SK Networks Launches AI Lab in Silicon Valley, USA

- Introducing 'PhnyX Lab': Tapping into Stanford University's Top AI Talent

- SK Networks Leads the Charge in AI Technology Development, Service Verification, and Capability Internalization Across its Subsidiaries

- "We aim to enhance our position as an AI company by bringing global AI talent and AI-driven business models to fruition."

SEOUL, South Korea, April 24, 2024 /PRNewswire/ -- SK Networks is transforming its business model by incorporating state-of-the-art artificial intelligence (AI) technology. Setting its sights on the forefront of innovation, SK Networks has founded an AI Lab in Silicon Valley, known as the mecca of global tech excellence.

SK Networks (CEO: Hojeong Lee) revealed its newest venture with the launch of 'PhnyX Lab,' the company's flagship AI technology development organization. The grand inauguration occurred at the Rosewood Sandhill Hotel in Silicon Valley, California, USA, on April 23.

With a visionary mission to "usher in the Civilization of Humanity through the Democracy of AI," PhnyX Lab has been established to harness and internalize the AI prowess of SK Networks. Positioned to ascend as an AI-centric enterprise, this organization is propelled by a team of four highly skilled local personnel with exceptional development prowess. The team, consisting of researchers from Stanford University along with master's and bachelor's degree students, brings a wealth of experience in spearheading multiple AI projects. They are primed to lead the development of AI products and pioneering solutions through collaborative endeavors with SK Networks and its subsidiaries in the coming days. Specifically, their focus will be on actively pursuing AI-related technology development, AI service verification and market testing, and the internalization of AI capabilities linked to global advanced technologies.

SK Networks' strategy is to continuously introduce AI-based services that can compete on a global scale, leveraging PhnyX Lab's professional capabilities and local connections. Through this approach, not only will PhnyX Lab's technical know-how and overall business improve, but industry collaborations will also get a boost, ultimately cementing SK Networks' status as a leading AI company.

President & COO Sunghwan Choi, present at the ceremony, commented, "PhnyX Lab stands as a formidable innovation hub with world-class competitiveness, equipped not only to conduct future research on cutting-edge AI technology but also to devise tangible business utilization plans, such as business model development." He stressed, "Through PhnyX Lab, we will ramp up our efforts to establish a strong foothold in the U.S. while also driving forward AI development for numerous companies."

SK Networks has been strategically bolstering its capabilities to solidify its position as a top player in the AI industry. Broadening its horizons, the company has established Hicosystem, a network of experts in the global technology and investment industry. Since launching the U.S. hyperscale data center fund in 2020, it has ventured into AI-based device startup 'Humane', unmanned tractor automation solution company 'Sabanto', and smart farm startup 'Source.ag'. Last year, SK Networks fortified its position as an AI service company by acquiring 'Encore', a prominent domestic data management and solutions company. Moreover, earlier this year, it invested in 'Upstage', a key player in the private LLM market, aiming to identify a model linked to its business and reinforce the AI ecosystem. At the Annual General Meeting for Institutional Investors (AGM) held last February, it was revealed that the company plans to triple operating profits by 2026 through the integration of AI into key ventures like SK Magic, Encore, and Walkerhill.

While on his business trip to the U.S., President Choi marked the launch of PhnyX Lab and conducted meetings with leading AI technology firms. Choi, accompanied by other executives from SK Networks and SK Magic, will gather with local partners to deliberate on fresh business and investment collaboration plans, paving the way for continued discussions in the future.

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SOURCE SK Networks