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”.