Remake Digital, a Seoul based creative AI startup, has raised 500 million won ($430,000) in a seed investment round led by Kakao Ventures and Fast Investment. The company had raised 175 million won previously from SNOW and angel investors, bringing the total investment to date to 675 million won since it launched in July 2018.
The company said in a statement that the new capital infusion will accelerate the development of ‘CROLO’, AI-powered ad design technology. CROLO aims to design hundreds of digital advertisements automatically in just a few minutes and analyze ad performance across numerous digital advertising platforms to draw insight and improve on the design for higher performance.
Remake was founded by marketers, designers, and engineers from Korean IT firms like Naver, Netmarble, Ticketmonster, as well as Silicon Valley IT firms like Cisco Systems. Its founders had built adtech infrastructures handling more than $100M digital ad spend in over 100 countries globally. Other technical founders have developed Naver’s AI engine, Clova, which powers Naver and LINE’s hardware and software offerings.
The company’s co-founder and CEO, Samuel Nam, said in a statement that “Advertisers and agencies experience tremendous resource constraints in modern digital marketing having to design creatives for thousands of their products across tens of different channels which all have different requirements. Because of this, designers are caught up with repetitive work and their creativity isn’t being channeled into truly creative work. Our goal is to combine computer vision, natural language processing, image processing, and data analytics to build a creative AI that designs beautiful ads. With CROLO, advertisers can expect drastic reduction in cost and time in creative design, and designers can take their creativity to the next level.”
Remake worked with advertisers like SNOW, Disney, Niantic, and Com2us on their digital advertising design and expects to power such design initiatives with CROLO in the future.
Remake stated that AI-design platform CROLO will be unveiled at the end of 2019 and beta will be launched in the first half of 2020.