Estonian-American start-up Snackable AI, which has created an artificial intelligence-based audio content search engine, has raised 1.27 million euros in seed investment, the majority from Estonian investors. The company, founded in 2018, is planning to use the investment for market entry and to expand its development team in Estonia.
This second investment round was led by the Estonian venture capital fund Tera Ventures. The round was joined by existing investor Superangel and one of the founders of Skype, Jaan Tallinn, who is known for his work and many investments in artificial intelligence.
Since 2018, Snackable AI has raised a total of 2.3 million US dollars.
Snackable AI is developing an artificial intelligence-based search engine that allows users to find relevant audio content in podcasts, audio books, videos and other media that contains audio. Using natural language processing and machine learning, Snackable’s technology helps users find specific mentions from different recordings, taking into consideration the context and providing the result in a short “snackable” format – saving the user from having to listen through long recordings in order to find the content that interests him or her.
According to the founder and CEO of Snackable AI, Mari Joller, entering the market will require expanding the team both in New York at Snackable’s headquarters, as well as in Tallinn, where the development office is located. “We will definitely continue and expand our operation in Estonia, as engineers here have the required know-how to develop technologies based on artificial intelligence. We are constantly looking for new talent in order to provide Estonian developers with the opportunity to work alongside top professionals in our field and develop game-changing technologies,” said Joller.
The founder and partner of Tera Ventures Stanislav Ivanov added that the investment decision was based on the confidence that Snackable’s artificial intelligence-based application will lead to a long-awaited ability to navigate in the world of audio recordings.
“Snackable is adding a new dimension to previous search possibilities: it will allow the user to discover exciting audio recordings by analysing their actual content and context, not just the titles. In addition to that, the application is able to identify the most significant parts of the recording, which will save the user time and improve the listening experience,” he said.