26. August.2021 – LOVO AI, an Artificial Intelligence-based voice and synthetic speech tool developer, announced that it raised USD 4.5 Million in a pre-Series A round. This funding was led by South Korean Kakao Entertainment with Kakao Investment and an affiliate of LG Group, LG CNS.
The round was also participated by the startups’ previous investors like SkyDeck Fund and a private investor, Michael Kim VP of finance at DoorDash.
The capital raised will be utilized to accelerate its R&D in artificial intelligence and synthetic speech and expand the team. “We plan on hiring heavily across all functions, from machine learning, artificial intelligence and product development to marketing and business development. The fund will also be allocated to securing resources such as GPUs and CPUs,” co-founder and COO, Tom Lee.
Words from the investors –
Chon Tang, founding partner at SkyDeck Fund said, “Audio is uniquely engaging as a form of information but also difficult to produce, especially at scale. LOVO’s artificial intelligence-based synthesis platform has consistently out-performed other cloud-based solutions in quality and cost.”
J.H. Ryu, VP of CEO Vision Office at Kakao Entertainment said, “I’m excited for LOVO’s synergies with Kakao Entertainment’s future endeavours in the entertainment vertical, especially with web novels and music,” he added, “AI technology is opening the doors to a new market for audio content, and we expect a future where an individual’s voice will be utilized effectively as an intellectual property and as an asset.”
About LOVO –
Lovo was initiated by Charlie Choi and Tom lee in November 2019. The startup has a mission to allow enterprises and individual content creators for use in e-learning, customer support, games, marketing, chatbots, virtual reality (VR) and augmented reality (AR).
“Since our launch a little over a year ago, users have created over 5 million voice content on our platform,” co-founder and CEO Choi said.
The first product LOVO launched was LOVO Studio in 2020, which offers easy-to-use applications for the users to find the voice they want and produce their voiceover content and publish it.
LOVO is also preparing to enter further international markets. “We have a strong presence in the U.S., U.K., Canada, Australia and New Zealand, and are getting signals from the rest of Europe, South America and Asia. LOVO has an office in South Korea and is looking to expand into Europe soon.” – Lee said.
LOVO has 200+ voice skins that offer users the categorised voices by style, needs and language. It already secured nearly 50K individual users and 50+ enterprises.
LOVO focuses on four core markets – education, marketing, games and movies in entertainment and AR/VR.
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