LOVO receives $4.5M for its artificial voice and synthetic speech business LOVO Pre-series A financing

Voice skins are a popular feature in AI-based voice assistants. They allow you to personalize the helpful but also monotonous and robotic speaking voices that you hear on Alexa. A startup is now raising funds to help it grow. It is creating voice skins that can be used across different services by various companies, as well as for third-parties to apply.

LOVO, the Berkeley, California-based artificial intelligence (AI) voice & synthetic speech tool developer, this week closed a $4.5 million pre-Series A round led by South Korean Kakao Entertainment along with Kakao Investment and LG CNS, an IT solution affiliate of LG Group.

SkyDeck Fund was its previous investor. A private investor, Vice President of Finance at DoorDash Michael Kim joined the financing.

These funds will go towards the advancement of artificial intelligence research, as well as to grow and expand the company’s team.

We plan to hire heavily in all areas, including machine learning, artificial Intelligence, product development, marketing, and business development. TechCrunch’s chief operating officer and cofounder Tom Lee said that the fund would also be used to secure resources like CPUs and GPUs.

Founded in November 2019, LOVO has 17 employees, including Charlie Choi, the chief executive officer, and Lee, the COO.

Lee stated that the company will double its efforts to improve LOVO’s AI models, increase its AI voices, and create a superior product than any currently on the market.

Our goal is to become a leader worldwide in AI voice services that touch peoples’ hearts and emotions. We aim to decentralize content production. Lee stated that we want to become the hub for everything voice-related.

LOVO is a platform that allows individuals and enterprises to create voiceover content. This content can be used in customer service, marketing and e-learning.

Choi, cofounder and CEO of the platform said that users had created more than 5 million voices content since our launch just over a year ago.

LOVO’s first product, LOVO Studio, was launched last year. It allows individuals and companies to search for the voice that they desire, create, and then publish voiceover content. The Voiceover API of LOVO allows developers to transform text into speech in real time, and integrate it into their apps. Using LOVO’s DIY Voice Cloning, users can also create their own voice by reading just 15 minutes of text.

LOVO has more than 200 voices skins. These voice skins allow users to choose the right language and style for them.

According to Lee, the global market for text-to-speech (TTS), is $3 billions. The global voiceover market, at $10 billion, is around $10 billion. The Global TTS market is projected to increase $5.61 billion by 2028 from $1.94 billion in 2020, based on Research Interviewer’s report published in August 2021.

Lee said that LOVO has already attracted 50,000 customers and 50+ enterprise clients, including J.B. Hunt and Bouncer from the USA, CPA Canada and LG CNS and Shinhan Bank in South Korea.

Lee stated that LOVO has four main markets: marketing, education and movies, as well as games and entertainment in AR/VR. He noted that the movie Spiral is the most recent film in the Saw Series and features LOVO’s voice.

In the aftermath of receiving funding from a South Korean entertainment company, it is likely that LOVO will bring additional benefits to the entertainment sector.

Kakao Entertainment J.H. VP Vision Office Ryu stated, “I am excited about LOVO’s synergies avec Kakao Entertainment’s future endeavors, particularly with music.” Ryu added that AI technology opens the doors for a new market in audio content and that he expects a future where an individual’s voice can be used effectively as an intellectual asset and an asset.

Chon Tang, Founding Partner of SkyDeck Fund, stated that audio is a unique form of information, but it can also be difficult to produce at large scale. LOVO’s cloud-based synthesis platform, which is powered by artificial intelligence, has outperformed all other solutions for quality and cost.

LOVO also plans to expand into the international markets. Lee stated that LOVO has a strong presence within the US, UK and Canada and is receiving signals from other parts of Europe and South America. Lee said that LOVO already has an office located in South Korea, and plans to soon expand its presence into Europe.

Publiated at Thu 26 August 2021, 14:46.42 +0000

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