StradVision, i-SENS among innovation momentum leaders

[Courtesy of StradVision]

Twenty South Korean companies were chosen as dynamic leaders in knowledge competitiveness as per an analysis released on Tuesday.

Major corporations such as Samsung Electronics Co., Hyundai Motor Co., and LG Chem Ltd. have consistently demonstrated dynamism via their quantitative and qualitative growth in patents.

The presence of hidden champions such as StradVision, a developer of artificial intelligence (AI) camera recognition software, and i-SENS, a developer of self-blood glucose measurement devices, also attracted attention.

Maeil Business Newspaper announced the 2024 Korean Innovation Momentum Companies, selected in collaboration with global patent analysis company LexisNexis, on Tuesday.

Innovation momentum is a metric based on the analysis of whether a technology led to new inventions over the past two years, the scale of patent protection in the global market, and the increase in patent competitiveness.

It is the first time such an analysis has focused solely on Korean companies.

The 20 companies are CJ Corp., Hyundai Motor, Kia Corp., KT&G Corp., LG Chem, LG Electronics Inc., Samsung Electronics, Samsung SDI Co., Duksan Neolux Co., HL Mando Corp., i-SENS, KMW Inc., Kolon Industries Inc., Korea Electric Power Corp., LS Electric Co., POSCO Holdings Co., Seoul Viosys Co., SK hynix Inc., SK innovation Co., and StradVision.

[Graphics by Song Ji-yoon and Lee Eun-joo]

Duksan Neolux, KMW, i-SENS, and StradVision, were particularly analyzed as companies with strong innovation momentum.

Although their patent portfolios are relatively smaller, with less than 1,000 patents compared to major corporations, their patent competitiveness has significantly increased.

Notably, StradVision, with only 166 patents, showed the highest average patent competitiveness among the selected companies.

StradVision develops AI algorithm-based camera recognition software and advanced driver-assistance systems (ADAS).

“(The company) is showing significant growth in technologies such as AI, image analysis, video analysis, and machine learning every year,” LexisNexis senior researcher Kim Dong-hyun said.

Another company under the spotlight is i-SENS, which manufactures self-blood glucose measurement devices and blood glucose measurement systems.

“It is innovative in the relatively weak field of healthcare, which traditionally has not been a strong suit for Korea unlike the semiconductor, electronics, and automotive sectors,” Kim said.

Some Korean companies, however, were found to have lower average patent competitiveness compared to the global average. These include LS Electric, KEPCO, POSCO Holdings, Kolon Industries, and HL Mando.

The analysis suggested that continuous enhancement of competitiveness is necessary moving forward.

“This is due to a decrease in effective patent numbers on the quantitative side,” Kim said.