SoftBank Ventures Asia has participated in a $27 million Series A funding round in VoyagerX, a South Korea-based artificial intelligence (AI) software developer, according to an announcement.
The early-stage venture capital arm of the SoftBank Group joined this round along with other investors including Altos Ventures and Yellowdog with each investing $9 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.
Founded in 2017 by Sedong 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.
“With the rapid development of AI technology and the increased demand for digital solutions, we are seeing huge opportunities in the market. 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,” said JP Lee, CEO of SoftBank Ventures Asia.
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.