The 21st World Korean Business Convention, held for the first time overseas at the Anaheim Convention Center, has been deemed a success beyond expectations. With more than 500 companies participating and showcasing their products at 650 booths, the Korea Daily will introduce the companies and entrepreneurs that attracted the attention of investors and visitors over five articles. -Ed.
2. BANF: Real-time truck tire smart profiles
One of the most eye-catching events during the World Korean Business Convention was the Startup Pitch Competition. Out of 320 startup applications, 18 finalists presented their technologies and products to a panel of investment and industry experts.
In the offline pitching competition, where 10 teams competed, BANF (banf.co.kr) won the grand prize with its real-time tire data measurement iSensor system.
Sunghan Yoo, CEO of BANF, headquartered in Gangnam, Seoul, said, “The United States relies heavily on trucks for transportation and has many issues related to truck tires that need fixing. Investors like that a small company from Korea has noticed this problem and is trying to solve it using new technology. Our company is already working with other businesses in the U.S. to find solutions.”
According to Yoo, the company’s iSensor system uses distance-adaptive power technology to comprehensively monitor the internal and external conditions of tires while the vehicle is moving. It is a tire safety management solution that helps vehicle drivers optimize tire performance and detect defects in advance by analyzing data such as tire pressure, wear, wheel alignment, coefficient of friction, amount of load, and road surface information collected in real time through sensors.
“Our technology using road surface information is currently being tested by local municipal governments in Korea, and we are also collaborating with automakers, tire companies, and autonomous driving companies in the U.S. to collect data and improve the system. So far, we have secured about 6.5 billion won ($4.8M) in investment in Korea, and we would also like to receive investment in the United States as well, and I think this competition will be a good opportunity.”
“There is no tire management system yet. With our unique technology, we provide solutions for trucking companies to improve not only safety but also fuel efficiency, from tires to vehicle management and road condition analysis. We plan to announce our prototype models at the International Consumer Electronics Show (CES) in Las Vegas next January.”
“In the era of autonomous driving, tire-related issues may become more prevalent as the concept of driver error disappears, and there are many interesting ways to apply tire data, such as weight measurement,” said Yoo, a graduate of Seoul National University’s Department of Electrical and Computer Engineering. “We plan to open up the data so that it can be utilized in various ways, such as logistics information,” he said, revealing his future goals.
BY NAKI PARK, JUNHAN PARK [naki@koreadaily.com]
