Nota, on-device AI solution startup, has attracted $6.7M (8 billion KRW) in series A investment round by investors SBV(Pre-series A investor), LB investment, Samsung SDS (utilizing Samsung Venture Investment Corporation fund) and LG CNS as a strategic investor. With this raise, the firm has raised $8.4M(10 billion KRW) in total.
NetsPresso, the automatic AI compression platform developed by Nota, is the significant investment decision factor for multiple global companies that have joined in this round. NetsPresso is Nota's core technology that maximizing the AI model compression rate while minimizing the loss of performance.
Unlike previous solutions, NetsPresso can create a compressed AI model without professional engineers' support due to its automatic processing. The core competence of NetsPresso is producing accurate and fast AI models in a short period. NetsPresso won the Intelligence Award by KIISS (Korea Intelligent Information System Society). Sung-In Oh, VC of LB investment, said, "Nota's outstanding AI experts have successfully developed automatic AI compression platform." And "We invested with confidence because we foresee that NetsPresso can serve as the core solution for the company that has a needs of industrial AI."
Nota shared that funding would be used to advance the AI model compression technology and expand overseas business. The firm is also actively recruiting top-level professionals to grow its research and development competence.
Myungsu Chae, CEO of Nota, said, "This is exceptional that global companies like Samsung and LG have joined strategic investment simultaneously. It has a significant meaning that Nota was noticed for the deep learning model compression and its technology. We are now planning to expand our business globally. It is an opportunity to leap as an on-device AI leader".
Various industry clients have partnered with Nota for AI model compression technology. Nota has signed MOU with E-mart (#1 retail company in South Korea) for developing inventory checking and management solutions. Based on these success cases, Nota has reached a 1,000% sales growth from last year.
Source : KoreaTechDesk (https://www.koreatechdesk.com/south-korean-ai-startup-nota