South Korean firm Nota AI, secured $19.9 million (25.8 billion KRW) in its Series C fundraising round.
With this, the total amount of money raised since the organization’s foundation has reached about $42.6 million (53.2 billion KRW). Leading the round were LB Investment and STIC Ventures, with additional investments coming from Mirae Asset Securities, Korea Development Bank, and STIC Ventures.
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Additional funding was provided by established investors Stonebridge Ventures, LB Investment, InterVest, and DS Investment Partners in addition to a significant AI semiconductor CVC that took part as a strategic investor, as reported by prnewswire.co.uk.
Myungsu Chae, CEO of Nota AI, stated, “Our sales for the first half of this year are expected to exceed the total sales of 2023, and we anticipate a 300% increase in sales for 2024 compared to the previous year. With this investment, we will actively pursue strategic collaborations with partners and expand our overseas business to establish ourselves as a global leader in on-device AI.”
Nota AI will use this money to acquire top AI optimization skills and strengthen partnerships with major AI semiconductor firms to grow its business. Leading AI semiconductor businesses have signed large contracts with Nota AI for generative AI optimization technology.
Jae Won Do, Director at STIC Ventures, who led this investment round, commented, “Nota AI is evaluated as a company that can popularize evolving and sophisticated AI models across various devices. We expect that, alongside big tech companies like NVIDIA and ARM, Nota AI will play a key role in the spread of on-device AI.”
About Nota AI
Nota AI is a software optimization platform and compressed AI solutions company that was founded in 2015 and specializes on the B2B and B2G markets. Their goal is to optimize and expedite AI’s widespread application in the global economy.
