|Audioburst, an AI-powered startup company raised $10 million in a new round of strategic investment from Dentsu and Hyundai / Photo by: ninofficialphotography via Pixabay|
Artificial intelligence-powered startup Audioburst announced that it raised another $10 million in a new round of strategic investment from Dentsu and Hyundai Motor Company, which focused on supporting the company to further venture into advertising and cars.
International ad agency Dentsu and Hyundai joined Audioburst's roster of strategic investors with Samsung Ventures, Nippon Broadcasting, and Advanced Media Inc. that brings the startup's total funds to $25 million to date, according to Tech Crunch.
It reports that the funding from Dentsu will see its collaboration with the audio company to develop a market for personalized audio in Japan, where the international ad agency is headquartered. Brands will use the technology to appeal to listeners with more personalized ads based on enhanced understanding of their customers' interests.
"Personalized advertising in the radio space has been limited to date. In addition, the emergence of voice-activated services and audio content has provided a rapidly growing advertising opportunity for our clients," Hideki Ishibashi, managing director of Dentsu Innovation Initiative, said in a statement.
Meanwhile, the deal between Audioburst and Hyundai, which injected half of the $10 million investment, will see the two companies developing a new in-car infotainment system. Tech Crunch states this system will include a personalized audio search experience, as well as playlists that can be accessed through voice commands.
Hyundai's partnership and investment in the AI-powered startup will make sure that the automaker "will lead the charge in a data-driven first-class audio experience," according to Yun-seong Hwang, vice president of Hyundai Motor Company
Audioburst uses AI technology—including Automatic Speech Recognition and Natural Language Understanding—to extract the best clips from millions of podcasts and radio shows per day to produce new listening experiences. They create products like a searchable library of audio, personalized audio feeds and news briefs, and notifications.
With the use of an API, partners will be able to integrate the startup's personalized feeds into their smart speakers, phones, in-car infotainment systems, and other devices.