South Korean software and ICT business group Hancom has unveiled an ambitious aerospace business plan of carving out a niche in the global video data market by launching five satellites from next year by 2024.

During a business conference held on Thursday, Hancom Group chairman Kim Sang-chul said that an earth observation satellite named Sejong-1 will be prepared to be launched within the first half of 2022 as the country’s first private satellite.

The 20x30x10cm-sized micro-satellite with 10.8 kg in weight will make about 12-14 full orbits per day around the Earth. Image data collected from the satellite will be used to expand Hancom’s ICT services in the agriculture and disaster management sectors.

The satellite project aims to build a robust presence in the global video data market which is projected to reach 100 trillion won ($86.45 billion) by 2024. Hancom Group also plans to raise funds by listing three subsidiaries on overseas exchanges within three years.

The new business project will be led by the group’s space and aviation company Hancom InSpace in collaboration with the U.S. Spire Global. Hancom InSpace will launch the micro-satellites every six months to have five units operating by 2023 with a goal of reaching a break-even point in about three years.

Drones will also be flown to make up for images that cannot be generated by satellites. Hancom will establish a joint venture with Canada-based Infiniti Electro Optics to explore business opportunities in the super-high-resolution sensor market and jointly develop sensors for satellites.

The business conference also provided a stage for the chairman’s eldest daughter Kim Yeon-soo responsible for Hancom’s future strategy to make a debut in front of the public for the first time.

Hancom will become the only image data service company in the world that covers space, air, and ground by securing satellites, drones, and super-resolution sensors, she said, adding that Hacom’s unrivaled image processing technology along with AI, cloud and autonomous driving solutions will be developed as future growth engines that create synergy among Hancom affiliates.

By Shin Chan-ok and Minu Kim

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