CDIB leads round for Taiwan image-recognition start-up
Viscovery, a Taiwanese cloud-based image-recognition technology start-up, has raised $10 million in an extended Series A round led by China Development Industrial Bank (CDIB), a subsidiary of China Development Financial Holding.
The extension brings Viscover's total Series A round to $15 million, following a $5 million commitment received in March of last year. GD1 Fund, a cross-border technology fund targeting start-ups in New Zealand and Taiwan, H&Q Asia Pacific, and iStart, an early-stage fund launched by SBCVC, also participated in the latest round.
Founded in 2011, Viscovery provides image-recognition software for mobile apps, as well as video data analysis and search optimization services. The objective is to enhance advertising value on leading video platforms in Taiwan, South Korea, China, and Southeast Asian markets. The company's clients include nutrition supplement provider AmWay, convenience store chain Family Mart and Chinese shopping mall Ningbo Incity.
"Over 85% of the global cloud data are unstructured data, including photos and video content, so it's a big problem to categorize, manage, tag, and search them. Viscovery is offering the solution to this problem," Amos Huang, the company's founder and CEO, said in a statement.
The new funding will be used to accelerate the company's development of global video data analysis, expand its share of the contextual advertising market, and recruit additional staff.
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