Intellivix: "Expanding into AI Subscription Services... We Will Prove Our Business Competitiveness" (Updated)

KOSDAQ Listing on Oct. 30
Full-Stack Safety AI to Drive Growth
"New Businesses, Including AI Video Search, to Boost Future Corporate Value"

Intellivix, a safety artificial intelligence (AI) solutions company set to list on the KOSDAQ on October 30, said it would focus on new businesses, including AI subscription services, physical AI and AI video search, to create new growth drivers.

Intellivix CEO Jang Jeonghun and co-CEO Choi Eunsu speak at Conrad Seoul in Yeouido, Yeongdeungpo-gu, Seoul, on the 16th. Provided by Intellivix.

Choi Eunsu, co-CEO of Intellivix, held a press conference on its initial public offering (IPO) at Conrad Seoul in Yeouido on October 16 and announced its growth strategy following its KOSDAQ listing. “Unlike most small and medium-sized AI companies, which enter the stock market through the technology special listing track, we are listing on the KOSDAQ through a regular listing after meeting strict financial and management performance standards,” Choi said. “We will have our AI performance validated by the market and demonstrate our sustainable business competitiveness.”

To do so, the company will expand its business model, which has traditionally focused on on-premises systems, to include subscription services. It plans to offer its video search AI agent “BigsSearch,” its generative AI agent “Bigsa” for creating video analysis reports, and its safety AI platform “GenAMS” as subscription services.

In the defense sector, Intellivix aims to tap demand for military perimeter surveillance and specialized security infrastructure with “BigsAllCam,” an all-weather AI camera that precisely identifies targets in bad weather and at night. In particular, “AI Sentry,” which is being developed with support from the Defense Acquisition Program Administration, is scheduled to complete technical development in 2028, undergo field testing in 2029 and then be deployed. “In addition to defense AI, we plan to use BigsAllCam as an AI model that supports the safe operation of autonomous vehicles and ships,” Choi said. “We will export BigsAllCam worldwide by breaking into diverse markets and use it as a new game changer.”

In the physical AI sector, the company plans to supply autonomous mobile smart safety operations solutions based on Argos, a four-legged AI patrol robot.

Intellivix also aims to break into the AI video search market by leveraging its existing AI video analytics capabilities. It plans to enhance BigsSearch, which uses natural-language queries to identify situations and objects in video footage. “We are currently conducting technical verification with the National Police Agency,” Choi said. “The system will track the movement of objects of interest and help with investigations.”

Full-Stack Safety AI Is Its Competitive Edge... “The More Sites We Serve, the More Advanced Our AI Engine Becomes”

Intellivix has grown on the back of South Korea’s public sector market. Revenue increased from KRW 18.3 billion in 2023 to KRW 34 billion in 2024 and KRW 46.6 billion last year. Over the same period, operating profit rose from KRW 1.8 billion to KRW 2.3 billion and KRW 4.9 billion. In the first half of this year, the company posted revenue of KRW 23.4 billion and operating profit of KRW 1.2 billion.

Intellivix cited its “full-stack safety AI” technology, spanning AI models, control infrastructure, platforms and site-specific solutions, as a growth driver. “As our on-site systems expand, we accumulate a wider range of field data, which enables us to advance our AI engine,” said Jang Jeonghun, CEO of Intellivix.

However, revenue growth has recently slowed. Revenue growth declined from 85.9% in 2024 to 37.2% last year, and stood at just 8.2% in the first half of this year. The operating margin also fell from 10.47% for the full year last year to 5.19% in the first half of this year.

The company also recorded operating losses in two consecutive months in the second half of the year. According to Intellivix’s internally compiled preliminary results included in its prospectus, it posted operating losses of KRW 580 million in July and KRW 444 million in August. As a result, cumulative operating profit, which stood at KRW 1.217 billion in the first half, had fallen to KRW 192 million by the end of August. Intellivix said its revenue is concentrated in the second and fourth quarters, depending on when public institutions issue contracts and execute their budgets.

Slow overseas expansion is a risk factor for Intellivix. Since entering the Japanese market in 2020, the company has expanded its business to the Philippines, Bangladesh, Australia and New Zealand, among other markets. However, overseas markets accounted for only 0.6% of total revenue last year. Intellivix plans to allocate 8.5% of its IPO proceeds to establishing overseas bases and expanding its international business.

Meanwhile, Intellivix will hold its public offering for retail investors on October 21-22, following institutional investor subscriptions through October 16. The company will issue 2.5 million new shares. The indicative offering price is KRW 7,600-9,000 per share, for expected proceeds of KRW 19 billion to KRW 22.5 billion.

This content was produced with the assistance of AI translation services.