in

Israel’s SixAI Signs Strategic Israel-South Korea Joint Venture Deal


Israeli robotics tech company SixAI has signed a strategic agreement to form a joint venture with South Korean semiconductor test solutions giant ISC and tech-focused investment company Yozma Group Korea, the company announced this week.

The venture will allow SIXAI to make use of ISC’s manufacturing capabilities in South Korea. ISC also expects sales growth by expanding the business field to AI-based test inspection and strengthening the lineup of nonmemory chip testing solutions.

The companies aim to collaborate to secure opportunities in the $4 trillion AI robotics market.

The strategic agreement was signed in Seoul, the capital of South Korea. The signing ceremony was attended by several distinguished guests, including; Mr. Lee Won Jae, administrator of Incheon Free Economic Zone, Mr. Chung Young Bae, ISC Chairman, Mr. Lee Hwan-kyun, former Minister of Transport and Construction and Mr. Akiva Tor, Israeli Ambassador to the Republic of Korea.

Founded in 2019 by a team of Israeli professionals led by serial entrepreneur Ran Poliakine, SixAI is a tech and investment company specializing in AI robotics and related IP.

Akiva Joseph Tor, Ambassador of Israel to South Korea, called the partnership with ISC a “prime example of ‘scaling up together’ and the potential for Israel-Korea high technology cooperation.”

“Our shared dreams are becoming fruitful realities — albeit we know that this is just the beginning,” he added.

Akiva Joseph Tor​, Ambassador of Israel to Korea since November 2020, called Israel a world leader in applied artificial intelligence per capital “with 40 times more technologies based on AI than the USA.”

By applying this cooperative model, Yozma plans to actively support the global commercialization of SIXAI. Yozma Group Korea has been creating a global business model that matches Korea’s outstanding manufacturing technology with excellent overseas technology companies.

Established in 2001, ISC is a global total test solution company with parts and modules for the test process of semiconductor manufacturing, and has a No. 1 market share in the global test socket market. ISC develops and produces test sockets needed to test semiconductor IC chips used in semiconductors, IT, BT, automobiles and various electronic parts. The company specializes in growth sectors such as AI, VR, autonomous vehicles and IoT products.

“This joint venture will provide us with a bridgehead into globla AI robotics and allow us to play a crucial role in the industry 4.0-related market,” said YB Chung, chairman of ISC, “I believe creating synergy between Israeli creativity and ISC’s innovative technologies will prove incredibly efficient as we look for opportunities in the market and develop solutions.

“SIXAI’s quality inspection and material transportation technology will be able to provide a solution that will eliminate technological barriers in the fourth industrial revolution. By actively utilizing the infrastructure of the Incheon Free Economic Zone, we will fully support the expansion of two corporations and hope to lead the Industry 4.0 market for opportunities estimated at $4 trillion,” said Wonjae Lee, head of Asia Pacific of Yozma Group.

“The combination of AI and robotics is becoming increasingly important. This joint venture will not only help us to understand what the market needs, but allow our companies to fast-track market shaping solutions for key Korean industries and organizations. The application of technology to manufacturing is by no means a new idea – but this joint venture is the next step in making industry 4.0 a reality,” said SixAI director Onn Fenig.

The demand for industrial automation has increased because of the global population decline with the aging trend and COVID-19, Fenig said. “Through this JV, we hope to quickly respond to these demands and mass-produce AI robots to free humans from repetitive tasks. SixAI creates value by connecting high technologies to existing industrial sites,” he added.

“Israel is a world leader in applied Artificial Intelligence per capita, with 40 times more technologies based on AI than the USA, the world leader,” said Ambassador Tor, “Along with the Republic of Korea, Israel leads the world in national investment in R&D, which sparks innovation and growth at the cutting edge of technology.”

The post Israel’s SixAI Signs Strategic Israel-South Korea Joint Venture Deal appeared first on NoCamels.



Source link

What do you think?

Written by Aakash Malu

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading…

0

Comments

0 comments

GGV-backed Chinese edtech startup nets $100m in series D, E rounds

China to lay down new payment antirtust rules that may affect Ant, Tencent