Artificial intelligence startup Mindlogic(마인드로직) has secured $5.2 million (KRW 7 billion) in Series B funding from SM Entertainment’s former chief producer Soo-man Lee.

Founded in 2019, Mindlogic is a startup that has been recognised for its technology in the AI chatbot market. The co-founders, Yong-woo Kim and Jin-wook Kim, are former employees of global consulting firm McKinsey & Company. They founded Mindlogic in July 2018, after developing a prototype conversational chatbot service that entered the top 5 of Google Assistant globally.

Mindlogic has received funding from DSC Investment, Partech Partners, Tekton Ventures, Primer, Primer Sazze and Strong Ventures, as well as an investment from producer Soo-man Lee, bringing the company’s cumulative funding to $9 million (KRW 12 billion). Mindlogic plans to use the new funding to further develop its technology, expand IP partnerships, and grow its domestic and international business.

In early 2020, Mindlogic officially launched its generative AI-based ‘AI Boyfrind-Girlfrind’ mobile app, and in 2021, the company launched its interactive social AI service ‘OpenTown’ to open up a new communication space using AI technology.

The investment is driven by the growth and usage potential of Mindlogic’s advanced generative AI-based ‘Persona Chatbot’, which was developed in-house.

Persona Chatbot, which was demonstrated onsite at CES in January, has received enquires from celebrities in a variety of fields and those looking to manage their fandom. Celebrities and YouTubers such as Ji-Youn Kim and Sung-Min Noh have created their own Persona Chatbots to communicate with the general public and fans.

“We have been on the path of generative AI for the past five years, focusing on opening a new chapter in chatbot services,” said Yong-woo Kim and Jin-wook Kim, co-founders of Mindlogic. “We will lead the AI persona service market by expanding beyond Korea to overseas markets,” said Yong-woo Kim.

Meanwhile, Mindlogic has been selected for a number of government-funded R&D programmes, including TIPS, Post TIPS, Scale-up TIPS, and the Seoul R&D Support Project.