CJ Olive Young Acquires AI Startup 'RocketView' to Internalize Product Recommendation Engine

First Digital Investment of the Year Focuses on AI (Artificial Intelligence)
Launching Hyper-Personalized Curation Service
Building AI Product Recommendation System for Online Mall
Establishing Dedicated AI Product Recommendation Team

[Asia Economy Reporter Yuri Kim] CJ Olive Young has chosen artificial intelligence (AI) as its first digital investment area this year.

Olive Young announced on the 1st that it has acquired the big data-based AI startup 'RocketView.' Olive Young, which has accumulated over 100 million customer purchase data annually, plans to equip a big data and AI-based product recommendation engine through this RocketView acquisition and officially launch a hyper-personalized curation service based on it.

Olive Young, which has set 'innovative growth' as its strategic keyword this year, stated that this acquisition was decided as part of expanding digital investments, one of its main strategic directions. Last July, Olive Young announced plans to increase the internalization ratio of digital planning and development capabilities to 80%, including hiring the largest number of digital (IT) personnel since its founding.

RocketView, acquired by Olive Young, is a startup that has developed and operated a big data-based platform since 2017 by launching the 'Jjikgeom (Shoot and Search)' service application (app), which provides product information such as the lowest price, product attributes, and ingredients when photographing cosmetic product names with a smartphone camera. It has capabilities to extract cosmetic attribute data through a deep learning-based optical character recognition (OCR) collection solution and implement a product AI recommendation algorithm by linking big data such as product attribute data and customer behavior data.

Based on the vast data accumulated independently and the core technology possessed by RocketView, Olive Young plans to focus on building an AI recommendation system on its online mall this year. The company intends to collect and analyze customers' shopping patterns and product data from multiple angles and refine personalized product recommendations.

Olive Young also established an AI recommendation engine organization dedicated to hyper-personalized curation services under the Digital Business Division. An Olive Young official said, "Through this acquisition, we expect to independently equip a more advanced product recommendation engine and enhance our digital competitiveness," adding, "We will continuously invest and innovate to secure capabilities to provide customers with a differentiated shopping experience."

Meanwhile, Kim Hwakyung, former CEO of RocketView, who is in charge of the AI recommendation engine organization, is a Creative Lab (C-Lab) alumnus, Samsung Electronics' in-house venture nurturing program, and worked as a software engineer at Samsung Electronics for nearly eight years.

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