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A startup in BCCEI incubation program attracted KRW3.7bln investment through Series A funding

According to Yonhap News,

Busan Center for Creative Economy & Innovation (BCCEI) said on August 6 that Wayne Hills Ventures, an AI startup belongs to its incubation program, succeeded in attracting KRW 3.7 billion investment through Series A funding from private equity investors and venture capitals.

To date, Wayne Hills Ventures has raised up to KRW 6 billion fund through investment attraction and capital financing.

This 2-year-old startup has developed an algorithm that extracts dictionary definition of text words through conducting natural language processing, machine learning, and speaker separation on text- and voice-based data, converting it into digital video contents.

Last year, it was selected for a project to receive global startup market demonstration support organized by the BCCEI, receiving support for commercialization funds.

The startup was able to achieve a corporate valuation of KRW 33 billion and annual sales of KRW 4.2 billion in a relatively short time thanks to its algorithm technology and copyrights license.

Wayne Hills Ventures aims to enter the global market this year, achieve sales of KRW 12 billion, and proceed with mergers and acquisitions (M&A) in 1-2 years.

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Source:Yonhap News (August 6, 2021)

** This article was translated from Korean.