Olaworks
A computer vision tech company that develops and markets facial recognition technologies for smart devices.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor investor investor | €0.0 | round | |
$31.0m | Acquisition | ||
| Total Funding | 000k | ||
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Olaworks, established in Seoul, South Korea in 2006, carved a niche in the burgeoning field of computer vision and facial recognition technology. The company was founded by Jung-hee Ryu and a group of his university peers from the Korea Advanced Institute of Science and Technology. Dr. Ryu was a visible and active participant in the technology community, frequently attending international standards meetings for augmented reality.
The firm specialized in developing advanced software for smart devices, focusing on facial and image recognition. Its technology was adopted by major smartphone manufacturers, including LG Electronics, Motorola Korea, HTC, and Pantech. A notable consumer-facing product was the popular mobile application called "Pudding," which could find celebrity look-alikes based on a user's photo. This showcased their underlying technical capabilities in a relatable way. Olaworks also developed an app named Scan Search. The company's business model involved providing its specialized solutions to these large hardware companies, embedding its technology directly into their products.
Investor interest was secured early on. In 2007, Olaworks raised $4 million in a funding round that included Intel Capital, the venture arm of Intel, and private equity firm Skylake Incuvest. This early investment from a strategic player like Intel signaled confidence in Olaworks' technological direction. The relationship culminated in April 2012 when Intel acquired 100 percent of Olaworks' shares for approximately $30.7 million. This marked Intel's first acquisition of a Korean company and was a strategic move to bolster its capabilities in the mobile technology sector, aiming to integrate Olaworks' facial recognition expertise with other acquisitions to enhance its mobile processing units.
Keywords: computer vision, facial recognition software, image recognition, mobile technology, augmented reality, smart device software, Intel acquisition, KAIST, Jung-hee Ryu, Pudding app, Scan Search, embedded technology, LG Electronics partner, HTC partner, Pantech partner, Skylake Incuvest, mobile component solutions