[Incheon Center for Creative Economy & Innovation Startup CEOs of 2025 Youth Global Launchpad Program] Jeong Hyun Cho CEO of Mithril

Mithril, Developing Industry-Specific AI Safety Control Solutions

-Core Competitiveness, Seamless Field Adaptability and Unrivaled Technical Depth

Vision AI, Providing 24/7/365 Continuous Surveillance for Industrial Sites

Mithril is a deep-tech company that currently focuses on industrial safety AI solutions but aims to evolve into a leader in Physical AI, solving complex problems across manufacturing, defense, and security. The company was founded in November 2023 by CEO Jeong Hyun Cho (38).

The name Mithril is inspired by the legendary metal from fantasy literature described as lightweight yet the strongest metal in the world. Reflecting this name, the company envisions becoming a digital shield that protects workers lives and corporate assets more reliably than any physical protective gear through advanced AI technology.

“I am an engineer who earned a Ph.D. in AI, specializing in robotic intelligence and multimodal AI”, says CEO Cho. “Based on the technical know-how gained through various national R&D projects and collaborative research with leading international institutions, I have developed next-generation AI solutions ready for immediate field application—alongside talented researchers from my lab.”

The company’s flagship product is an AI Safety Control Solution tailored for industrial sites. Conventional monitoring systems face structural limitations, requiring human operators to watch numerous CCTV screens, which often leads to blind spots or missed hazards due to fatigue. Mithril’s solution employs Vision AI to monitor sites 24/7/365 without interruption. It detects risks in real-time such as whether workers are wearing safety gear, unauthorized entry into hazardous zones, falls, or signs of fire to prevent accidents before they occur. Furthermore, it provides Predictive Maintenance by accumulating and learning site data to forecast potential accidents, enabling management to make data-driven safety decisions.

Mithril’s competitiveness can be summarized in two points, field adaptability and overwhelming technical depth. First, the company has drastically lowered the barrier to entry. The system is designed to integrate seamlessly with existing CCTV infrastructure, allowing clients to adopt cutting-edge AI without the massive costs of hardware replacement.

Second, the solution features advanced detection capabilities powered by Foundation Models. Mithril develops its own core original algorithms rather than relying on simple application software. This allows the system to minimize false alarms amidst various field variables and precisely capture only actual danger zones. This level of technical prowess has earned high trust from field managers.

Since its inception, Mithril has focused on an inbound strategy securing solid references rather than aggressive outbound sales. The company has already secured major domestic construction and manufacturing conglomerates as key clients, successfully validating its technology at large-scale sites. As its reputation grows, the company has established a virtuous cycle where solution inquiries come in through word-of-mouth and recommendations from existing clients.

Recognized for its technical differentiation and rapid growth, Mithril has successfully completed its Pre-A funding round. To further accelerate growth, the company aims to close a Series A round by the first half of next year. The funds will be strategically invested in advancing original AI technologies and recruiting top-tier talent. With these foundations, Mithril is focusing its corporate resources on a planned IPO in 2028, positioning itself as a high-value deep-tech firm with robust financial performance and technical leadership.

Regarding future plans, CEO Cho stated, “In the short term, our goal is to successfully close the Series A round in early 2026 and further widen the technical gap with competitors. Long-term, we plan to move beyond the industrial safety market to expand into defense, security, and manufacturing—sectors that require highly specialized and sophisticated AI technology.”

Established: November 2023
Core Business: Foundation AI-based industrial accident prevention and management solutions
Key Achievements: Proved solution effectiveness with initial clients Sampyo and SPC, Developed ‘Nenya Gen1’, Korea’s first industry-specific proprietary Foundation Model, Signed an MOU with Sunway Group (Malaysia), Established strategic partnerships with El Sewedy Group (a major Middle Eastern conglomerate) and AOI (a state-owned enterprise)

reporter jinho lee
jinho2323@hankyung.com