BlueSignal Leverages AI-Based Traffic Prediction Technology for Global…
BlueSignal Leverages AI-Based Traffic Prediction Technology for Global Expansion
Published: Dec. 13, 2022 at 3:01 a.m. ET
SEOUL, South Korea, Dec. 13, 2022 (PR Newswire Europe via COMTEX) -- Collaboration with Thai government agencies and companies to develop AI-based CCTV technology as part of Thailand's Smart City project
Global expansion in full swing - Contract signed with New Zealand company to supply automated traffic data collection technology
SEOUL, South Korea, Dec. 13, 2022 /PRNewswire/ -- BlueSignal, a 2020' member of the Born2Global Centre, a provider of artificial intelligence (AI)-based future prediction services, will have its traffic prediction solutions applied to congested roads in and around Bangkok, Thailand. The company is collaborating with Thai government agencies and local companies to supply its AI-based "Navi Box" CCTV technology, and develop related businesses for the country's ambitious Smart City project.
BlueSignal will visit Thailand in early December with KAIST GCC (KAIST Global Technology Commercialization Center), who acted as a liaison between the company and Thai government agencies and private companies related to the Smart City project, to discuss comprehensive plans and strategies around the development of the solution, and also to establish a strategic collaboration model between the parties to enable business collaboration continuity. With the Smart City project being a massive forty-three trillion won scale national project of Thailand, BlueSignal expects the collaboration to serve as an exemplary model for successful entry into the global market.
This year, BlueSignal also signed a contract with Spotlight traffic, a New Zealand company, to supply video analysis based automated traffic information gathering technology for several projects Spotlight traffic is conducting. The video analysis solution is a technology that combines multi-speed calculation of cars and object tracking through multiple angle views from a single cameraaEUR" it collects real-time traffic volume and basic data of omnidirectional traffic control. BlueSignal expects to generate one billion won in revenue annually from the project.
In addition, BlueSignal collaborated with Hamburg City Hall in Germany and KAIST GCC last year, to provide a solution that generates forecast information to be delivered to the signal control system, by analyzing local traffic big data.
The company has been involved in multiple projects in Korea as well. In October this year, the company was awarded a 3.6 billion won scale project from the National Disaster Management Research Institute, to develop an optimal traffic simulation system for safe evacuation in case of a disaster. Also, next year, the company will work with Daejeon City and the National Fire Agency to develop a solution that predicts the optimal path for transporting within the golden time.
"After our successful venture in Germany last year, we have signed collaboration agreements with Thailand and New Zealand this year. We are also currently engaged in discussions with various government agencies and companies from countries such as Australia, Singapore, UAE (Dubai), and Poland, regarding our solutions and products, so we anticipate more results to come soon," said Jason Baik, CEO of BlueSignal.
BlueSignal's traffic prediction technology, which has received much attention both at home and abroad, is based mainly on two types of traffic data analysis. The first is calculating traffic congestion by predicting traffic speed or traffic volume through data analysis related to speed. The second is predicting various risk situations through video analysis technology, wherein intelligent modules predict dangerous situations that may occur in alleys and narrow roads.
Meanwhile, ever since its foundation seven years ago, BlueSignal has been actively developing solutions that resolve various social problems through data/video analysis and prediction. Its technological excellence has been proven on many occasions including winning the smart city category at the global startup competition "Jump Starter" hosted by the Alibaba Entrepreneur Fund in 2019, and becoming the first Korean company to be selected in the top 7 global companies at the Infinity Lab held in Singapore in 2017, and is serving as a strong foothold for the company's solid growth.
About Born2Global Centre
The Born2Global Centre, operated by Born2Global, is a full-cycle service platform that supports the global expansion of promising companies. Established in 2013 under the Ministry of Science and ICT, Born2Global has been setting the standards for a successful startup ecosystem in Korea and continues to expand and transform startups so that they are engaged, well equipped, and connected with the global market.
For more information, please visit https://www.born2global.com