LETSUR, “We dreaming of managed services in AI Industry”
LETSUR, “We dreaming of managed services in AI Industry”
Posted May. 17, 2024 10:43,
Updated August. 30, 2024 10:07
If a company needs a cloud service, it looks for MSP (Managed Service Provider) first. MSP introduces, consults, transfers, operates, maintains, and manages cloud services. In Korea, Bespin-Global and Megazone-Cloud are representative MSP companies. There is no such all-in-one service in the artificial intelligence (AI) industry yet. There is no clear answer to building AI, and the market itself is changing quickly, so there is no time for a company to be created.
However, the company that is looking for directions despite this rapid change is 'LETSUR'. LETSUR is a customized AI service startup co-founded in August 2021 by four people, including CEO Shim Kyu-hyun, and has been selected as 'Maru180' and 'Samsung Electronics C-Lab' just two years after its establishment, seed investment in the third year and 'TIPS' of the Ministry of SMEs and Startups. I met with CEO Shim Kyu-hyun to hear about the LETSUR and a approach to generative AI.
"Two main ways companies adopt AI: do it yourself or outsource it"
Shim Kyu-hyun graduated from Korea University's computer science department early and took a leave of absence and founded LETSUR while taking a master's and doctorate integration course at the KAIST AI Graduate School. The reason for starting the startup was to organize the domestic AI construction environment. Shin said, "The way for a company to adopt AI is to hire a developer to develop it internally or entrust to a development company. In a sense, 90% of companies have been entrusted with services and have done a lot of these things as part of the task at the graduate school lab."
And, he said, "Web pages or applications have been entrusted a lot before, but now we make it with a no-code solution. So we believe that the era will come when AI development will be made and managed by no-code. Although we started without knowing well about AI, the market itself was so early that our business grew by solving demand and inquiries, and as generative AI emerged, we are creating a 'LAMP(no-code solution-based platform)' and making business models in line with the market trend."
LETSUR's business model is aimed at nearly 90% of AI outsourcing development markets. When a company that needs AI has visited us, we list AI that can be used by the that company through consulting process. And we collect the data needed for AI and develope provisionally AI. After final testing, we build it in the form of cloud or on-premise, and we're in charge of follow-up management and updates. The cost of introducing, creating, distributing, managing, and using AI is the revenue of LETSUR.
Currently, we develope AI on CSP(Cloud Service Provider) such as Microsoft Azure and Naver Cloud-based HyperCloud mainly, which can use open AI services, and Google Cloud and AWS recently as well. Shim answered that CSP is flexibly determined according to the characteristics, structure, unit price and efficiency of the AI to be applied.
"Companies that are easy to process data participating us mainly..."
Shim said that any form of AI can be devoloped, there are many requests from companies with data. "Currently, we manage about 50 companies that have a high density of data," and he said, "We have found them in advertising agencies, tertiary medical institutions, smart farms and smart factories and communities, and we have recently reserved mid-sized companies such as entertainment and pharmaceutical companies." LETSUR also conducts API supply and application, AI management, as well as joint tasks with AI development companies, and provides its own AI test procedures for educational purposes.
Regardless of the field or industry, a reason why AI development is possible is because AI development characteristics are classified as ‘AI templates’. Shim explained, “AI demands are different for each company, but AI itself has certain categories such as text classification, vision recognition, and deep learning. LETSUR classified and managed it by the concept of AI template.” “No-code-based AI management platform, LAMP we created, can improve or modify AI with the GPT prompt, which will shorten the development process and increase management efficiency to complete the service.”
There may be competitors, but he said there are none, at least not in the Asian market. The market is so early that there is no comparison. “The AI demand of customers is abstract and must produce reasonable results in their own language. Therefore, no company has a clear business model yet. LETSUR dreams of a AI MSP-like company that manages, optimizes costs, and provides products like the MSP of the cloud industry. He thinks of a company that is responsible for all AI functions, introduction and management over the long run.
“Korea University Startup Support Group help us for AI Legal Issue…”
When asked if there were any difficulties in the business, Shim was unexpectedly troubled to answer. It’s just because their business is stable, he thanks to the help of Korea University’s Startup Support Group. “The Korea University Start-up Support Group has become a our dedicated agency by carrying out a 2023 initial startup package,” and said. “They provide a lot of help, ranging from startup consulting to administration, labor and investment, but we have focused on legal advice.”
“There are many blind spots in the Korean AI market. There are gaps in data security, management and certification systems, so companies should solve them on their own way. We receive contracts or legal advice when providing services with the support of lawyers from the Korea University Startup Support Group,” he said. “I have also got a chance of introducing LETSUR to venture capital networks invited by Korea University, greatly reducing operational difficulties.”
“LETSUR will be strong company in rapidly changing AI market…”
Finally, Shim talked about the importance of branding and what will be needed for the future LETSUR. He said, "The AI is a new industry. I think about how to deliver our story and sincerity. I will launch more than three products or services to the market in this year, and I want to introduce the concept of managing AI. Just as people think of Megazone and Bespin Global when they think of cloud adoption, I want to make them think of LETSUR when they think of AI."
And he said, "It's also important to create a corporate culture and colleagues that can keep pace with the rapidly changing AI market. "As a startup, the challenge is to quickly grow the company. We need colleagues who keep pace and cope with the flow of the AI market," he said. "We will develop LETSUR with those who adapt to changes and discuss and grow together."
BY Nam Si-Hyun (sh@itdonga.com)
However, the company that is looking for directions despite this rapid change is 'LETSUR'. LETSUR is a customized AI service startup co-founded in August 2021 by four people, including CEO Shim Kyu-hyun, and has been selected as 'Maru180' and 'Samsung Electronics C-Lab' just two years after its establishment, seed investment in the third year and 'TIPS' of the Ministry of SMEs and Startups. I met with CEO Shim Kyu-hyun to hear about the LETSUR and a approach to generative AI.
"Two main ways companies adopt AI: do it yourself or outsource it"
Shim Kyu-hyun graduated from Korea University's computer science department early and took a leave of absence and founded LETSUR while taking a master's and doctorate integration course at the KAIST AI Graduate School. The reason for starting the startup was to organize the domestic AI construction environment. Shin said, "The way for a company to adopt AI is to hire a developer to develop it internally or entrust to a development company. In a sense, 90% of companies have been entrusted with services and have done a lot of these things as part of the task at the graduate school lab."
And, he said, "Web pages or applications have been entrusted a lot before, but now we make it with a no-code solution. So we believe that the era will come when AI development will be made and managed by no-code. Although we started without knowing well about AI, the market itself was so early that our business grew by solving demand and inquiries, and as generative AI emerged, we are creating a 'LAMP(no-code solution-based platform)' and making business models in line with the market trend."
"Companies that are easy to process data participating us mainly..."
Shim said that any form of AI can be devoloped, there are many requests from companies with data. "Currently, we manage about 50 companies that have a high density of data," and he said, "We have found them in advertising agencies, tertiary medical institutions, smart farms and smart factories and communities, and we have recently reserved mid-sized companies such as entertainment and pharmaceutical companies." LETSUR also conducts API supply and application, AI management, as well as joint tasks with AI development companies, and provides its own AI test procedures for educational purposes.
Regardless of the field or industry, a reason why AI development is possible is because AI development characteristics are classified as ‘AI templates’. Shim explained, “AI demands are different for each company, but AI itself has certain categories such as text classification, vision recognition, and deep learning. LETSUR classified and managed it by the concept of AI template.” “No-code-based AI management platform, LAMP we created, can improve or modify AI with the GPT prompt, which will shorten the development process and increase management efficiency to complete the service.”
There may be competitors, but he said there are none, at least not in the Asian market. The market is so early that there is no comparison. “The AI demand of customers is abstract and must produce reasonable results in their own language. Therefore, no company has a clear business model yet. LETSUR dreams of a AI MSP-like company that manages, optimizes costs, and provides products like the MSP of the cloud industry. He thinks of a company that is responsible for all AI functions, introduction and management over the long run.
“Korea University Startup Support Group help us for AI Legal Issue…”
When asked if there were any difficulties in the business, Shim was unexpectedly troubled to answer. It’s just because their business is stable, he thanks to the help of Korea University’s Startup Support Group. “The Korea University Start-up Support Group has become a our dedicated agency by carrying out a 2023 initial startup package,” and said. “They provide a lot of help, ranging from startup consulting to administration, labor and investment, but we have focused on legal advice.”
“There are many blind spots in the Korean AI market. There are gaps in data security, management and certification systems, so companies should solve them on their own way. We receive contracts or legal advice when providing services with the support of lawyers from the Korea University Startup Support Group,” he said. “I have also got a chance of introducing LETSUR to venture capital networks invited by Korea University, greatly reducing operational difficulties.”
“LETSUR will be strong company in rapidly changing AI market…”
Finally, Shim talked about the importance of branding and what will be needed for the future LETSUR. He said, "The AI is a new industry. I think about how to deliver our story and sincerity. I will launch more than three products or services to the market in this year, and I want to introduce the concept of managing AI. Just as people think of Megazone and Bespin Global when they think of cloud adoption, I want to make them think of LETSUR when they think of AI."
And he said, "It's also important to create a corporate culture and colleagues that can keep pace with the rapidly changing AI market. "As a startup, the challenge is to quickly grow the company. We need colleagues who keep pace and cope with the flow of the AI market," he said. "We will develop LETSUR with those who adapt to changes and discuss and grow together."
BY Nam Si-Hyun (sh@itdonga.com)
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