Korean Startup News Recap: Part 3

KOREAN STARTUP NEWS RECAP: Part 3

Did you miss the latest Korean startup news? Keep reading for our recap of last month’s highlights!?

February 8, 2022: South Korean startup MORAI raises $20M in Series B funding

Korean startup MORAI, which develops virtual testing solutions for autonomous driving systems, recently raised $20 million in its Series B round.

MORAI has established a US presence in the Bay Area, and now plans to expand its global presence to Germany, Japan, and Singapore. The funds will also go towards other verticals like urban air mobility.

Says Executive Director of Korean Investment Partners Geun-ho Kim, who was part of the Series B round, “MORAI’s simulator technology will play a key role in enhancing the safety and functionality of self-driving cars…MORAI has the potential to become one of the leading companies in the global autonomous driving sector, and we are looking forward to the company’s future growth.”

Source: “South Korean startup MORAI raises $20M in Series B funding to expand its virtual testing technology for autonomous driving systems” (Auganix)?

February 22, 2022: Korean startup Neosapience raises $21.5M for its synthetic voice and video platform

That’s what Korean artificial intelligence startup Neosapience has set out to do, developing a synthetic voice and video platform Typecast that allows users to turn text into AI-powered synthetic avatars. Earlier this week, the startup announced that it has raised $21.5 million in a Series B round to “accelerate growth and expand new geographies, specifically into the U.S.”

Says co-founder and CEO Taesu Kim, “The promise of exhibiting human-level emotions via technology has proven to be extremely difficult to achieve to date. Neosapience continues to spearhead the voice and video synthesis space and has successfully constructed the commercial infrastructure for individual creators and entertainment.”

Most of the startup’s users are creators and enterprise clients who use the platform for creating video or audio content for their business or personal channels. Kim notes that the creator economy is currently estimated at $104 billion.

Neosapience currently has over 1 million users, and its revenue has grown by about 18% per month since its launch in November 2019.

Source: “Neosapience gets $21.5M to use AI-powered synthetic avatars for creators” (Tech Crunch)

February 24, 2022: Report shows ESG key for Korean investors?

According to the ‘Startup Investor Awareness Survey Report’ by Startup Alliance, which surveyed 122 startup investors in Korea, 80% of investors plan to continue or expand ESG (environmental, social, and governance) related investments.

Says Head of Startup Alliance Center Choi Hang-jip, ““This report confirmed the perspectives and prospects on ESG in the domestic startup investment market through startups, investors, government officials, etc…ESG is an important subject of interest in the startup ecosystem.”

Other facts of note:

? The top reasons for increased interest among investors in ESG was ‘government policy and regulatory response’ (65.6%), ‘recognition of the importance of environmental and social issues’ (56.6%), and ‘customers’ (LP/investors) interest and demand’ (42.6%).

? Barriers to ESG investments included ‘difficulty in evaluation and performance measurement’ (25.4%), and ‘lack of ESG information and data necessary for investment’ (20.5%).

Source: “ESG is emerging as the topmost choice for investors in the Korean startup ecosystem” (Korea Tech Desk)