Korean tech startup to focus on AI-powered platform
South Korea’s tech startup 42Maru has raised a substantial amount of investments in a Series A round headed by such financial outfits as Hana Financial Group.
The Seoul-based company announced on Dec. 16 that state-run Korea Development Bank and the Industrial Bank of Korea also took part as financial investors.
Formerly, 42Maru raised funds from South Korean venture capital company Spring Camp and Techstars, the biggest seed accelerator in Europe.
42Maru CEO D.K. Donghwan Kim said that the company would use the funds to strengthen its cooperation with financial corporations and tap into new business sectors like law, healthcare, and education.
“The Series-A investments would enable our company to expand the business horizon,” Kim said. “We will concentrate on the question-answering platform market on the back of cloud software as a service (SaaS).”
42Maru did not disclose the amount of investments.
42Maru, established in 2015, is a high-tech startup, which focuses on artificial intelligence. It has developed a platform, which precisely understands users’ intention of question based on deep learning technology.
Many global corporations have adopted the platform, which can derive only one answer from vast unstructured data.
Included in its customers’ list are Kia, KT, SK Innovation, LG Uplus, Nonghyup Bank, and Daewoo Shipbuilding & Marine Engineering, to name but a few.
42Maru has launched an anti-money laundering system together with Hana Bank. It also strives to cooperate with the Industrial Bank of Korea to introduce AI-powered financial services.
Of note is that its company title came from The Hitchhiker’s Guide to the Galaxy. In the bestseller written by Douglas Adams, the all-knowing AI Deep Thought comes up with 42 as the ultimate answer to life, the universe, and everything.