Seoul Based AI Startup, Remake Digital, Raises 500M Won

Seoul based creative AI startup, Remake Digital, raised 500 million won ($430,000) in a seed investment round led by Fast Investment and Kakao Ventures. The startup raised 175 million won earlier from Angel and SNOW investors, totaling to 675 million won in investment funds since its launched in July 2018.

The company stated that the newly raised capital would advance the development of “CROLO,” an AI-powered ad design technology.

CROLO combines computer vision, natural language processing, image processing, and data analytics to automatically create hundreds of designs for digital advertisements in only a few minutes and analyze ad performances across many digital advertising platforms. The technology aims to draw insight and to further improve on the design for better performance.

Marketers, engineers, and designers founded Remake. The founders came from Korean IT companies such as Netmarble, Ticketmonster, Naver, as well as Silicon Valley IT companies like Cisco Systems. They previously built adtech infrastructures managing more than $100 million in digital ad spend located across more than 100 countries. Other technical founders developed Clova, Naver’s AI engine, which powers hardware and software offerings for Naver and LINE.

Samuel Nam, the company’s CEO, and co-founder announced in a statement, “Advertisers and agencies experience tremendous resource constraints in modern digital marketing having to design creatives for thousands of their products across tens of different channels which all have different requirements. Because of this, designers are caught up with repetitive work, and their creativity isn’t being channeled into truly creative work.”

He added, “Our goal is to combine computer vision, natural language processing, image processing, and data analytics to build a creative AI that designs beautiful ads. With CROLO, advertisers can expect a drastic reduction in cost and time in creative design, and designers can take their creativity to the next level.”

Advertisers such as Niantic, Disney, Com2us, and SNOW previously worked with Remake on their digital advertising design. Remake expects CROLO to power future design initiatives with these companies and others.

CROLO, the AI design platform, is set to launch by the end of 2019, while its beta will be released in the first half of 2020.