Founded in 2015, Gaon & Co. is a company that makes health functional foods necessary to support the unbalanced diet of modern people through nutrition research using artificial intelligence (AI).
"GaonN makes and services high-protein snacks based on health data by life cycle," said CEO Kang Bong-soo, "We analyze nutrients needed by modern people to develop snack-type health functional foods and provide customized nutrition analysis services."
The product developed by the company based on adult health data is Labalance, a high-protein snack that contains more than 40% protein. If the main high-protein snack on the market has a protein content of 25%, LaBalance contains about 20% more protein
CEO Kang Bong-soo explained, "Interest in plant-based protein is rapidly increasing as meat intake is reduced, mainly in the United States, but the importance of protein intake is still low in Asia including Korea.
The domestic and international market response to LaBalance is also continuously increasing. In Korea, starting with the arrival of Olive Young in February this year, the company expanded its offline distribution network to more than 700 branches in six months.
It has also signed contracts with China, Vietnam, and Thailand, where interest in health functional foods is gradually increasing, to sell Lavalence products. In Hong Kong, products are already sold through brick-and-mortar stores.
CEO said, "We are entering the market through a collaborative strategy. Since September, we have been in the process of registering for distribution through our expansion into China and Thailand," he said, adding, "In Hong Kong, we plan to actively promote our products by partnering with postpartum care centers and daycare centers beyond offline sales."
In addition to product development, GaonN has also developed an 'application (hereinafter referred to as an app)' that analyzes the diet of modern people using artificial intelligence for the first time in Korea and provides a 'balanced diet solution' and will release it in the middle of this month.
With the launch of the nutrition analysis service, the company aims to raise sales of about 70 billion won by 2023 when overseas sales of dry-season food products begin in earnest.
"As the volume of exports to Asia including Korea is increasing, we expect sales to be about 4 billion won this year," Kang said, adding, "We are actively increasing sales from next year, reaching sales of 74 billion won as of 2023, and preparing for an initial public offering (IPO)."