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

RAPEECH Secures 6 Billion KRW Investment to Lead Conversational AI Market and Launch New Services

2024-05-17 2 min read


RAPEECH Secures 6 Billion KRW Investment to Lead Conversational AI Market and Launch New Services

Reading Time: 2 minutes

RAPEECH, a Korean company specializing in conversational AI, has secured an investment of 6 billion KRW. RAPEECH, which was listed on KONEX in 2021, received the KONEX Grand Prize in 2023 in recognition of its innovative technology development and stable growth. This investment was led by the KONEX Scale-Up Fund, managed by Capstone Partners (with contributions from the Korea Exchange, Korea Securities Depository, Korea Securities Dealers Association, Koscom, and others) to support the growth of KONEX companies and invigorate the market. TIMEFOLIO Asset Management also participated as an investor.

Since its establishment in 2005, RAPEECH has been consistently conducting research and development in the field of voice technology for nearly 20 years. The company is a leading provider of effective AI consulting and AI automation services in Korea, utilizing various AI engines domestically and internationally. This year, RAPEECH launched a new subscription-based AICC (AI Contact Center) service for SMEs and small business owners, while also carrying out large-scale AICC projects with leading financial institutions and telecommunications companies.

Following the release of ChatGPT, RAPEECH launched the ConvAI v1.0 service to address the dilemma faced by users over which LLM engine to use among the various engines offered by major platforms. ConvAI v1.0 integrates and selects different LLM engines, connecting them with existing systems, garnering market attention. RAPEECH has achieved steady annual revenue growth of over 50%, reaching a record-high sales revenue of more than 17 billion KRW in 2023.

A representative from Capstone Partners stated, “RAPEECH is a leading company that has built a strong customer base over a long period in the rapidly growing AICC market. Given the high preference for companies with proven implementation capabilities, RAPEECH is expected to continue leading the market.”
Bum-Geun Oh, Vice President of RAPEECH, remarked, “This investment has allowed us to demonstrate our value as a specialized conversational AI company in the market. We plan to use the funds for advanced R&D investment and the launch of new services, striving to achieve healthy corporate growth in line with RAPEECH’s management philosophy and becoming a role model in the AI industry.”

[Korean AI Startups News]

스타트업 투자의 숨은 말 '다코스'
Leave a comment

댓글 남기기