Waynehills Ventures
AIArtificial Intelligencevideo communication
Waynehills ventures is an AI-based company that automatically converts text into video content.
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Highlights
- Customers who want to produce video content usually refer to freelance and media production companies, and SW that supports video content production has a strong character as a tool that can be used by freelancers and related industry experts and technicians, and has low utilization of AI technology. To solve this problem, we want to provide a service that uses artificial intelligence technology to automatically convert text into video content. Worldwide revenue from AI software markets is $14.7 billion in 2019, and sales forecast for 2025 is 118.6 billion, showing high growth. I think we can open a new market if we catch customer's needs well while addressing inconvenience in the existing way.
Company Overview
- Waynehills ventures is a third-year domestic digital content IT startup, and its own source technology, “Parsing,” is an algorithm that extracts text-based planned manuscripts and overall contents of books and dictionary meanings of words and analyzes synonyms, related words, and significant words to automatically convert/produce them into digital video contents. It is currently building a digital live book service that provides a book with about 20 minutes of video content using the technology.
Problem Overview
- While working in the content industry, people found a need to consume knowledge on video content such as YouTube. Instead of being a costly person, I wanted to save money and time by developing a SW that can analyze text with AI and automatically produce images. Its own AI algorithm analyzes text documents by paragraph and verse. Afterwards, the dictionary meaning of each keyword is automatically analyzed and summarized in 1/10th, and the images, images, and sounds are searched based on the summary. It is supplying software (SW) that automatically converts and produces contents that are searched.
Solution Overview
- All video content production processes will be automatically produced by artificial intelligence-based algorithms, and customers simply need to upload text data to Wayne Hills Ventures' SW and receive video content. In order to enhance user satisfaction and manage the quality of video contents, only 80% is automated, 20% is provided for customization, and users can insert and edit images, video clips, and sound sources they own, and enter text directly without summary function.
Go-to-Market Strategy and Business Model
- Starting with the publishing market including Yes24, it has partners with leading conglomerates such as Samsung Electronics, Hanwha Life Insurance and Shinhan Financial Group. Because it is currently working on a B2B model, it is currently producing customized services to meet the needs of companies that want to convert existing text data into more intuitive and efficient data. If enough references for B2B models are built up this year, it will gradually promote sales of B2C models.In 2020, we tried to start global sales in earnest based on our experience in the North American market, but the progress has been slow due to Corona. Currently, the developed service is more specialized in English service, and overseas PCT applications are also underway. As a North American Founders Space, Y Combinator-selected company, it aims to launch a local business and successfully enter the global market.
Competitive Landscape
- To make inroads into the global market, the company will set up a corporation in San Jose, the U.S., and open its New York office in the future. In addition, the company plans to carry out aggressive projects such as patent applications. By last year, its software development was about 75 percent complete, and it is focusing on developing its software with the goal of 100% automation in the first half of this year. While focusing on recruiting developers recently, the company has advanced AI algorithms to advance into overseas markets.
Founders' Bio
SU MIN
YI
Lee Soo-min, CEO of Wayne Hills Ventures, has been in the media industry for 10 years. I am more passionate about this business than anyone else because I have insight in the media industry and mainly worked in planning new businesses.
- About Waynehills Ventures
- Website : waynehills.co
- Location : South Korea
- Founded year : 2019
- Company size : 14 people
- Total funding amount: $1,745,549.82
- Markets: Artificial intelligenceAudio Video