Hancom Mobility

About Hancom Mobility

Hancom Mobility operates as a key player in South Korea's smart parking and mobility sector, leveraging IoT technology to address urban parking challenges. The company's journey began in 2019 when Hancom Group, a prominent South Korean ICT conglomerate, acquired a 46.8% stake in Mirenc Co., Ltd. (미래엔씨티). This strategic acquisition was part of Hancom Group's broader vision to expand into the smart city and mobility markets. Mirenc, originally founded by Choi Cheon-woo, had launched its flagship service, 'Parking Friends' (파킹프렌즈), in 2018. Following the acquisition, Mirenc was rebranded as Hancom Mobility, with Choi Cheon-woo and Hyoun Young-joon, a former Hancom MDS IoT expert, appointed as co-CEOs to synergize parking industry knowledge with advanced technology.

The core of Hancom Mobility's business is its IoT-enabled shared parking platform, 'Parking Friends'. This service transforms underutilized parking spaces—such as residential spots, private lots, and idle areas in front of homes and businesses—into a network of bookable spots for drivers. The business model generates revenue by taking a commission from the parking fees transacted through the app. The key technological differentiator is the use of proprietary IoT radar sensors and optional CCTV cameras installed in each parking bay. This hardware provides real-time data on whether a space is occupied, significantly increasing the reliability of availability information for users compared to services that rely solely on user reporting. The system connects drivers seeking convenient and affordable parking with space owners who can generate passive income from their empty lots. The primary clients are individual drivers using the mobile app and local governments (municipalities) looking to alleviate urban parking congestion and reduce illegal parking.

The 'Parking Friends' service offers an integrated solution for drivers, encompassing real-time parking space search, reservation, and in-app payment. For property owners and municipal partners, it provides a dashboard to monitor parking status, manage revenue, and gather valuable data on parking patterns. By focusing on utilizing existing, idle parking inventory, Hancom Mobility presents a cost-effective alternative to constructing new parking structures. The company has secured partnerships with numerous district offices in Seoul and other major cities across South Korea to apply its technology to residential priority parking zones. In 2022, Hancom Group sold its stake in Hancom Mobility as part of a larger divestment of its non-core assets, including Hancom MDS.