What does NZ’s AI-tech start-up Soul Machines want to do with latest funding?

3 min read | February 15, 2022 07:56 PM AEDT | By Sonal

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What does NZ’s AI-tech start-up Soul Machines want to do with latest funding? — Image source: TippaPatt, Shutterstock.com

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Highlights

Soul Machines raised US$70 million in Series B1 financing on Monday.

SoftBank Vision Fund 2 was the lead investor, with fresh investors joining in as well.

New investment will help the company in pursuing deeper research into replicating human intelligence, as well as its sales teams.

Auckland’s AI start-up company Soul Machines raised US$70 million in Series B1 financing on Monday. The new investment will help the company in pursuing deeper research into replicating human intelligence, as well as its sales teams.

Soul Machines, founded in 2016, is a leader in creating animated digital humans in the metaverse and the digital world. The company applies its innovations all through digital edges and applications varying from service and support to sales and products.

The company intends to utilise its recent funding to accelerate its growth in the Enterprise market. It aims to emphasise on deepening its study into its Digital Brain technology specifically and also introduce the prospects of digital entertainment for the metaverse with virtual clones that are very realistic graphic illustration of real-life celebs.

Who were the new investors?

SoftBank Vision Fund 2 was the lead investor, with fresh investors joining in as well. Liberty City Ventures, Cleveland Avenue and Solasta Ventures. Some current investors also participated in the round.

Anna Lo, Investment Director at SoftBank Advisers expressed her delight to partner with Soul Machines’ team to scale and provide their digital humans to companies worldwide.

ALSO READ: Want to raise capital for your startup? Find out here

She stated that Soul Machines was at the groundbreaking point of producing digital people that could serve enterprises across tasks such as customer service, training, and entertainment, thanks to its strong R&D skills and superior back-end solutions.

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This financing round will take the total investment in Soul Machines to US$135 million.

The growing digital world market

The digital human avatar market size is projected to surpass US$500 billion in 2030, as per market reports. Nearly every industry is expected to employ digital humans as a digital labor force to portray themselves and their businesses in the metaverse.

DO READ: Meta (FB) builds shield after avatars ‘harass’ proxies in metaverse

The future of customer satisfaction will be critical to success in all the digital domains where people conduct business, work, and play. International brands are making investments in the way AI can be used to form personal familiarity with their clients at scale.

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