Coupang has invested $84 million (about 120 billion won) in domestic and overseas artificial intelligence (AI) technology startups, including in Korea, over the past three years.
Harold Rogers, Coupang's interim CEO, attended the Semafor World Economy event in Washington, D.C., on the 15th (Korean time) and presented Coupang's investment cases during an AI session. Semafor World Economy is a global economic summit hosted by the U.S. outlet Semafor, also called the U.S. version of the Davos Forum.
At the event, Rogers cited the Korean AI robot startup Contoro as a representative investment. Rogers said, "We are exploring pilot deployment of AI-based autonomous robots at Coupang logistics sites in Korea and elsewhere," adding that Coupang is sharing relevant expertise and operational know-how so Contoro can advance its technology to fit Korea's logistics environment.
He added, "With the suction cup technology attached to the robotic arm, packages can be accurately moved and packed even if they are dented or damaged."
Regarding Contoro's Korean founder, Yoon Young-mok, he noted, "After studying on scholarships from the Korean government and NASA, he is growing the company in Texas."
The robotic arm developed by Contoro is specialized for unloading boxes from global logistics containers and trucks. It can be remotely controlled by combining AI and human intelligence, and it can handle boxes of different sizes and weights. The success rate for unloading operations is known to be around 99%. The company also developed a tool in which a large language model (LLM) directly interacts with robots to support new technology learning and machine performance diagnostics. Coupang participated in Contoro's $12 million (about 18 billion won) Series A funding early last year.
Coupang said, "The collaboration with Contoro aligns with the recently concluded U.S.-Korea Tech Prosperity Deal," adding, "We are focusing on expanding technological cooperation between the two countries to solidify joint national security priorities and accelerate research and development."
In 2023, Coupang also invested in SBVA's Alpha Korea Fund to support 20 Korean startups in expanding into global markets. It also invested in the Korean AI Robotics corporations CMES and the U.S. technology startup Tempo.
Last year, to support the government's effort to foster domestic AI unicorn corporations, Coupang committed 75 billion won to the Alpha Korea Sovereign AI Fund under the Next Unicorn Project, creating a 150 billion won fund together with the government's parent fund. Through this, it plans to invest an average of more than 10 billion won in 14 domestic AI startups and growth corporations.
A Coupang spokesperson said, "Across our global business, we have invested billions of dollars in AI technology, Machine Learning, advanced Robotics, Smart Logistics, cloud computing, and other innovation fields," adding, "Investing in AI technology startups is one of various efforts to redefine the future of global commerce through advanced technologies."