LG CNS Spins Off In-House Venture 'Hempking'... AI Customs Clearance Specialist Company

[Asia Economy Reporter Buaeri] LG CNS announced on the 5th that it has spun off its in-house venture 'Hempking' as a company specializing in Robotic Process Automation (RPA) and Artificial Intelligence (AI).

Hempking was selected through LG CNS's in-house venture competition 'Idea Monster' at the end of 2018. CEO Kim Seunghyun and CTO (Chief Technology Officer) Yang Jaseong, who were working as AI developers, challenged themselves in a new field and established the company.

Hempking, an in-house venture of LG CNS, is currently carrying out customs clearance automation projects with 'Saein,' the largest customs brokerage firm in Korea. A customs brokerage firm handles customs clearance tasks when companies import goods from overseas, and companies typically contract with multiple customs brokerage firms to manage customs clearance.

LG CNS and Hempking applied RPA and AI technology for the first time in Korea to the customs clearance tasks for over 2,000 corporate clients served by Saein. The RPA·AI import customs clearance automation technology reduces the customs processing time for one container of goods arriving from overseas from 5 hours to 5 minutes.

Currently, 30% of Saein's customs clearance tasks have been automated. Hempking plans to develop RPA and AI solutions for customs cost calculation and the final task of customs declaration to the Korea Customs Service, aiming to achieve 100% automation of customs clearance tasks by the first half of next year.

LG CNS invested about 900 million KRW to support in-house developers, grant independent decision-making authority, and provide office space. Support will continue even after the spin-off. LG CNS is making an equity investment of about 500 million KRW and is assisting Hempking to establish a new base in the startup space within LG Science Park in Magok.

Kim Honggeun, Executive Director of LG CNS, stated, "Through the in-house venture system, we will provide employees with new growth opportunities and spread an agile organizational culture," adding, "We will actively support in-house venture members to take full responsibility from item planning to development and commercialization."

This content was produced with the assistance of AI translation services.