MEDIA / H-Story

▲ (From left) VEStellaLab CEO Jung Sangsu, Hyundai Corporation Executive Director Choi In-Beom / Courtesy of VEStellaLab. Inc.

VEStellaLab Inc. announced on the 3rd that it has signed an MOU with Hyundai Corporation (HC) to join forces in expanding into overseas markets.

Under the agreement, the two companies will collaborate to expand the supply of the AI-driven parking optimization solution developed by VEStellaLab to the Middle East market. HC will support market analysis and customer development by leveraging its global network of more than 40 overseas branches and subsidiaries, along with its 48 years of business discovery and development capabilities. Moreover, HC will seek to discover new items in the IT field and diversify its business.

“We plan to make the most of HC’s network in the Middle East and actively support the practical use of VEStellaLab’s advanced solutions for customers in various Middle Eastern countries,” said Choi In-Beom, Executive Director of HC.

VEStellaLab has an AI solution for parking optimization. ‘Watchmile,’ which uses world-class indoor positioning technology, applies an AI model using a large language model (LLM) to accurately analyze the occupancy status of parking spaces using only CCTV security footage. As a result, the service identifies the real-time parking status and the location of available parking spaces and guides users to the optimal parking lot according to their preferences. Currently, Watchmile is deployed at major landmarks and large public parking lots, including Incheon International Airport, Seoul Station, and Cheonho Station, as well as large exhibition venues such as Kintex, large residential facilities, and various knowledge industry centers.

In addition, the company’s autonomous driving V2I solution, ‘Zero Cruising,’ which provides real-time safety information to autonomous vehicles, not only supports accurate vehicle positioning and travel routes but also instantly detects blind spots and alerts vehicles to help improve autonomous driving stability and pedestrian safety.

“Since last year, VEStellaLab has signed MOUs with companies in various countries such as Saudi Arabia, Dubai, and Indonesia to expand into overseas markets,” said Jung Sangsu, CEO of VEStellaLab. ”As a result, we are seeing tangible results in the smart parking business, such as providing parking AI optimization solutions to Al Bujairi Heritage Park in Saudi Arabia.”

The CEO also said, “Through this MOU with HC, we will expand our smart city solutions, including providing AI-driven parking optimization solutions in the Middle East, and contribute to the diversification of Hyundai Corporation’s business.”

VEStellaLab is accelerating its overseas business expansion by providing AI-driven parking optimization solutions based on precise indoor positioning and AI video analysis technology to companies in the US and Saudi Arabia. The company is also working with local partners to implement customized strategies and is actively promoting the deployment of smart parking systems at overseas landmarks.

 

February 3, 2025
Digital Chosunilbo