mAy-I reports over 200% revenue growth since launch with video processing AI

South Korean video processing AI startup mAy-I said on Feb. 3 that it has recorded more than 200% annual revenue growth since its founding in 2019.

The company, led by CEO Park Jun-hyuk, operates the video analytics platform “mAsh” and has maintained an average annual revenue growth rate of 200% over the past five years. The firm attributed its growth to rising demand for visitor analytics in offline spaces and the development of monetization strategies based on proprietary AI technology.

mAy-I credited its performance to three key factors: technological innovation, efficient operations, and the introduction of its “Pop-up Store Plan.”

The company’s re-identification technology has a 92% accuracy rate, compared to 66% for recent academic models, based on internal testing. Its web-based analytics dashboard, “mAsh Board,” saw a 270% increase in users in 2024 compared to the previous year, with monthly session times rising by 200%.

The AI-powered mAsh system analyzes CCTV footage in real time, offering retailers insights on customer behavior, such as identifying high-traffic store zones and tracking customer churn rates. The company said its AI engine processes more than 19,000 hours of footage daily, with total processed footage surpassing 10 million hours since 2020.

mAy-I said it was the first company in South Korea to introduce a business model using in-store CCTV systems to digitalize offline spaces. Its clients include Samsung Electronics and Amorepacific.

The company has also partnered with security firms such as SK Shieldus and S-1 Corporation to deploy its mAsh solution on existing CCTV systems without additional equipment or installation.

In response to growing demand for short-term analytics at pop-up stores and events, mAy-I launched its “Pop-up Store Plan” in 2024. The solution has been used at events hosted by LG Electronics and Hyundai Motor. Inquiries for the service reportedly tripled over the past year.

The company has gained international recognition, winning the Innovation Award at CES 2024 and participating in global exhibitions such as IFA 2024. Its edge computing technology complies with regulations, including Europe’s GDPR and AI Act.

As part of its global expansion efforts, mAy-I joined the “Global IR” program under the Baby Unicorn Fostering Project, hosted by South Korea’s Ministry of SMEs and Startups, targeting markets in Japan, Singapore, and Silicon Valley.

CEO Park Jun-hyuk said the company plans to scale its operations in 2025 by building on insights from international projects in cities such as London and Hanoi.

“2024 was a meaningful year for us, establishing a strong foundation for global expansion with innovative solutions that leverage existing CCTV infrastructure and our specialized pop-up store analytics,” Park said. “In 2025, we will continue leading the digital transformation of offline spaces through data-driven innovation, positioning ourselves as a globally recognized company.”