AI All Funding Startup News in Korea (Korean Startup News)

Coxwave Secures $3.8M Seed Investment for AI Innovation and Global Expansion

2024-01-30 2 min read

Coxwave Secures $3.8M Seed Investment for AI Innovation and Global Expansion

Reading Time: 2 minutes

Coxwave, the operating company behind the AI product analysis platform Align AI in South Korea, has secured a seed investment of 4.5 billion KRW (approximately 3.8 million USD). Notable investors in this funding round include KB Investment, Danal, and Seoul Techno Holdings.

Founded in 2021, Coxwave has successfully developed and commercialized generative AI technology, concluding with the sales of products. With innovative services like the AI-based image editing platform ‘Hama‘ and the AI image search engine ‘Enterpix,’ Coxwave has amassed a user base of 1.3 million. Even after divesting these two products, the company is currently focused on developing and operating the Align AI analysis platform to enhance various generative AI-based services.

Align AI is an analysis platform that examines user experiences to facilitate the creation of more sophisticated and personalized products. Unlike traditional platforms that concentrate on straightforward data such as button click rates and page dwell times, Align AI scrutinizes intricate user behavior data, encompassing interactions between users and AI. This enables a more profound analysis, understanding how users intend to use the service and whether AI is aligning with user intentions. It is anticipated to evolve into the next-generation Google Analytics for Chat GPT.

Investors were drawn to Coxwave’s technological distinctiveness and the potential for global business expansion. Kim Seung-hwan, Director of KB Investment, expressed confidence in Coxwave’s technology, stating, “The advent of generative AI is significantly altering the interaction between humans and AI. Coxwave’s technology will play a pivotal role in the era of interactive AI.” Within just a month of the product launch, Coxwave has secured clients not only among domestic companies but also among Silicon Valley clients, including Fast Campus, Wrtn Technologies, Metabird, Klleon, as well as customers in various fields like Collective AI and Hardware AI.

Coxwave’s CEO, Kim Ki-jung, remarked, “Generative AI represents a wholly different paradigm, and product analysis should also be approached differently from traditional methods.” He further stated, “Leveraging this investment, we will concentrate on developing and refining Align AI services, talent acquisition, and gaining recognition in the global market, paving the way for the AI-Native era.”

[Korean AI Startups News]

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