VoyagerX Raises $27 Mn In Series A Round
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SoftBank Ventures Asia on Wednesday announced its entry into the Series A fundraising round of South Korea-based artificial intelligence (AI) software developer VoyagerX that nurtures global AI talents and develops AI-based solutions to solve everyday problems. SoftBank Ventures Asia was joined by Altos Ventures and Yellowdog in the round, with each investing $9 million for a total of $27 million.
VoyagerX will use the funds to develop more user-centric AI services and increase the depth of its talent pool, with the aim to hire 100 people by 2022.
“With the rapid development of AI technology and the increased demand for digital solutions, we are seeing huge opportunities in the market. At SoftBank Ventures Asia, we focus on investing in transformative technologies that can make a positive impact on people’s lives. Artificial intelligence falls firmly in that category and VoyagerX, with their top-tier talent, creative innovation, and rapid time-to-market, have proven that they have the potential to be market leaders in this field. We are excited to invest in a startup with such promise and global marketability, and we look forward to supporting their growth with our experience and global network,” said JP Lee, chief executive officer, SoftBank Ventures Asia.
The rise of the digital economy has accelerated both the global adoption and the development of AI on a massive scale. Worldwide spending on AI is expected to double from US$50.1 billion in 2020 to over US$110 billion in 2024. In the Asia-Pacific, technology is increasingly being incorporated across major sectors such as finance, healthcare, and retail to increase operational efficiency and productivity. As a result, governments in the region are investing heavily in building supportive AI ecosystems and encouraging the development of experimental AI projects, the platform shared.
Founded in 2017 bySedong Nam, VoyagerX’s teams build AI solutions and tools that leverage deep learning capabilities - an offshoot of machine learning that imitates the human brain when creating patterns and processing data for decision-making. The company’s featured projects include vFlat, a AI mobile scanner app with its strength in AI technology that analyses the curved surface of a document or book and scans the document flat; Vrew, an AI-powered video editing app that allows you to edit videos quickly and easily as if you were editing a document on Microsoft Word; and Ownglyph, an AI font platform that converts individuals’ handwriting into a personalized font.
“We strongly believe in the transformative potential of AI and deep learning. Our mission is to cultivate the best AI talents and create innovative AI solutions to improve the lives of those around us. 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,” added Sedong Nam, chief executive officer, VoyagerX.
This funding participation is the latest in a series of investments made by SoftBank Ventures Asia in 2021 into technology companies within the Asia-Pacific. Recently, the firm announced investments into Youibot, a mobile robot and solution provider in China; Super, an Indonesia-based social commerce platform, and Standard Energy, a South Korean vanadium ion battery developer.