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AI voice, artificial speech firm LOVO will get $4.5M pre-series A funding

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“Voice skins” have change into a extremely popular function for AI-based voice assistants, to assist personalize a few of the extra anodyne elements of useful, but additionally form of bland and robotic, talking voices you get on providers like Alexa. Now a startup that’s constructing voice skins for various corporations to make use of throughout their providers, and for third events to create and apply as properly, is elevating some funding to gas its development.

LOVO, the Berkeley, California-based synthetic intelligence (AI) voice & artificial speech device developer, this week closed a $4.5 million pre-Sequence A spherical led by South Korean Kakao Leisure together with Kakao Funding and LG CNS, an IT resolution affiliate of LG Group.

Its earlier investor SkyDeck Fund and a personal investor, vice chairman of finance at DoorDash Michael Kim, additionally joined the funding.

The proceeds can be used to propel its analysis and growth in synthetic intelligence and artificial speech and develop the crew.

“We plan on hiring closely throughout all capabilities, from machine studying, synthetic intelligence and product growth to advertising and marketing and enterprise growth. The fund will even be allotted to securing sources reminiscent of GPUs and CPUs,” co-founder and chief working officer Tom Lee advised ahosti.

LOVO, based in November 2019, has 17 individuals together with each co-founders, chief government workplace Charlie Choi and COO Lee.

The corporate plans to double down on bettering LOVO’s AI mannequin, improve its AI voices and develop a greater product that surpasses any that exists within the present market, Lee mentioned.

“Our aim is to be a worldwide chief in offering AI voices that touches individuals’s hearts and feelings. We wish to democratize limitations of content material manufacturing. We wish to be the platform for all issues voice-related,” Lee mentioned.

With the mission, LOVO permits enterprises and particular person content material creators to generate voiceover content material for utilizing in advertising and marketing, e-learning, buyer help, motion pictures, video games, chatbots and augmented actuality (AR) and digital actuality (VR).

“Since our launch somewhat over a 12 months in the past, customers have created over 5 million voice content material on our platform,” co-founder and CEO Choi mentioned.

LOVO launched its first product LOVO Studio final 12 months, which gives an easy-to-use software for people and companies to search out the voice they need, produce, and publish their voiceover content material. Builders can make the most of LOVO’s Voiceover API to show textual content into speeches in real-time, built-in into their purposes. Customers can also create their very own AI voices by merely studying quarter-hour of script by way of LOVO’s DIY Voice Cloning service.

LOVO owns greater than 200 voice skins that present customers with voices categorized by language, model, and scenario fitted to their varied wants.

The worldwide textual content to speech (TTS) market is estimated at $3 billions, with the worldwide voiceover market at round $10 billion, in accordance with Lee. The International TTS market is projected to extend $5.61 billion by 2028 from $1.94 billion in 2020, primarily based on Analysis Interviewer’s report printed in August 2021.

LOVO already secured 50,000 customers and greater than 50 enterprise clients together with the US-based J.B. Hunt, Bouncer, CPA Canada, LG CNS, and South Korea’s Shinhan Financial institution, Lee talked about.

LOVO’s 4 core markets are advertising and marketing, schooling, motion pictures and video games in leisure and AR/VR, Lee mentioned. The film Spiral, the newest movie of the Noticed Sequence, options LOVO’s voice within the movie, he famous.

It’s anticipated that LOVO will create further synergies within the leisure business within the wake of the newest funding from a South Korean leisure.

VP of CEO Imaginative and prescient Workplace at Kakao Leisure J.H. Ryu mentioned, “I’m excited for LOVO’s synergies with Kakao Leisure’s future endeavors within the leisure vertical, particularly with internet novels and music,” Ryu additionally added, “AI expertise is opening the doorways to a brand new marketplace for audio content material, and we count on a future a the place a person’s voice can be utilized successfully as an mental property and as an asset.”

Founding Associate at SkyDeck Fund Chon Tang mentioned, “Audio is uniquely participating as a type of data but in addition tough to supply, particularly at scale. LOVO’s synthetic intelligence-based synthesis platform has constantly out-performed different cloud-based options in high quality and price.”

LOVO can be making ready to penetrate additional to worldwide market, “We now have a robust presence within the US, UK, Canada, Australia and New Zealand, and are getting alerts from the remainder of Europe, South America and Asia,” Lee mentioned. LOVO has an workplace in South Korea and is trying to increase into Europe quickly, Lee added.

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