$2.5 billion Japanese AI startup taps Vietnam market
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AI Inside, a $2.5-billion Japanese artificial intelligence startup, has entered Vietnam through a partnership with a local company as part of its global expansion strategy.
The company will partner with OCG Technology, a joint venture between a unit of state-owned Vietnam Posts and Telecommunications Group (VNPT) and Japan’s Nippon Telegraph and Telephone, to sell its software to the Vietnam market.
AI Inside’s software converts paper documents into electronic data using artificial intelligence, and its target customers are companies that want to automate manual tasks like typing handwritten forms into spreadsheets.
The five-year-old startup, which claims a 64 percent market share in Japan’s market for AI-based optical character recognition (OCR) software, has seen its number of contracts for the software double between July and September last year, according to a report.
Its share price has increased fivefold since its initial public offering in December 2019, giving it a market capitalization of $2.5 billion.
The company is also planning to expand to other Asian markets like Thailand and Taiwan.
Questions & Answers
Q.What is the primary function of AI Inside's software that it is selling in Vietnam?
What is the primary function of AI Inside's software that it is selling in Vietnam?
AI Inside's software uses artificial intelligence to convert paper documents into electronic data. It aims to automate manual tasks, such as typing handwritten forms into spreadsheets, for its target business customers.
Q.Which local partner has AI Inside chosen to work with for its entry into the Vietnamese market?
Which local partner has AI Inside chosen to work with for its entry into the Vietnamese market?
AI Inside is partnering with OCG Technology to sell its software in Vietnam. OCG Technology is a joint venture between a unit of Vietnam Posts and Telecommunications Group and Japan’s Nippon Telegraph and Telephone.
Q.What evidence is there that AI Inside's AI-based OCR software has been successful in Japan?
What evidence is there that AI Inside's AI-based OCR software has been successful in Japan?
The company claims a 64 percent market share in Japan for AI-based optical character recognition software. Its number of software contracts also doubled between July and September last year, according to a report.
Q.Beyond Vietnam, which other Asian markets does AI Inside plan to expand into in the future?
Beyond Vietnam, which other Asian markets does AI Inside plan to expand into in the future?
AI Inside has plans to expand its operations to other Asian markets. Following its entry into Vietnam, the company is looking to broaden its presence in countries such as Thailand and Taiwan.
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