Intellivix 擬於 KOSDAQ 上市後拓展實體 AI 及海外市場

Intellivix CEO Jang Jung-hoon. (Photo: THE ELEC)

Intellivix, an artificial intelligence (AI) video analytics company, plans to expand into new markets, including physical AI, and overseas following its KOSDAQ listing on Oct. 30. The company also aims to strengthen its business model by introducing subscription services for the first time.

Intellivix outlined its post-listing growth strategy at an initial public offering (IPO) press conference held at the Conrad Seoul hotel in Yeouido on Oct. 16.

Founded in 2000, Intellivix has established a presence in AI-based video analytics and safety monitoring. Its offerings include GenAMS, an integrated safety monitoring platform incorporating generative AI, powered by its proprietary AI engine VIX2.0 and AI agent VIXA. Having recorded operating profits for 13 consecutive years, the company is pursuing a conventional listing rather than a technology-based special listing.

Intellivix plans to invest its IPO proceeds in three areas: expanding its AI business into new markets, including physical AI; entering global markets; and improving its revenue model through subscription services and other initiatives.

The company is actively pursuing robotics and physical AI as new businesses. It plans to target the military perimeter surveillance market with VIXallcam, an AI camera capable of identifying targets in adverse weather and nighttime conditions. It is also entering the mobile safety monitoring market using Argos, a quadruped patrol robot.

"We supply the software that serves as the brain of Argos, which patrols hazardous facilities and difficult disaster sites in place of humans," CEO Jang Jung-hoon said. The robot is undergoing proof-of-concept (PoC) testing at a domestic industrial complex. Jang identified factories, power plants and military facilities as the first potential deployment sites.

Intellivix also plans to develop a new market for video search with VIXSearch, a high-speed AI video search technology that locates footage using multimodal inputs such as natural language and images. President Choi Eun-soo said the company is conducting PoC testing with the Korean National Police Agency.

Intellivix plans to leverage partnerships with major corporations to expand overseas. Since 2021, it has worked with LG CNS to enter overseas factories operated by LG Electronics, LG Innotek and LG Energy Solution. It has exported AI solutions to Japan for three years and signed distribution agreements covering eight Southeast Asian countries last year.

The company will also introduce software-as-a-service (SaaS) offerings for the first time to strengthen its revenue model. It plans to offer AI functions such as video search, AI analytics and reporting, and integrated workplace monitoring through subscriptions. "We plan to launch hybrid subscription-based AI services as early as next year," Jang said.

Intellivix is offering 2.5 million newly issued shares in its IPO, with no existing shares being sold. Retail subscriptions are scheduled for Oct. 21-22, followed by the KOSDAQ listing on Oct. 30. The indicative offering price ranges from 7,600 won to 9,000 won per share, with the company seeking to raise up to 22.5 billion won. Its expected post-listing market capitalization is approximately 86.1 billion to 102 billion won.

The company plans to allocate 5 billion won to advancing its AI agents, 3.5 billion won to developing all-weather AI cameras and 2.5 billion won to AI patrol robots. It will also invest 5 billion won in AI computing infrastructure and 1.574 billion won in overseas expansion.

Shares available for trading immediately after listing will account for 23.95% of the total. A combined 60.12% stake held by four key shareholders, including the largest shareholder and CEO, will be subject to a three-year lockup.

Intellivix reported revenue of 46.6 billion won and operating profit of 4.9 billion won last year, up 37% and 113%, respectively, from 2024. The company had previously projected revenue of 70 billion won for this year but did not provide a specific target at the press conference. Asked about its latest estimate, it said only that it expects "30% to 40% growth from last year."