Next Payments: Specializing in AI-Based Smart Retail Technology Solutions

Next Payments, a company specializing in artificial intelligence (AI)-based smart retail tech solutions, has successfully attracted Series A investment worth KRW 42.5 billion. The investment round saw participation from Envestor, Korea Alternative Investment Asset Management, Miracle Lab, and New Paradigm Investment.

Founded in 2019, Next Payments has been making waves in the domestic retail tech sector by developing smart store solutions for small business owners. The company has received support from the Ministry of SMEs and Startups and the Small Business Market Promotion Corporation for its smart store technology distribution project aimed at facilitating the digital transformation of small businesses.

Next Payments is focused on developing AI solutions for the digital transformation of offline stores. By analyzing store-generated data and utilizing AI technology, the company aims to enhance customer experience, improve operational efficiency, and gain insights into customer behavior.

Moreover, Next Payments plans to lead retail technology innovation through collaboration with OpenAI. The company was selected as a collaborative startup of OpenAI in March and has been advancing its NextAI Assistant solution using OpenAI’s API to accelerate the use of AI technology in retail technology.

With the recent investment, Next Payments is gearing up for global expansion beyond the domestic market. The company is strengthening its strategic partnerships in North America and Japan and is set to enter the Canadian and U.S. markets in September through a Proof of Concept (POC).

Overall, Next Payments is poised for significant growth and innovation in the retail technology sector, with a focus on providing comprehensive ‘K-Smart Store’ solutions that integrate data-based AI, IoT, and robot technologies to maximize operational efficiency and customer satisfaction.