Korea's AI startup Quantit attracts $23 mn Series A investment

South Korea's artificial intelligence (AI) company Vaiv Company Inc. announced on Tuesday that Quantit, its fintech subsidiary, has received a 30 billion won ($22.8 million) Series A investment from Smilegate Holdings, a holding company of the Smilegate Group.

Quantit received an investment of 6.3 billion won ($4.8 million) in pre-Series A in July of last year, and completed the Series A funding round through the latest investment. With this investment, the company plans to commercialize big data and digital technology-based asset management services.

In celebration of its 20th anniversary last year, Smilegate disclosed its ambition to go beyond the game industry and foster the financial business as a top-tier global entertainment group.

Quantit plans to achieve innovation in digital-based financial services jointly with Smilegate.

Quantit's parent company Vaiv Company, established in 2000, is a first-generation AI and big data company in Korea. It was listed on the Kosdaq market in 2020, and runs big data analysis service "Sometrend" and problem-solving solutions AI Solver and AI Assistant based on AI technology.

"We plan to further upgrade our accumulated technology and use it to strengthen services and expand our business to benefit our customers," said Han Deok-hee, CEO of Quantit.

"We will actively help Smilegate and Quantit provide innovative services that lead the financial AI field," said Kim Seong-eon, CEO of Vaiv Company.

Write to Jong-Woo Kim at jongwoo@hankyung.com