Saturday, June 25, 2022

Slide Slide
Home Artificial Intelligence AI-based solutions: SoftBank’s arm joins $27m round of South Korean AI start-up

AI-based solutions: SoftBank’s arm joins $27m round of South Korean AI start-up

The AI-based solutions include vFlat, a mobile scanner app that analyses curved surfaces of documents or books and scans them flat, and video-editing app Vrew

SoftBank Ventures Asia, the early-stage VC arm of SoftBank Group has participated in the US$27 million series-A round of South Korea-based artificial intelligence (AI) start-up VoyagerX, founded in 2017, which develops AI-based solutions to solve everyday problems. SoftBank Ventures, Altos Ventures, and Yellowdog invested US$9 million each in the round.

The AI-based solutions include vFlat, a mobile scanner app that analyses curved surfaces of documents or books and scans them flat, and video-editing app Vrew. It also created Ownglyph, which converts a person’s handwriting into a personalized font.

The fresh funds, according to the company, will be used to boost its headcount with the aim to hire 100 people by 2022 and develop more user-centric AI-based solutions and services.

“We strongly believe in the transformative potential of AI and deep learning. Our mission is to cultivate the best AI talent and create innovative AI solutions to improve the lives of those around us”, said Sedong Nam, CEO of VoyagerX, in a statement. “We are very pleased that respected venture capitalists share our vision, including SoftBank Ventures Asia, and we look forward to taking on future challenges with their support”.

Worldwide, the expenditure on AI tech is expected to double to over US $110 billion by 2024 from US $50 billion in 2020, wrote an IDC report. This rapid development in AI tech and the increase in demand for digital AI-based solutions is a huge market opportunity, according to SoftBank Ventures Asia.

“We focus on investing in transformative technologies that can make a positive impact on people’s lives”, said JP Lee, CEO of SoftBank Ventures Asia. “Artificial intelligence falls firmly in that category, and VoyagerX, with its top-tier talent, creative innovation, and rapid time-to-market, has proven that it has the potential to be market leaders in this field”.

Also read:DigiYatra: A paperless journey experience for domestic air traveller

Do Follow: CIO News LinkedIn Account | CIO News Facebook | CIO News Youtube | CIO News Twitter

khushbu Soni CIO News Mercadeo
Khushbu Sonihttps://www.cionews.co.in
Chief Editor - CIO News | Founder & CEO - Mercadeo

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -1x1 banner1x1 banner1x1 banner1x1 banner

Most Popular

Digital literacy according to me is a seamless adoption of digital revolution, says Melwyn Rebeiro, Head of IT Security at AEON Credit Service India...

While youth have been at the forefront of technology adoption and will continue to be so, there has been a significant increase in digital...

India’s artificial intelligence investment to be 2.5% of global total in 2023

Firms are increasingly relying on contracting and gig models while focusing on building internal artificial intelligence talent through reskilling and up-skilling India, the world’s second...

Fin-tech start-up Setu acquired by Pine Labs in $70 to 75mn

Post the buyout, the fin-tech start-up, which has 90-100 employees will retain its brand identity, business and team The acquisition of the Bengaluru-based API fin-tech...

Cyber security strategist Dr. Mukesh Mehta joins Monarch Capital as Group CTO

Mehta describes himself as someone who is capable of solving the most critical problems revolving around the IT and the cyber security industries Cyber security...

Recent Comments