The Third Market Raises Seed Funding for AI-Powered Refurbishing Platform
The Third Market, a Korean certified refurbished platform company, has secured seed investment from The Invention Lab and startup consulting platform Ground Up Ventures. Having attained venture company certification through a designated agency, The Third Market is set to propel the advancement of its return product certification refurbish platform, including the construction of an AI inspection center.
Since its official launch in May 2023, The Third Market has rapidly gained prominence, attracting over 40,000 members in just about nine months with its platform ‘TTM’ that inspects and circulates various refurbished products, including TVs. The company’s technology and know-how have been recognized, leading to its selection for the startup support package business of SEOUL NATIONAL UNIVERSITY OF SCIENCE AND TECHNOLOGY and the 13th Venture Camp of KOREA TECHNOLOGY FINANCE CORPORATION (KIBO).
‘TTM’, The Third Market’s refurbish platform, stands out for its ability to lower remanufacturing costs and enhance inspection quality, aiding in the resale of products. At the heart of its process is an AI-based inspection system. This system, using a vision system to photograph product exteriors, employs AI models to analyze the data against standards developed from QC personnel’s expertise. This AI-driven approach, covering everything from inspection to pricing, ensures objective and consistent standards, alongside faster inspection times. Consequently, companies can minimize remanufacturing costs while consumers have access to near-new products at more affordable prices. The technology behind this AI inspection center has also been acknowledged with a completed patent application.
Hoonmin Lim, CEO of Ground Up Ventures, commented,”The Third Market, with its AI-based inspection system that aligns with the trends of the times, will successfully realize both B2B and B2C service processes, solving corporate overstock issues and satisfying consumers. The reliability of the quality of returned products is especially seen as a competitive advantage.”
Sangho Yu, CEO of The Third Market, remarked, “It’s our responsibility and direction to ensure the quality of refurbished products and contribute to the industry’s growth. We are proud to be recognized by our investors as a valuable refurbish startup.” He further added, “Our plans include innovating in product and distribution to satisfy both businesses and consumers, contributing to environmental protection through a sustainable logistics cycle, and eventually launching reverse logistics services.”
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