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

Mindlogic Raises KRW 7 Billion from Lee Soo-man for AI Chatbot Innovation

2024-03-25 2 min read


Mindlogic Raises KRW 7 Billion from Lee Soo-man for AI Chatbot Innovation

Reading Time: 2 minutes

Mindlogic, a Korean artificial intelligence startup, has raised KRW 7 billion in Series B funding. This investment round includes participation from Lee Soo-man, the former founder of SM Entertainment, who has actively invested in promising domestic startups in future technology sectors such as drones and biotech.

An official involved in the funding stated, “This investment, driven by Lee Soo-man’s desire to support competitive domestic startups amidst the AI boom led by the United States, is based on the validation of Mindlogic’s generative AI technology.

Established in January 2019 under the slogan “Creating AI that makes you want to engage more,” Mindlogic is known for its expertise in the AI chatbot market. Its co-founders, Kim Yong-woo and Kim Jin-wook, are alumni of the global consulting firm McKinsey & Company. Their experience in propelling a conversational chatbot service prototype to the top five rankings of Google Assistant in July 2018 spurred the creation of Mindlogic.

Mindlogic launched its generative AI-based mobile app “Virtual Men and Women” in early 2020 and introduced “OpenTown,” a conversational social AI service, in 2021. The company has also been consistently acknowledged for its technological excellence, having been selected for several government-supported R&D programs, including TIPS (Tech Incubator Program for Startup), Post TIPS, and R&D support project of the City of Seoul.

The recent investment underscores the potential and applicability of Mindlogic’s advanced “Persona Chatbots,” powered by its proprietary generative AI. Mindlogic’s AI personas, built on the “Persona Engram” technology, can remember all past interactions with a user and leverage this memory to infer or engage in conversations reflecting the user’s mood or behavior, enabling deeper communication.

The company also holds intellectual property (IP) protection technology, which safeguards users’ information and conversation content from being directly exposed to or used in training large language models (LLMs), thereby effectively protecting intellectual property. Furthermore, the technology supports not just text-based interactions but also voice conversations with personified chatbots, fostering emotional connections between users and persona chatbots. Demonstrated at CES last January, the persona chatbot has attracted interest from well-known personalities and individuals seeking to manage their fan communities.

Following this investment from Lee Soo-man, Mindlogic has accumulated KRW 12 billion in funding. The company intends to use the funds for technology enhancement, expanding IP partnerships, and scaling its business both domestically and internationally.

Kim Jin-wook and Kim Yong-woo, co-CEOs of Mindlogic, commented, “For the past five years, we have dedicated ourselves to opening a new chapter in chatbot services through our commitment to generative AI,” and further added, “We plan to lead the AI persona service market, extending our reach from Korea to the global market.”

[Korean Gen AI Startup News]

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