Upstage Signs A Business Agreement With Lotte Shopping To Utilize Generative AI
2023/9/12UPSTAGE AND LOTTE SHOPPING SIGNED A ‘GENERATIVE AI MUTUAL BUSINESS AGREEMENT MEMORANDUM OF UNDERSTANDING (MOU)’ ON THE 12TH
LEADING THE DIFFERENTIATED HYPER-PERSONALIZATION TREND BY DEVELOPING GENERATIVE AI SERVICES SPECIALIZED FOR THE DISTRIBUTION INDUSTRY
“SUPPORTING DIGITAL INNOVATION IN VARIOUS INDUSTRIES BASED ON THE WORLD’S BEST PRIVATE LLM TECHNOLOGY”
(Upstage = 2023/9/12) Upstage, Korea's leading AI startup, is joining hands with Lotte Shopping to develop a full-fledged distribution-specific generative AI service.
UPSTAGE (CEO KIM SEONG-HOON) ANNOUNCED ON THE 12TH THAT IT SIGNED A ‘GENERATIVE AI MUTUAL BUSINESS AGREEMENT MEMORANDUM OF UNDERSTANDING (MOU)’ WITH LOTTE SHOPPING. THE TWO COMPANIES HELD AN AGREEMENT CEREMONY AT LOTTE WORLD TOWER IN SONGPA-GU, SEOUL, WITH KEY EXECUTIVES FROM BOTH COMPANIES IN ATTENDANCE, INCLUDING UPSTAGE CEO KIM SEONG-HOON AND LOTTE SHOPPING VICE PRESIDENT KIM SANG-HYUN.
THROUGH THIS AGREEMENT, THE TWO COMPANIES HAVE JOINED HANDS TO DEVELOP VARIOUS NEW SERVICES USING GENERATIVE AI IN THE FUTURE AND TO STRENGTHEN COOPERATION TO DEVELOP AI SPECIALIZED FOR THE DISTRIBUTION INDUSTRY. ACCORDINGLY, LOTTE SHOPPING PLANS TO UTILIZE ITS INTERNAL INFRASTRUCTURE TO SUPPORT BUSINESS MODEL DEVELOPMENT AND OPERATION, AND UPSTAGE PLANS TO PROVIDE GENERATIVE AI-RELATED TECHNICAL ADVICE AND SERVICES. IN ADDITION, LOTTE SHOPPING DECIDED TO PARTICIPATE IN UPSTAGE'S '1T CLUB' AND COOPERATE IN CREATING A DOMESTIC LLM INDEPENDENT ECOSYSTEM BY BUILDING A HIGH-QUALITY KOREAN MACROLANGUAGE MODEL (LLM).
UPSTAGE AND LOTTE SHOPPING ARE CONTINUING THEIR COOPERATION THROUGH LOTTE ON. LAST JUNE, THE TWO COMPANIES INTRODUCED A PERSONALIZED AI PRODUCT RECOMMENDATION SERVICE DEVELOPED THROUGH TWO YEARS OF COLLABORATION, LEADING THE 'HYPER-PERSONALIZED' AI RECOMMENDATION TECHNOLOGY TAILORED TO CUSTOMERS' SEGMENTED INTERESTS AND TASTES, WHICH HAS RECENTLY BECOME A NEW TREND IN THE DISTRIBUTION INDUSTRY. THERE IS. AFTER INTRODUCING UPSTAGE'S RECOMMENDATION AI, LOTTE ON'S PURCHASE CONVERSION RATE INCREASED BY 30% COMPARED TO THE TEST CONDUCTED IN JANUARY, PROVING ITS EFFECTIVENESS.
IN THE FUTURE, UPSTAGE PLANS TO COMMERCIALIZE THE WORLD'S BEST GENERATIVE AI TECHNOLOGY, WHICH HAS SURPASSED GPT-3.5 AND RANKED FIRST IN THE WORLD, AND ACCELERATE THE DEVELOPMENT OF THE 'PRIVATE LLM' MARKET SPECIALIZED IN PREVENTING DATA LEAKS AND HALLUCINATIONS. PREVIOUSLY, UPSTAGE MADE A FULL-FLEDGED SIGNAL BY SIGNING A CONTRACT TO BUILD THE INDUSTRY'S FIRST PRIVATE LLM WITH CONNECT WAVE, AN E-COMMERCE COMPANY. IN THE FUTURE, UPSTAGE PLANS TO LEAD AI INNOVATION THROUGH PRIVATE LLM THAT CAN BE APPLIED TO VARIOUS INDUSTRIES BEYOND DISTRIBUTION.
KIM SEONG-HOON, CEO OF UPSTAGE, SAID, “WE ARE HAPPY TO BE ABLE TO WORK WITH LOTTE SHOPPING TO INTRODUCE GENERATIVE AI SPECIALIZED FOR THE DISTRIBUTION DOMAIN. BASED ON THE WORLD’S BEST PRIVATE LLM TECHNOLOGY, UPSTAGE WILL ACTIVELY SUPPORT STRENGTHENING THE DIGITAL COMPETITIVENESS OF VARIOUS INDUSTRIES SUCH AS DISTRIBUTION.” REVEALED.
※ PHOTO CAPTION: UPSTAGE (CEO KIM SEONG-HOON) ANNOUNCED ON THE 12TH THAT IT SIGNED A ‘GENERATIVE AI MUTUAL BUSINESS AGREEMENT MEMORANDUM OF UNDERSTANDING (MOU)’ WITH LOTTE SHOPPING. THE PHOTO SHOWS UPSTAGE CEO KIM SEONG-HOON (RIGHT) AND LOTTE SHOPPING VICE PRESIDENT KIM SANG-HYUN.
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Upstage | Keunkyo Kim, PR Director | keunkyo@upstage.ai Upstage | Sungbeom Bae, PR Manager | sungbae@upstage.ai
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Upstage is a leading domestic AI startup established in October 2020. Upstage stands out in the large language model (LLM) industry by taking first place on the Hugging Face leaderboard with performance exceeding ChatGPT's benchmark score for the first time in OpenLLM history. Based on these technologies, we present a reliable private LLM standard that maximizes data security and solves hallucination, helping companies conveniently use cutting-edge technology. In addition, Upstage's Chat AI 'AskUp' has over 1.4 million users, establishing itself as the largest AI service in Korea. Document AI Pack, another Upstage representative solution, utilizes AI OCR technology that has won the world's most prestigious OCR competition to automate documents by increasing efficiency and accuracy. By optimizing document processing through a pre-trained model with minimal data, cost and time are dramatically minimized compared to manual methods. Lastly, through the education program 'EduStage', we are also actively engaged in the educational content business that fosters differentiated professional talent who can be immediately put into AI business through hands-on education that incorporates AI business experience and solid AI basic education.
Upstage is comprised of members from global big tech companies such as Google, Apple, Amazon, NVIDIA, Meta, and Naver, and has participated in many world-renowned AI academic societies such as NeurlPS, ICLR, CVPR, ECCV, WWW, CHI, WSDM, and DMLR. We are solidifying our unrivaled leadership in AI technology by publishing excellent papers and becoming the only domestic company to win double-digit gold medals in the online AI competition Kaggle. While working as a professor at the Hong Kong University of Science and Technology, Upstage CEO Kim Seong-hoon won the ACM Sigsoft Distinguished Paper Award, the best paper award, four times for his research on bug prediction and automatic source code generation that combined software engineering and machine learning, and won 10 awards at the International Conference on Software Maintenance. He is considered a world-class AI guru who received the most influential paper award in 2018, and is also widely known as an instructor of 'Deep Learning for Everyone' with a total of more than 7 million views. Additionally, Upstage's co-founders include CTO Lee Tal-seok, who led Naver Visual AI/OCR and achieved world-class results, and CSO Park Eun-jung, who led the model team of Papago, the world's best translator.
