Leaders League. What makes Solidware different?
Sophie Eom. Solidware is a startup based in South Korea. We started our business wanting to organize quality data about the customers and analyze it in a way that creates value. In my previous company, the way that they analyze big data was simple and traditional, using logistical regression. After talking about it with my husband and co-founder, we decided to apply machine learning technology to prediction tasks of financial companies for the analysis of risks.
Leaders League. How does Solidware tailor analysis to different industries?
S.E. We do not gather data, as that is basically impossible for most of big financial institutions to do – personal information cannot come from our clients – so we have to integrate our solution into their own system (on premise). We provide a cloud and a downloadable version of our solution. When we customize and utilize our algorithm our scientists start dispatching solutions to our clients’ sites, and once we finish modeling we customize our solution to their problems and then we integrate the solution. We differentiate from our competitors as our solution is much more customized to problems in the finance industry: risk analysis, credit analysis, scoring modeling, etc.
Leaders League. Which industries do the majority of your clients belong to?
S.E. Clients to date have included big names in finance, including insurance, banks, lending and credit card companies. Nevertheless, we just finished a pilot project with one of the biggest hospitals in South Korea, Yonsei Severance, which gathered data about disseminated intravascular coagulation (DIC), and they wanted to see if DIC could be found through blood tests. It turned out that our prediction accuracy was 50% higher than that of the traditional method used.
Leaders League. Do you plan to expand to other geographical areas?
S.E. We are targeting the global market. Our solution, DaVinci Labs, is already listed on some well-known websites, like Capterra, Financeonline etc., which are accessible from anywhere. Strategically, we are looking to target Japan, Korea, France and Vietnam.