[Dongguk University Campus Town X IT Donga] Dongguk University has been participating in the Seoul Campus Town project since 2022, creating a startup ecosystem in the northwest urban area. By supporting deep tech and cultural content startups, it has been selected as an excellent case of startup nurturing for two consecutive years and received an A+ grade in the Seoul Campus Town performance evaluation in 2024. IT Donga introduces promising startups developing alongside Dongguk University Campus Town.
Park Hyun-ji, CEO of Nekton / Source=IT Donga
Many companies feel the necessity of digital transformation (DX) and the adoption of artificial intelligence (AI), but often find themselves at a loss about where to start. Particularly, companies in traditional fields, known as 'legacy industries,' often do not even have their data organized for AI adoption.
Nekton (CEO Park Hyun-ji) is a startup that has emerged to solve these companies' concerns. The core is to assetize unstructured data of companies into a form that can be utilized by AI through the intelligent document processing service 'Uring Power.' This solution was developed based on the know-how CEO Park Hyun-ji acquired from various experiences at global companies.
- Experience and know-how about corporate work processes are essential to lead a company's DX. What journey did you go through to start your business?: From my student days, I tried to cultivate various perspectives by experiencing both humanities and sciences. My first job was in the production management department linked with R&D at a global company. I was very interested in data and thought that the production site was where the most refined data could be accessed. The data generated by machines had fewer variables, making it more reliable.
For diverse experiences, I later transferred to the sales department. Seeing the process data from the production side, I thought it could be applied to other work processes. While conducting various projects at a global company, I realized the importance of data management systems.
I believe data is the foundation of business. I thought that generating, handling, and applying it well would determine the future of business. To apply this idea to more places, I resigned last June and established the company in March this year.
- What does the name Nekton mean?: It is derived from 'Connect On,' removing the 'Co' at the front. It embodies the meaning that everything is organically connected. It reflects the philosophy that various data within a company should be interconnected to operate as a unified system.
- Please explain the features and differentiating points of the main solution, 'Uring Power.': Uring Power is a solution that assetizes documents or unorganized data accumulated in companies to make it usable by AI. There are various unstructured data such as photos, documents, and handwriting, and the first step is to organize them into structured data that can be arranged in a database.
The differentiating point from existing solutions is that it 'organizes data with a perspective.' It does not simply deliver technologies like OCR (Optical Character Recognition) but also processes and extracts data to suggest directions for actual work utilization. This direction is based on global standards, incorporating experiences and know-how from foreign companies.
Many companies experience trial and error by building databases without a concept during the DX process and later having to redo the work. We provide a large direction and framework from the beginning to reduce such trial and error.
Nekton's Intelligent Document Processing Service 'Uring Power' / Source=Nekton
- How does Uring Power operate? I am also curious about how it is applied to a company's system.: First, it organizes what tasks the company is currently performing with what processes, identifies the biggest bottleneck, and analyzes the cause. It then suggests improvements by incorporating document processing or data utilization technologies at that point.
Data collection is possible in various ways, such as email integration, offline document collection, and API connections. After processing, it can be delivered to be placed in the client's own database or provided as an automation service. It can be a one-time setup after initial construction or continuously involved in the process at the company's request.
Uring Power, scheduled for official release in November, is provided in the form of a web service, with the first version focusing on accounts receivable management. It supports both cloud and on-premise methods. This year, the focus is on cloud accessibility.
- Why did you focus on accounts receivable management in the first version?: Many companies supply goods or services to customers and receive payments later (credit transactions). In this case, managing accounts receivable is crucial. Previously, people manually compared transaction statements and deposit account details, which was very cumbersome and prone to errors.
By using our solution, transaction statements or electronic tax invoices can be linked, and they can be automatically matched with deposit details in the account to grasp the accounts receivable status in real-time. It greatly enhances work efficiency by automating tasks that were manually checked.
In addition to accounts receivable management, we plan to continuously provide content that DXes various corporate processes one by one. The important thing is to build data with a consistent concept from the beginning.
- I heard that you have been discussing and testing the introduction with various companies and institutions before the official version release. What is the market response?: Although it's not yet at a stage to speak concretely, discussions have been held with public offices, startups, and large companies. Actual PoC (Proof of Concept) is being conducted mainly with startups, supporting not only accounts receivable management but also overall database construction. It is a method of linking with the ERP system used by the company through data organization.
Although still in the early stages, the overall response has been that it is convenient. In another PoC conducted earlier this year, actual sales increase effects were also observed. Considering that we haven't even started full-scale marketing yet, this is encouraging.
Nekton promoting products through overseas exhibitions / Source=Nekton
This year, booths were set up at two domestic and one overseas exhibition, gaining favorable responses mainly from visitors interested in AI adoption. Interestingly, overseas markets were more proactive in adopting DX and AI than the domestic market.
- Running a startup is not easy, regardless of experience and technology. What difficulties have you faced, and what efforts have you made to overcome them?: There are so many variables and uncontrollable situations. Since it's an attempt to pioneer a new path rather than creating a verified business model, it's a continuous cycle of rejection and doubt that needs to be verified and proven every day.
To overcome this prejudice, new proposals and values must be created more diligently. Everything necessary for survival, from pioneering overseas markets, domestic communication, discovering colleagues, to managing funds, must be done simultaneously. Large companies have enough resources to cover failures, but startups have to do everything on their own.
Fortunately, the support program from Dongguk University Campus Town was a great help. I thought it was a formal incubation program, but it actually provided content necessary for the field, such as education, marketing, and network building. The marketing support and expert mentoring were particularly impressive. Systematic support was available in stages, such as funding in the first half and IR and marketing in the second half, which was really helpful. I would recommend other startups to take advantage of such opportunities if available.
- What are your future plans? And if there is any additional message you would like to convey?: We have the perspective that 'data is the DNA of a company.' Since all information of a company is contained in data, an organic management system is essential. After the official release of Uring Power in November, we plan to continuously add various corporate process automation modules in addition to accounts receivable management. Based on the results of the ongoing PoC, we also plan to expand customer-tailored solutions.
We aim to align the data assets of domestic companies with global standards through the experience and know-how gained from global companies. Our core is not just to create software but to build the foundation for AI adoption. We intend to support the modernization and globalization of companies through customized DX acceleration, regardless of the industry or size of the company, so we ask for your expectations.
IT Donga Reporter Kim Young-woo (pengo@itdonga.com)
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