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Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Komachine Changing Global Machine Industry Transactions With Its Online Platform; Becomes Industry Leader in Asia

November 22, 2021 GMT

SEOUL, South Korea, Nov. 22, 2021 (GLOBE NEWSWIRE) -- The Korean economy is heavily dependent on the manufacturing industry, including sectors like Electronic & Semiconductor, Automotive, Ship Building, Construction & Engineering, Petrol Chemical, Bio and Medical, Steel and Machining Industry. There are more than 30,000 companies in the machine industry sectors in Korea, and the Korean machine industry generates around $92 billion every year. However, this vast industry has been surprisingly offline-based and has not got much digital exposure.

Komachine is elevating the offline-based machine industry to the digital platform

The machine industry has been entirely offline-based, with more than 50 years of offline database and transactions. The primary reason for the offline-based machine industry is that 90% of it is handled by SMEs (Small Medium Enterprise) and run by the older generation. There is enough technology evolution but a lack of manpower and resources for online marketing. Transactions for machine trading are also conducted offline. Unlike consumables, machines and parts are custom order based, demanding high cost and time due to complicated transactions. In Asian markets like Korea, communication in English is a significant barrier between buyers and suppliers. 

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Korean company Komachine is revolutionizing the machine industry by bringing it to the digital platform. Komachine is the number one machine Industry online platform in Asia, connecting more than 3,000 machine suppliers with 100,000 global buyers from 150 countries every month. The platform provides international and domestic online marketing for machine suppliers and transaction services for global buyers.

Komachine is transforming offline-based Korean machine Industry databases, streamlining and customizing them to maximize online marketing results for more than 3,000 machine suppliers. As a result, Komachine has completed 1,700 transactions of $30 million with 500 machine suppliers and 700 global buyers from 110 countries since 2019, and the transaction volume is growing exponentially after COVID 19.

A reliable online machine trading platform that supports suppliers & buyers

Industrial trading demands a complicated process for quotation, invoice, purchase order, payment, production, inspection and shipping with too many documents. Hence, many people doubt how $ 1,000~5,000,000 worth of Industrial products can be traded online without seeing or verification offline. Komachine’s founder Charlie Park, who has 20 years of experience in machine and parts trading, built the unique online trading process and system for machines and parts, which is faster, safer and more accessible.

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Komachine was founded in 2017 by Park when he realized the need for digital transformation in machine industry trading. The company spent two years collecting offline databases and transforming them to online manually. Now, Komachine is the go-to place for Korean and Asian machine buyers and suppliers. Suppliers can register their company and send in catalogs to the platform. Komachine displays the machine suppliers’ services and also supports them for online marketing and advertising. Buyers from Asia and globally, who want to buy machines and parts, register with the platform and easily find needed products from reliable suppliers.

In 2019, Komachine launched the platform’s beta version and started with about 100 daily active users (DAU). Now the DAU is about 10,000 every day. Komachine started with 300 companies for the database but now has over 3000 companies registering on the platform. Also, the transaction volume and revenue have grown. In 2017, Komachine’s revenue was around $40,000, and the revenue in 2020 was $3.3 million. So far, the platform has successfully completed more than 2000 transactions with users from over 110 countries. 

Asia’s number one machine trading platform aspiring to become global leader

Komachine caters to more than 70 multinational companies, including leading names like ABB, LS Mtron, SK Telecom, Sony, Boeing, Shell, Kia, GM, etc. Komachine has 15 patents registered in the industrial platform business for databases and transactions. The company was awarded presidential and ministry awards in Korea and has won several international startup competitions like Echelon Singapore and TECHBBQ in Denmark. Having achieved leading position in Asia, Komachine now wants to expand to European and American markets, by connecting with more global buyers. 

Press contact: vallabh@topprwire.com

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