KAIST Startup-ting X Lunch Meetup Summary

The second story of KAIST Startup-ting was with Heybit, a computer and blockchain startup that provide a shared network for AI development. This startup-ting was specially run in the form similar to a lunch talk. After the lunch session, there was a career mentoring session with AI developers and representatives. It  was a good chance to have deep and meaningful conversations with KAIST alumni and company representatives. Moreover, it was a time for students and alumni to become closer to one another as they share similar experiences. Students freely asked questions about their career and got useful advice. Career mentoring session was satisfying for both the companies and the students.

Each company gave a lecture on the theme of AI that brings financial innovation.

First was representative Chungyeop Lee, chief executive officer of Heybit, who presented about the future of robo-advisors and asset management. Robo-advisors integrate AI robots and asset management. An AI that learned the principles behind making profit through deep-learning manages the customer’s assets. The essential feature a using a robo-advisor is automation. However, so far, it only takes a small part in the market. Nonetheless, robo-advisors have been growing rapidly. Robo-advisor market size in the US is more than 200 times that of Korea. The greatest advantage of robo-advisors is that it is cheap. It reduces the amount of manpower and the amount of sales commission by direct sales through online channels.

On the other hand, robot-advisor market in Korea is still small. The desire to invest has deteriorated due to the long-term collapse of the Korean stock market and its regulations. Korean robo-advisors follow non-face-to-face business regulations. Still, demand for robot-advisors in Korea is increasing. Government support for fintech is on the rise. Robo-advisors are an important aspect of asset management and will be further developed in the future.

Heybit provides automated investment services based on digital assets. Haybit aims to encourage the popularization of digital asset investments and wish to explore a possible new market.

The next presentation was given by Common Computer. Common Computer is a startup that provides a shared network for AI development through blockchain technology. Representative Minhyun Kim, a graduate of KAIST School of Computing, gave a lecture on the subject of blockchain, smart contract, and AI. There are two kinds of AI. The first is Owned AI, AI which can be programmed (intercepted). The second is Autonomous AI, AI which cannot be intercepted. Currently, another type of AI, Autonomous AI, is under development. Autonomous AI is deeply related to blockchain. The AI network use blockchain technology to extend the open-source ecosystem for individuals to develop AI services. Common Computer is trying to complete an ‘open resource’ that allows anyone to freely share resources (computing resources) like open-source. Blockchain and AI is also deeply related to finance.

Common Computer plans to use AI so that ecosystem participants can lead a P2P non-centralized cloud virtual world. Common Computer is a company that combines shared economy and AI blockchain, the core business model of the 4th Industrial Revolution. The unique characteristic would be that they are suggesting a shared network where developers can run the AI that they need.

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