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MindLogic, an AI startup based in South Korea, has secured 7 billion won in Series B funding, with investment from Lee Soo-man, the former chief producer of SM Entertainment. This makes Lee Soo-man’s investment in MindLogic 10 billion won.
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Known for actively backing promising Korean startups in drones and biotech, Lee has chosen MindLogic as an investment destination, impressed by its unique interactive AI technology.
MindLogic, established in 2019, has received a total investment of 12 billion won, including Lee Soo-man’s recent funding. Alongside Lee’s contribution, other investors in the startup include DSC Investment Inc., Strong Ventures, Tekton Ventures, and Partech Partners. The company specializes in AI agents, mainly focusing on developing conversational AI models known as chatbots, which autonomously perform complex tasks from prompt to product.
Co-founded by Kim Yong-woo and Kim Jin-wook, both former McKinsey & Company employees, they started their journey with the startup entry into the top five rankings of Google Assistant’s global interactive chatbot service in July 2018.
MindLogic’s flagship product, the Persona Chatbot, leverages OpenAI’s ChatGPT and the startup’s unique dialogue engine to simulate human-like conversations. Enhanced by the company’s proprietary long-term memory technology, Persona Engram, the chatbot can recall past user interactions, including their names and conversations.
This memory capability enables the chatbot to deepen its understanding of users’ emotions and engage in more intimate dialogues, which sets it apart from other conversational AI services.
A key aspect of MindLogic’s technology is its focus on safeguarding user privacy and intellectual property. Through IP protection technology integrated into its chatbots, the company ensures that sensitive information shared during conversations remains confidential and is not used for training purposes. Furthermore, the chatbots are equipped with measures to mitigate hallucinations, reducing the risk of presenting inaccurate or misleading information.
The company’s generative AI-based mobile app, “Virtual Men and Women,” launched in 2020, and the conversational social AI service, “OpenTown,” was introduced in 2021 in the human-AI interaction space. Additionally, MindLogic has been selected for multiple government-supported R&D programs.
The AI-powered chatbot employs IP protection measures to detect and segregate IP-related information from conversations, safeguarding it from direct exposure or use in machine learning processes.
Additionally, the chatbot incorporates hallucination inhibition technology to mitigate the risk of generating false or unethical dialogue, ensuring a secure and ethical user experience. Persona Chatbot supports voice conversations, allowing users to engage with personified chatbots in more immersive interactions.
In addition to its flagship Persona Chatbot, MindLogic offers a range of tailored chatbot solutions designed to enhance various aspects of user experience. These include customer service chatbots tailored for e-commerce platforms to improve shopping experiences and drive product purchases.
The decision to invest in Mindlogic was influenced by the business potential of its Persona chatbot services and the company’s technological capabilities. Mindlogic aims to expand its Persona chatbot offerings to cater to celebrity fandoms, particularly in the K-pop industry, by leveraging AI technology to emulate celebrities’ personal traits and speech patterns, facilitating personalized interactions with fans.
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