All Press Releases for December 14, 2022

[Korea Contact-Free] Inventis, "Leading the Marketplace for Cars Utilizing Metaverse and Other New Technologies"

'MetaAutoPark' Opens Next Year… Plans to Expand as a Global Service

    LOS ANGELES, CA, December 14, 2022 /24-7PressRelease/ -- Participating in the 'Close-to-Life Contact-Free Leading Service Project' implemented by the Ministry of Science and ICT and the National IT Industry Promotion Agency (Chairman Seong-wook Heo, hereafter referred to as NIPA), Inventis (CEO Hoontack Oh) was established in February 2014.

The 'Close-to-Life Contact-Free Leading Service Project' is meant to develop, prove, supply, and proliferate contact-free leading services that are in close contact with the everyday lives of the citizens. The Ministry of Science and ICT and NIPA plans to foster globally oriented contact-free service companies on an industrial level and raise the competitiveness of Korea's service and software industry on a national level. Following its start last year, it is now in its 2nd year. This year, the project will be carried out in two tracks, with last year's contact-free service advancement as forming one axis and the development of new services forming another. The new service development track is then further categorized into designated tasks and free tasks.

Inventis is a company that cooperates with prominent finished car vendors in Korea to develop and provide 3D and VR-based automotive IT solutions and services to overseas automobile sales subsidiaries, agencies, and dealers. It currently provides its service to around 2,000 dealers over more than 20 countries. They are expanding into the field of metaverse platforms based on 3D, XR, and game engine technology. They plan to release 'MySchool', an educational metaverse platform, by the end of this year. They are also developing a car marketplace metaverse. Starting last year, they have been selected as a 'Preliminary High Growth Company of the SW High Growth Club' of the Ministry of Science and ICT for 2 years consecutively.

In particular, Inventis is drawing attention from its development of 'MetaAutoPark', a contact-free car-related product marketplace service using metaverse-based 3D/VR content. About 'MetaAutoPark', Hoontack Oh, the CEO of Inventis, said that, "The number of registered cars in Korea are around 25 million and are now an essential product for everyday life with a replacement cycle of 5 years." He then continued to explain, saying, "Based on the close-to-life common interest of cars, we seek to provide a virtual space that combines e-commerce and various elements of entertainment in a contact-free environment."

Taking the MZ generation, rise of contact-free service environments, and potential of new services and content into consideration, the company expects 'MetaAutoPark' to have disruptive power in the market. CEO Oh said that the 'MetaAutoPark' service is a contact-free B2B2C marketplace service in the fields of cars and related products and services, and added on saying, "We seek to propose a service model in a new contact-free environment using metaverse-based 3D/VR content."

The client companies of 'MetaAutoPark' are diverse. In addition to potential consumer bases related to cars, (new cars, used cars, tuning, maintenance, etc.), they include car clubs, enthusiasts, 1 person producers of car related content, Korean and overseas car manufacturers, car dealers and salesmen, providers of car-related services, sellers of parts and accessories, tuning shops, and car-related associations.

The company's motive for applying for NIPA's 'Close-to-Life Contact-Free Leading Service Project' is due to the rapid rise of demand for new services like metaverse environments and 3D/VR content following the emergence of the MZ generation and the development of 5G networks and infrastructure. This is also a reason why the car market is steadily transitioning to be online based and becoming a participant of the eco-friendly car market and other new markets. While presenting a leading service model for cars, a high-value line of professional consumer goods, and expanding into other related consumer goods markets, they also plan to expand their services overseas.

CEO Oh said that, "As a field with a continuous demand for the development of various car-related 3D/VR content (over 300 new cars and changes in models from makers annually), it is also easy to create high-level technical professionals in the field," and revealed that, "Our company has 8 years of experience in developing and servicing car-related IT services and 3D/AR/VR and metaverse platforms, and we are composed of around 70 technical and service experts."

As factors that differentiate their products from other companies and give them competitiveness, Inventis chose the following. First, they are the first service in the world to provide 3D/VR content-based services that includes the B2B2C ecosystem in the field of cars, where no clear key cases of global success of metaverse-based marketplace commerce functions have been presented previously. Second, they provide offline business operators, who haven't been able to adapt well to the new technical environment, an opportunity to not be left behind in this contact-free era and join the online ecosystem. Third, they occupy a unique position with new online distribution channels (for specific product groups) that offer a different shopping experience from existing online and mobile marketplaces or offline shopping. Fourth, they are differentiated from existing traditional methods of purchasing patterns of high-value professional products, online/mobile shopping malls, and TV home shopping methods of commerce platforms. Fifth, they provide a differentiated experience in fun elements and in the product searching process through a metaverse-based virtual world. Sixth, they provide differentiated product information and product experiences in an online environment through interactive photos, realistic 3D models, and VR content. Seventh, they provide a professional remote consultation service through avatar chatting and remote consultations.

The company has contributed to the creation of new jobs with this business. Based on the standards from the end of August this year, they hired 28 newly employed staff, reaching 70% of their goals of 40 new employees. They are projected to reach their goals for 40 by the end of this year. They have also been selected for and are participating in NIPA's 2022 Blockchain Consulting (One Point) Support Project, with the theme of 'MetaAutoPark', which they will develop and service through the current project. They plan to utilize blockchain technology to apply NFT and commerce functions on the car marketplace metaverse service.

CEO Oh said that, "Participating in the 'Close-to-Life Contact-Free Leading Service Project, we have been able to gain the effect of transitioning into a metaverse company with recruitment of new employees and expansion of company manpower, creation and diversification of new business revenue models, and development of educational and marketplace metaverses." When asked about his vision for the future, he replied, "We are hoping to open our service by April next year and to expand our number of dealers in stores," and said, "We wish to expand into a global service by 2024." He then went on to say, "In the first half of next year, we will accelerate our overseas expansion through our local corporation and overseas partners in Vietnam."

Korea Contact-Free News Room Link

# # #

Contact Information

Taeuck Lim
Voice: 01040680324
E-Mail: Email Us Here
Website: Visit Our Website