PuzzleAI and VUNO Partnership: A Strategic Move in AI Voice Recognition

PuzzleAI, a leader in AI voice recognition technology, has recently secured a strategic investment of 2.5 billion KRW from VUNO in a move that enhances their VUNO Partnership. This investment coincides with PuzzleAI’s completion of its Series B funding round in the second quarter of the year. VUNO is shifting its focus towards AI medical imaging and bio-signal analysis, allowing PuzzleAI to take the lead in medical voice solutions.

Investment Details

On August 2, VUNO disclosed the acquisition of 12,500 shares of PuzzleAI. This transaction represents a 3% stake for 2.5 billion KRW. This move is a follow-up to the Series B funding. It is characterized as a strategic investment (SI). Earlier in May, PuzzleAI raised 12 billion KRW from investors. These included Kyobo Securities, Mirae Asset Venture Investment, DTN Investment, and IBK Industrial Bank of Korea.

Asset Transfer and R&D

In addition to the investment, VUNO will enter a contract with PuzzleAI. They will transfer tangible and intangible assets related to the voice recognition solution, VUNOmed Deep ASR. Although VUNO retains patent rights, it will grant PuzzleAI exclusive implementation rights.

VUNO expects the asset transfer agreement to enhance its market share. It aims to secure future revenues from patent royalties and sales commissions. PuzzleAI will oversee R&D for medical voice solutions. This allows VUNO to concentrate on sales and marketing.

Background on VUNO

VUNO has established itself as a bio-venture focused on AI-based imaging diagnosis. Recently, concerns arose about its competitiveness due to key members leaving the sector. The company plans to expand its medical voice business through partnerships. It will focus on enhancing internal capabilities in analyzing medical imaging and bio-signals, including X-rays and MRI.

PuzzleAI’s Establishment and Solutions

Founded in 2018, PuzzleAI has partnered with Seoul St. Mary’s Hospital and Eunpyeong St. Mary’s Hospital. They developed solutions like VoiceEMR to convert medical staff voices into text. They also created VoiceENR, a voice recognition solution dedicated to nurses. Currently, Kim Yong-sik, the former director of Seoul St. Mary’s Hospital, serves as the CEO.

Lee Yea-ha, the CEO of VUNO, stated that the investment and asset transfer will enhance their strategic partnership with PuzzleAI. He emphasized the plan to pursue revenues from the medical voice sector. VUNO will continue to focus its R&D capabilities on medical imaging and bio-signals.