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DSPOne of Korea signed a contract with GNC Group of Vietnam for supplying its smart watches for kids in the Asian market.
DSPOne is supplying 500 thousand watches over a three-year period, and expect to record a minimum of 20 million USD in export sales. The first country it is supplying to is Vietnam. Because it is not only supplying the device, but also the online and offline integrated platform service, and the estimated income from this business model is expected to be 120 billion KRW per year.
DSPOne provides its digital signal processing module to major telecommunication companies including SKT and KT. It is a well-known tech company in the industry.
It started investing in IoT three years ago, and now has some technological know-hows in the field. This time, its know-how in digital signal processing solution was globally recognized, leading to the signing of the contract of supply.
The smart watch for kids is an IoT device that can make emergency calls, find location, call parents, and outside zone alert. It is designed for Vietnamese customers, who have different needs and requirements.
GNC Group will be in charge of platform localization and marketing, DSPOne will be in charge of hardware development, and CA Technology will be in charge of software development. CA Technology had previously supplied location detection device for motorbikes in Vietnam.
Given the fact that Vietnam is rapidly growing with the population of 100 million, DSPOne's goal for this year is to launch the smart watch this year and supply them to other countries in South Asia.
Supplying about 200 thousand watches per year, it is expecting to earn 20 million USD in profit, and make more profit through the expansion of other services.
Hong Dong-ho, the CEO of DSPOne, said, "With the know-how we have obtained through our business in Korea, we are going to develop the device solution that is optimized for the Asian market, and become the frontrunner of IoT in Asia. We are aiming for getting listed in IPO in 2018, and we are going to do our best to make this happen."
DSPONe recorded 15 billion won in gross sales and three billion won in profit last year. This year's goal is 25 billion won, and reaching this goal seems to be easy from how it has been doing so far.
This contract was signed at CommunicAsia 2016, with joint participation from CA Technology, one of Ansan City's supporters. Ansan has participated in CommunicAsia jointly with MSIP, NIPA, and Gyeonggi Technopark and exhibited products from three software companies.
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