In manufacturing facilities, there are processes that involve dozens of different variables. But “human experts cannot be as accurate as machine learning” when it comes to making decisions, Ji Ryang Chung told Delano during the Nexus2050 tech conference at Luxexpo on 27 June 2024. Chung is the CEO of Seoul-based Tilda and was in the grand duchy to pitch his startup. “That’s not because of anyone’s fault--that’s just the nature of human beings.”
Countries like the US, Germany, Japan and China are putting efforts into digitalising their manufacturing and making them “more intelligent,” he argued. Machine learning can boost efficiency and solutions that use artificial intelligence “hold promises” in helping to make manufacturing smarter, but they’re often expensive and difficult to implement.
“My company is developing an AI solution to optimise decision-making in industries, in companies, and our main focus is in manufacturing,” said Chung. Not only can Tilda’s AI solution “predict” future outcomes, but it can also help make the results better or more sustainable. It can help, for instance, with reducing energy consumption or increasing the quality, efficiency or throughput.
Accessible to SMEs as well
Established in 2021, Tilda spent roughly three years doing custom AI modelling for custom solutions. But that was too costly for clients and for the company. “So we made it a software-as-a-service so that even small companies can easily use this” without too much financial or technical trouble, Chung explained.
Examples of clients include steel companies and semiconductor manufacturers. “We also give [companies] commodity purchasing scheduling optimisation so that they can meet the requirements of inventory level and requirements from the production side,” he added. The startup’s solution can be applied to many different sectors as well.
European market opportunities
Tilda is based in South Korea but is doing business in Japan and the US. Europe, said Chung, also holds opportunities with the shift to net-zero carbon emissions and other environmental goals. There’s a “large market” to address and Europe could be an interesting place for Tilda’s AI solution.
Why come to Luxembourg?
Chung actually visited Germany first, then came to Luxembourg, which he praised for its “hospitality.” In addition, “the Luxembourg government, the List [Luxembourg Institute of Science and Technology] and Luxinnovation, they want AI solutions which are very much pragmatic and practical, not theoretical, which can take several years for R&D. They want solutions that are readily applicable to industry, which fits the nature of our solution.”
Foreign minister (DP) and minister for digitalisation, research and higher education (DP) on 2 July during a working visit. During the visit, members of the Luxembourg delegation--Francois Thill, Gauthier Crommelink and Jenny Hällen-Hedberg-- with Tilda, as well as and , two of the other South Korean companies who were present at Nexus2050.