Ineasy

Ineasy, officially established in 2019 as INEEJI-UNIST Start-up, is a South Korean company specializing in artificial intelligence-based prediction services for the manufacturing sector. The company was founded by Dr. Jaesik Choi, who currently serves as CEO and is also an associate professor at the AI Graduate School at the Korea Advanced Institute of Science and Technology (KAIST). His journey into entrepreneurship was spurred by a successful collaboration with POSCO from 2016 to 2018, where he applied AI to optimize the blast furnace process, leading to significant fuel cost savings and international recognition.

The core of Ineasy's business is its 'Infinite Optimal Series,' an AI solution designed to enhance operational efficiency in heavy industries. This technology provides predictive analytics for process optimization, helping to improve productivity, reduce energy consumption, and increase product quality. The platform is distinguished by its 'eXplainable AI' (XAI), which not only predicts outcomes based on process variables but also provides clear explanations for its predictions, bridging the gap between experienced and new employees. The solution automates data preprocessing, identifies causal relationships, and optimizes time series prediction models for manufacturing facilities.

Ineasy's business model is centered on providing these sophisticated AI solutions to a range of industrial clients. The company targets sectors such as steel, cement, glass, refining, petrochemicals, and power generation. Specific applications include optimizing heat control in blast furnaces and electric furnaces, managing calcination furnaces in cement production, and improving chemical reaction processes. Revenue is generated through contracts for the implementation and ongoing use of its AI platforms. The firm has demonstrated significant growth, with an annual contract volume growth rate of 37% as of September 2023.

Since its founding, Ineasy has achieved several key milestones. It was certified as a venture enterprise in 2020 and has received numerous accolades, including being selected as one of the '2023 Emerging AI+X TOP 100' and winning awards from the Ministry of Science and ICT. In 2022, the company completed a pre-series A funding round of 5.5 billion KRW and was selected for the 'First Penguin' program by the Korea Credit Guarantee Fund. With a team of 45 employees, primarily engineers, Ineasy is planning for an IPO in Korea by the end of 2025 and is actively expanding into the Japanese market. Recently, in August 2024, the company signed a business agreement with Gwangju City to establish a regional office and contribute to the local AI industry ecosystem.

Keywords: artificial intelligence, manufacturing AI, predictive analytics, process optimization, eXplainable AI, smart factory, industrial AI, energy saving, production efficiency, steel industry, cement industry, petrochemical industry, power generation, Jaesik Choi, KAIST, data analysis, time series prediction, operational optimization, machine learning, industrial automation, cost reduction, quality improvement, South Korean startup