Thursday January 11, 2007 00:27
Olaworks Attracts 4 Million Dollars Investment
The Olaworks, a company with automatic face recognition technology, announced on January 11th, â€œOlaworks attracted USD 4 million in joint equity investment from three organizations such as SLIC, Intel Capital and WSGR.â€ SLIC and Intel Capital each invested USD 1.99 million and WSGR invested USD 20 thousand.
Olaworks, founded in early 2006 by KAIST graduates, provides Olalog service which integrates automatic face recognition technology with web2.0 and mobile to automatically classify and share all sorts of digital photographs, video and text on mobile setting. Exclusive business partnership was recently signed with Yahoo, and social network service (SNS) is planned to start this March.
Skylake Incuvest (SLIC), venture capital recently founded by former Minister of Information and Technology Dae-je Chin, have led diverse business partnership and joint investment with global IT companies since last May to successfully launch Olaworks in global market and accelerate growth. These efforts have led to joint investment and also business partnership with Yahoo.