Visual AI startup mAy-I raises 6 billion won in Series A funding
mAy-I, a South Korean visual AI startup, has successfully secured 6 billion won (approximately $5 million) in a Series A funding round. Led by Samsung Venture Investment, the round saw participation from new investors including Evergreen Investment Partners, Mirae Asset Venture Investment, Flux Ventures, IBK Industrial Bank, and Daekyo Investment. Big Basin Capital, an existing investor, also joined the follow-on round. With the Series A investment, mAy-I’s total funding has now exceeded 80 billion won.
“As offline stores evolve into experiential spaces, the significance of visitor data is increasing,” stated an investment manager from Samsung Venture Investment. “We view mAy-I as the ideal company to provide meaningful data while simplifying data analysis.”
mAy-I specializes in the mAsh video processing AI solution, which analyzes visitor data using CCTVs installed in physical spaces. mAsh assesses visitor demographics, foot traffic patterns, dwell times, behaviors, and product interactions. The insights derived from the analysis aid in addressing challenges in offline spaces and enable businesses to make informed decisions based on visitor data across various types of spaces.
Major clients such as Hyundai Motor Group, Kyobo Book Center, Shinsegae, and E-Land Retail, aiming to enhance customer experiences, have already adopted mAsh for visitor and space analysis in their offline stores.
With the new investment, mAy-I plans to concentrate on expanding its customer base, business development, and enhancing its AI technology, gearing up for a comprehensive global launch. The recent recognition of mAsh with the “Innovation Award” at CES 2024, the world’s largest information technology and electronics exhibition, underscores its competitive edge.
mAy-I CEO Park Jun-hyuk expressed, “This result reflects mAy-I’s acknowledgment for its video processing AI technology, offline visitor data analysis expertise, and business capabilities. We are committed to achieving significant milestones that position mAy-I as a global leader in offline visitor data analysis.”
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