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Innovative Leadership and Advanced AI Solutions at Saltlux Inc.

GOOVER DAILY REPORT June 18, 2024
goover

TABLE OF CONTENTS

  1. Summary
  2. Leadership and Company Overview
  3. Key Products and Services
  4. Business Model and Industry Applications
  5. Strategic Partnerships and Collaborations
  6. Financial Overview
  7. Recent Developments and Future Prospects
  8. Conclusion

1. Summary

  • The report on Saltlux Inc. delves into the company's innovative leadership and cutting-edge AI solutions under the guidance of CEO Lee Kyung-il. It examines key products such as the AI search platform Goover and the advanced LLM Luxia2, highlighting their launch timelines and unique features. The report also explores Saltlux's diverse industry applications, strategic business models, and partnerships, including collaborations with Pi Digital Healthcare and speculated ventures with Samsung Electronics. Financial insights reveal fluctuating stock performance and significant investments by key stakeholders like Vice President Jeong Moon-seon. Recent developments, including the Goover launch and SAC 2024 conference, underscore Saltlux's commitment to expanding AI applications globally, emphasizing innovations in cross-lingual LLM capabilities and extensive enterprise support services provided by the company.

2. Leadership and Company Overview

  • 2-1. CEO Lee Kyung-il's Role and Ownership

  • CEO Lee Kyung-il plays a pivotal role at Saltlux Inc. His leadership is instrumental in steering the company towards its goals in the AI industry. Despite the emphasis on his leadership, the specific details about his ownership stake in the company were not provided in the collected documents.

  • 2-2. Company History and Headquarters

  • Saltlux Inc. was founded in 1979 and has evolved significantly over the years to become a leading company in the AI sector. The company is headquartered at Daewoong Building, 4F/5F (689-4, Yeoksam-dong), 538 Eonju-ro, Gangnam-gu, Seoul, 06147, South Korea. This location serves as the central hub for its operations and strategic planning.

  • 2-3. Core Values and Mission

  • "High-precision ensemble AI" differentiates Saltlux's technological approach. The company is committed to innovation, focusing on developing algorithm-based AI and big data technologies. Saltlux's mission centers on creating advanced solutions that harness the power of these technologies to provide accurate, efficient, and secure AI services. Their values ensure that they remain at the forefront of technological advancements while maintaining high standards of precision and reliability.

3. Key Products and Services

  • 3-1. Goover AI search platform

  • Saltlux Inc. has introduced the Goover AI search platform, a next-generation AI agent platform scheduled to launch in South Korea and the United States in June 2024. Goover is designed to offer not only search capabilities but also customized information and in-depth reports. The platform integrates diverse functions, including search, language models, document generation, and information sharing.

  • 3-2. Luxia and Luxia2 LLMs

  • Saltlux has developed Luxia and its upgraded version Luxia2, large language models (LLMs) capable of generating Korean language content at a high speed. Luxia2 is touted to be 18 percent faster than Meta Platforms' Llama3. These LLMs are integral to Saltlux’s AI services, catering to various applications and enhancing the functionality of their AI solutions.

  • 3-3. Lucia-On hardware appliance

  • Saltlux’s product portfolio includes the Lucia-On hardware appliance. Although specific details on Lucia-On were not provided in the reference documents, it is implied to be part of their advanced AI technology offerings.

  • 3-4. AI Suite, AI Cloud, Bigdata Suite, and GraphDB Suite

  • Saltlux provides a comprehensive range of AI solutions, including the AI Suite, AI Cloud, Bigdata Suite, and GraphDB Suite. These tools are designed to support various enterprise needs, from advanced data processing to efficient data management and secure storage solutions.

  • 3-5. AI chatbot and sentiment analysis tools

  • Saltlux offers AI chatbot and sentiment analysis tools, which are part of their broader AI service offerings. These tools help companies understand and respond to customer interactions in real time, improving client engagement and satisfaction.

4. Business Model and Industry Applications

  • 4-1. Consulting Services

  • Saltlux Technology, established in 2009 in Vietnam, focuses on consulting services for digital transformation projects. They work with both the Vietnamese government and private companies, leveraging their expertise in AI and big data solutions to drive digital transformation and innovation across various sectors.

  • 4-2. AI and Big Data Solutions Supply

  • Saltlux Inc. supplies a comprehensive array of AI and big data solutions through its platforms: AI Suite, AI Cloud, Bigdata Suite, and GraphDB Suite. These platforms are utilized by 1,500 global customers, providing them with advanced technological capabilities. In collaboration with ITIZ, Saltlux provides generative AI products like LUXIA and the Language Studio, and offers technical support to ensure successful system development and maintenance in the financial sector. This collaboration particularly aims at improving business process efficiency and customer engagement.

  • 4-3. Training and Support

  • Saltlux provides extensive technical support and training to ensure the effective implementation and use of their AI solutions. This support encompasses all necessary aspects, from initial setup to ongoing maintenance, ensuring clients can fully utilize the capabilities of Saltlux's advanced AI technologies.

  • 4-4. Industry applications in finance, healthcare, IT, and more

  • Saltlux's AI solutions are applied across a myriad of industries, including finance, healthcare, and IT. In the financial industry, their collaboration with ITIZ is a key example, where they aim to enhance efficiency and customer engagement using generative AI. Saltlux's AI technologies are also adopted by notable corporations such as Hyundai Motors and Samsung Electronics, highlighting their versatile application and substantial impact across different sectors.

5. Strategic Partnerships and Collaborations

  • 5-1. Partnership with Pi Digital Healthcare

  • On June 12th, Saltlux Inc. announced a strategic business partnership with Pi Digital Healthcare. This collaboration aims to develop a medical large language model (LLM) by incorporating Pi Digital Healthcare's extensive medical data and platform business expertise into Saltlux’s LLM 'Luxia,' known for its ability to minimize hallucinations. Key officials including Kim Min-jong, Vice President of Saltlux, and Yoo Seung-chan, CEO of Pi Digital Healthcare, were present at the signing ceremony. The partnership seeks to enhance public health and advance healthcare systems by leveraging the combined capabilities of both entities.

  • 5-2. Collaboration with ITIZ for financial IT services

  • Although no specific details were provided in the reference documents, Saltlux has been active in securing AI projects, including financial IT services with various clients. The lack of direct references to ITIZ suggests further documentation might be needed to elaborate on this partnership.

  • 5-3. Potential collaboration with Samsung Electronics

  • Saltlux Inc.'s stock price recently surged due to speculation regarding a potential collaboration with Samsung Electronics. The rumors suggest that Saltlux could develop AI solutions for Samsung's Galaxy smartphones. Despite the buzz, Saltlux has issued a statement clarifying that no official confirmation has been made regarding this collaboration. This speculation has contributed to an 185% increase in Saltlux’s stock price this year. Moreover, Saltlux has already developed AI for AS consultation and price prediction, utilized by Samsung Electronics in North America.

6. Financial Overview

  • 6-1. Stock Performance and Market Capitalization

  • Saltlux Inc., listed on the KRX exchange under the ticker 304100, has exhibited notable stock price fluctuations. As of the latest trading update, the stock price stands at 21,800 KRW, marking a 2.68% decrease in the past 24 hours. Over the past week, the stock fell by 1.36%, and over the past month, it declined by 9.54%. On an annual scale, the stock has decreased by 18.35%. Significantly, the stock reached its all-time high of 49,350 KRW on September 6, 2023, and hit an all-time low of 6,000 KRW on October 13, 2022. Saltlux Inc.'s market capitalization is currently valued at 273.32 billion KRW, having decreased by 4.13% over the last week.

  • 6-2. Revenue, Net Income, EBITDA

  • For the last financial year, Saltlux reported consolidated sales of 30.3 billion KRW, but the company has been struggling with profitability. It suffered an operating loss of 2 billion KRW, and the net loss for the current period is approaching 10 billion KRW. In the most recent quarter, the company posted a net income loss of 5.16 billion KRW, marking a significant decline from the previous quarter, which had a net income of 1.52 billion KRW, reflecting a 438.36% change. On the EBITDA front, Saltlux registered an EBITDA of -8.07 billion KRW with an EBITDA margin of -21.87%, indicating the challenges the company faces in improving its operating performance.

  • 6-3. Notable Investments and Shareholder Details

  • Vice President Jeong Moon-seon, an early investor in Saltlux, holds a significant stake in the company. He invested 10 billion KRW before the company's public offering, securing over 9% of the shares and becoming the second-largest shareholder. As of March, he owns 9.19% of the company, with his shareholding amounting to 1.03 million shares. CEO Lee Kyung-il remains the largest shareholder, holding 15.45% of the company, while related parties possess 19.63%. Despite other affiliated investment companies disposing of their stakes, Vice President Jeong Moon-seon and Hyundai BNG Steel continue to hold shares in Saltlux, demonstrating a strong relationship with the management.

7. Recent Developments and Future Prospects

  • 7-1. Launch of Goover and expected user base

  • Saltlux Inc. recently introduced 'Goover', a next-generation AI agent service, which customizes information in real-time from the global web and auto-generates in-depth reports. Goover is set to launch simultaneously in South Korea and the United States next month. According to Joshua Bae, CEO of Saltlux's U.S. branch, Goover aims to surpass competitors like Google's Perplexity by delivering the most advanced user experience. Targeting a wide user base, Saltlux plans to secure over a million daily users and integrate the service into more than 100 commercial applications as stated by Jae-eun Kim, Head of Research.

  • 7-2. SAC 2024 Conference and new AI services

  • The Saltlux AI Conference 2024 (SAC 2024), held at GS Tower in Gangnam, marked its 18th year and focused on the theme 'GenAI Odyssey - Dawn of the Augmented Human Era'. During the conference, several AI technologies and services were showcased, including the next-generation large language model 'Luxia2'. Luxia2, which has been tested in pilot projects with leading companies, boasts a significant expansion in its pre-training corpus and instruction data, with an input token length of up to 64,000—30 times more than its predecessor. Improved tokenizer efficiency leads to an 18% faster Korean language generation compared to Llama3 while reducing costs. Luxia2 also features advanced capabilities such as enhanced search-augmented generation (RAG) and embedding functionalities. Additionally, several lifestyle-integrated AI services were introduced, including 'Planet Studio 2.0' for generating all types of content, 'WorkCenter', 'Son Biseo', 'MimiCon', 'Search Studio', 'Mariner', and 'InfoChatter'. Saltlux is committed to expanding its reach across various industries such as healthcare, insurance, and finance through a robust network of collaborations.

  • 7-3. Deployment of cross-lingual LLM

  • Saltlux's latest iteration of its large language model, Luxia2, incorporates cross-lingual capabilities, showing improved accuracy in both Korean and Korean-English searches. Luxia2's embedding model outperforms OpenAI's embedding model by 18.75% in Korean-only searches and by 15.62% in Korean-English cross searches. The model demonstrates adaptability with the ability to edit learned knowledge, maintaining a knowledge editing performance of 88.4%. The deployment of Luxia2 is part of Saltlux’s extensive strategy to enhance global AI solutions, aiming to minimize information leakage concerns and costs while significantly boosting operational efficiency.

8. Conclusion

  • Saltlux Inc., led by CEO Lee Kyung-il, stands out as a formidable force in the AI landscape thanks to its pioneering products such as Goover and Luxia2. These innovations, along with strategic partnerships and diverse AI-driven solutions, demonstrate Saltlux's influence across various industries, from healthcare to finance. Despite facing profitability challenges, Saltlux's financial strategies, illustrated by substantial investments from key figures like Vice President Jeong Moon-seon, underscore its robust growth potential. Limitations such as fluctuating stock prices and operating losses are evident; however, ongoing developments like Goover's imminent launch and the deployment of advanced LLM Luxia2 reflect Saltlux's potential for future market dominance. Moving forward, Saltlux can enhance its market position by continuing to innovate and expand its reach, leveraging its strong base in AI technology. The company's focus on high-precision AI solutions and substantial industry collaborations signify a promising trajectory for sustained impact and leadership in the AI domain.

9. Glossary

  • 9-1. Saltlux Inc. [Company]

  • A leading AI company based in South Korea, specializing in machine learning and natural language processing. Known for innovative AI-driven solutions and a versatile business model targeting various industries.

  • 9-2. Lee Kyung-il [Person]

  • CEO of Saltlux Inc., holding 15.45% of the company's ownership. Known for driving innovation, expanding the company's AI capabilities, and leading significant strategic partnerships and product launches.

  • 9-3. Goover [Product]

  • An advanced AI search platform integrating search features, customized information, and in-depth reports. Set to launch in South Korea and the U.S., aiming for a large user base by 2026.

  • 9-4. Luxia2 [Technology]

  • The upgraded large language model developed by Saltlux, noted for faster and more accurate content generation, particularly in Korean. Reduces AI hallucinations significantly compared to competitive models.

10. Source Documents