South Korean creative artificial intelligence (AI) startup Remake Digital announced that it has raised ₩500 million (US$430,000) in its seed funding round co-anchored by Kakao Ventures and Fast Investment.
The Seoul-based startup, founded by marketers, designers, and engineers from top Korean and US IT firms in July 2018, said the latest funding round brings its total investment to date to ₩675 million (US$583,000).
It last raised ₩175 million from SNOW and angel investors.
Remake Digital said it seeks to combine computer vision, natural language processing, image processing, and data analytics to build a creative AI that designs beautiful ads.
Samuel Nam, the company’s co-founder and CEO, said advertisers and agencies continue to experience constraints in their resources as they design creatives for thousands of products across different channels, which all have different requirements.
Because designers are caught up in tedious work, they cannot spend time improving the performance - click through and other conversions rates - of their ad designs through tests. Therefore, thousands of advertising dollars are going to waste, Nam added.
“Our solution is to combine computer vision, natural language processing, image processing, and data analytics to build a creative AI that designs ads in just seconds and improves the design with real-time data. Users just have to upload basic art assets, rest is done by CROLO,” the company said on its website.
The fresh capital will be used to accelerate the development of its proprietary AI-powered ad design technology CROLO.
"CROLO aims to design hundreds of digital advertisements automatically in just a few minutes and analyse ad performances across numerous digital advertising platforms to draw insight and further improve on the design for higher performance," the company said.
With CROLO, advertisers can expect rapid reduction in cost and time in creative design and designers can take their creativity to the next level, Remake added.
CROLO will be unveiled at the end of this year and beta will be launched in the first half of 2020.
Remake said its founders had previously built adtech infrastructures handling more than US$100 million digital ad spend in more than 100 countries globally.
The company’s previous clients include SNOW, Disney, Niantic, Com2us, and Scopely on their digital advertising design.
Early this year, Madup, another South Korean adtech mobile marketing company, raised US$11.9 million in its Series B funding round backed by Seoul Investment Partners, Praxis Capital, ID Ventures, MG Investment, and Stonebridge Ventures.