine vision, image processing, and artificial intelligence (AI). Particularly in the advanced industrial sector, where processes are becoming increasingly complex and yield competition is intensifying, Piei's AI vision software is recognized as a next-generation technology with superior detection capabilities and high-difficulty problem-solving capabilities compared to conventional machine vision inspection.
Additionally, the company's data-driven smart factory solution utilizes AI software technology to comprehensively manage various process and equipment data, and can quickly repair risk factors through automated diagnosis, maximizing production efficiency.
By focusing on the software that powers these hardware, rather than the hardware itself, such as materials and equipment, PiI has successfully streamlined its business model. Software modularization enables rapid development and implementation, enabling customized solutions for a variety of processes. This, in turn, has led to high profitability and business scalability. The company is forecasting an average annual revenue growth of 34% from 2021 to 2023 and is further strengthening its partnerships with global battery companies.
The total number of shares offered by PII is 3.6 million, with a target price of 4,000 to 5,000 won per share. This offering will raise approximately 14.4 billion won (based on the lower end of the offering price). The company will conduct a demand forecast for institutional investors over five business days, from January 8th to 14th, to finalize the final offering price. It plans to accept general subscriptions on the 20th and 21st, and list in February. The lead underwriter is Samsung Securities.
◆ Possessing proprietary AI software technology… Increasing production efficiency by process through data self-learning and analysis.
As technology advances and processes become more diverse and complex, inspection targets increasingly develop irregular characteristics. Accurate detection using existing machine vision becomes difficult, and the need for manual visual inspections has become increasingly apparent.
Piei's AI vision solution can be customized for a variety of processes and boasts excellent defect detection capabilities. Specifically, the company has developed its own AI software technology that maximizes accuracy and problem-solving capabilities by combining image processing algorithm software and deep learning technology. This software analyzes and inspects images captured by hardware such as cameras and lenses for various secondary battery shapes, including cylindrical, square, and pouch-shaped.
The inspection solution, incorporating this technology, utilizes unsupervised learning-based AI to autonomously learn from normal data and support early detection of abnormalities. Notably, it demonstrated a 67% reduction in inspection stabilization time in the pouch battery process, which offers a high degree of shape freedom. Furthermore, it can proactively detect environmental changes, such as hardware aging and positional shifts, contributing to the establishment of a stable production base.
The company also offers data-driven smart factory solutions that integrate accumulated, diverse inspection data for collection, analysis, monitoring, and prediction. Linked with AI software technology, it can process and analyze vast amounts of data. By transmitting abnormalities to a central control PC, it minimizes downtime and supports increased productivity in actual manufacturing sites.
In particular, as the expansion of secondary battery production facilities is simultaneously taking place worldwide, the demand for smart factory systems to effectively manage production lines around the world is also increasing, and the company expects that business opportunities for smart factory solutions will expand in the future.
Maximizing development efficiency and customer responsiveness through software modularization… Strengthening global partnerships through differentiation.
PII provides customized services by modularizing the software required for vision inspection and allowing customers to combine the modules as needed. By providing only the core modules needed based on customer requirements, PII's optimized design allows for lower costs, shorter installation times, and improved customer responsiveness.
Building on its customizable capabilities, the company is the only domestic company to possess software and image processing technology applicable to all secondary battery form factors (types), including cylindrical, square, and pouch types, and across the entire process. Furthermore, through continuous R&D investment, the company has secured new battery form factor inspection technology, enabling it to flexibly respond to rapidly changing market conditions.
PII's sales are expected to grow at an average annual rate of 34% from 2021 to 2023, reaching KRW 43.6 billion in sales as of the third quarter of 2024. Furthermore, the company is continuously strengthening its partnerships with global battery companies, securing diverse references such as collaboration from the early stages of battery development, conducting deep learning testing, and building smart factory solutions.
◆ Implementing 'PIE Solutions Everywhere' across all advanced process inspection fields through the development and commercialization of non-destructive testing solutions.
PII is focusing on securing a leading position in future markets by jointly participating in technology development aligned with the investment plans of key clients. With increased investment in battery safety inspections following electric vehicle fires and the growing battery market, expectations are high that existing businesses such as secondary battery AI vision solutions and data-driven smart factory solutions will also strengthen.
The company is not stopping there, but is developing solutions suitable for other industries based on the AI vision inspection software capabilities it has accumulated in the secondary battery industry. Accordingly, the company has recently secured core technologies related to non-destructive testing (NDT), such as ultrasound, X-ray, and computed tomography (CT), and is actively pursuing commercialization. While AI vision inspection has been limited to external inspection of products, NDT can now inspect the internal structure of batteries, significantly contributing to safety enhancements. Furthermore, it has the potential to expand its business into various strategic industries, such as semiconductor packaging and glass substrates.
To achieve this, the company is also working to strengthen its fundamentals through organizational restructuring, strengthening its AI vision inspection software workforce, and expanding its R&D center. PII will actively invest the funds raised through this KOSDAQ listing to strengthen its AI-based software technology competitiveness and focus on expanding its business scope. The goal is to become a global leader in AI solutions beyond secondary batteries, encompassing diverse fields such as semiconductors, automobiles, and pharmaceuticals.
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