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AI-powered e-commerce ad recommendation ‘Corca’ raises KRW 7 billion in funding

2023-03-14 2 min read

AI-powered e-commerce ad recommendation ‘Corca’ raises KRW 7 billion in funding

Reading Time: 2 minutes

South Korea-based Corca announced today that it has raised KRW 7 billion in pre-Series A funding. The new funding was led by existing investors BON Angels Venture Partners and new investors KB Investment and Laguna Investment.

Corca, which is developing an AI-based e-commerce ad recommendation model, is focused on hyper-personalized recommendations using mathematical algorithms. The team includes top-tier AI engineers from MIT, Carnegie Mellon, NYU, and Seoul National University, as well as a gold medalist at the International Mathematical Olympiad.

Corca provides customized AI solutions for businesses in retail and advertising. Retailers can personalize product displays for consumers, enabling them to discover the products they need or like first among a sea of product information. Advertisers can run more efficient ads at the same cost.

Corca, which raised a strategic investment from IGAWorks last year, will also participate extensively in advancing the AI performance of IGAWorks’ various big data platforms.

“Corca has AI technology that can compete with global companies and has the potential to grow by combining new business models in an AI-based model,” said Sojung Yoon, Director of KB Investment, who led the investment.

“Customers are utilizing AI technology to enhance their competitiveness, and Corca aims to provide AI solutions that these customers want,” said Younghyun Jung, CEO of Corca. “With this new funding, we will continue to advance our ad recommendation AI solution and support the creation of new value for businesses and society through our rapidly developing super-scale AI research and development.”

[Startup News in Korea]

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