Carrot, the popular marketplace app with a staggering 43 million registered users and 14 million weekly active users, has announced a significant boost in its investment in artificial intelligence (AI) research and development (R&D). This year, the company is projected to exceed 50 billion won in R&D expenditures, marking a noteworthy milestone in its commitment to technological advancement. With the integration of AI technology into its core services, Carrot aims to enhance its competitive edge in the marketplace.
According to a report released on the electronic disclosure system three days ago, Carrot’s R&D investment in the first half of this year reached a remarkable 26.5 billion won. If the current trend continues, the company expects to surpass the 50 billion won mark in R&D spending for the first time in its history. Over the past few years, Carrot has steadily increased its R&D budget, allocating 37.5 billion won in 2023 and 47.2 billion won in 2024. This growth in spending is paralleled by an increase in revenue, reflecting the company’s strategic focus on continuous innovation.
The rise in R&D costs can be attributed to Carrot’s intensified efforts in improving services and developing AI technologies. The company’s half-year business report outlines several key projects, including the development of augmented search generation technology, automated monitoring and correction systems for search quality, AI models for detecting fraudulent transactions, enhancements to machine learning training systems, optimization of model serving frameworks, and the establishment of a prompt and agent management platform utilizing large language models (LLMs). Additionally, AI is being deployed to create systems that help prevent fraud in second-hand transactions, enhancing user safety and trust.
At the helm of this technological development is Chief Technology Officer (CTO) Jeong Chang-hoon, one of Carrot’s founding members. Under his leadership, various business units are focusing on developing AI technologies tailored to their specific services. This includes innovations in second-hand trading, local job offerings, and vertical business sectors, each striving to improve service functionality and meet market demands. The technology division is dedicated to optimizing the platform’s infrastructure and enhancing stability through research and development in areas such as search and recommendation systems, data infrastructure, and security measures.
In a bid to further elevate its services, Carrot has seamlessly incorporated AI into its application. Starting in January, the company launched an AI-powered smartphone price estimation service. This was followed by the introduction of AI summarization features in the customer service department in February. In May, Carrot unveiled an AI writing assistant for second-hand listings, enabling users to simply upload a photo and receive assistance in crafting their sales posts. Most recently, in July, the company introduced the ‘Find My Item Price’ feature, where users can take a photo of their product, and the AI will promptly analyze it and suggest an estimated price.
Looking ahead, Carrot plans to continue its investments in AI research and development, alongside expanding the application of these technologies throughout the latter half of the year. A representative from Carrot stated, “Our focus is on enhancing user convenience through AI and enriching the community experience based on local interactions. We are committed to leveraging AI to further improve user convenience and satisfaction.”
As Carrot forges ahead with its ambitious R&D initiatives and AI integration, it not only solidifies its position as a market leader but also sets a new standard for technological innovation in the rapidly evolving digital economy.
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