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KT Corp. and Coway Co. Ltd. agreed to team up and work together for the development and production of artificial intelligence (AI)-based home appliances. Their partnership deal was revealed on Wednesday, Nov. 30.
KT Corp. and Coway will be cooperating to make the quality of life better for their customers by combining their expertise and applying them to create smart home appliances and other technologies.
Moreover, the leading South Korean mobile telecom and home appliance rental company is expected to create a positive synergy effect through the expansion of sales channels. According to The Korea Times, under the terms of their agreement, KT and Coway confirmed that they will collaborate to develop advanced home digital technologies.
They will also combine their products and form new market units such as appliances for solo households or for pets. The companies are also planning to expand their joint business and enter foreign markets.
Business experts said they see this strategic partnership in a very positive light because the companies can fill up for each other's weak points. The agreement comes as KT is looking to become a digital platform provider and has been in search of opportunities to diversify the use of its own AI technology.
On the other hand, Coway wants to refine its software capability so it can catch up and compete better with the current market leaders - LG and Samsung. To be more specific, the home appliance maker is mulling over the integration of KT's GiGA Genie AI platform into its air and water purifier appliances. The company may also use the platform in other products that it will make in the future.
KT and Coway will also improve facilities for their respective customers by offering more advanced customized services. The two companies may also make different devices compatible with each other’s products.
Finally, as per Aju Business Daily, KT and Coway will form smart home services to launch joint subscription plans, such as combining the telecom’s internet and mobile plans with the latter’s home appliance rental subscriptions.
