Let’s Enhance, an image processing startup born in Ukraine but headquartered in San Francisco, has just secured $3 million from three VC firms and two business angels. The investor pool included San Francisco-based Chamaeleon, which led the round; Hype Ventures, founded by Swedish-Finnish serial entrepreneur Mathias Eklöf; and Acrobator VC, co-founded by Kiev-based Dutch businessman Bas Godska, which took part in Let’s Enhance’s previous round in early 2020.
California-based Margo Georgiadis and YouScan.io founder Alexy Orap also participated in the funding round, which was agreed in a fully online process, as reported by Tech.eu.
Let’s Enhance touts itself as “a deep-tech company that builds next-gen AI photo management solution for marketplaces.” Dubbed ‘Claid,’ its automated image processing platform Claid for online marketplaces, was launched earlier this year, targeting e-commerce, real estate, travel and foodtech marketplaces.
Claid works a bit like Photoshop — fixing lighting, changing colors, removing objects, cleaning the background, and so on, but automatically and in a matter of seconds, using machine learning algorithms.
Using the tool will result in “improved conversion rates while saving on traffic,” states the company, which believes it is “revolutionizing the editing process.”
“Our goal is to help businesses effectively create and deliver visual experiences with next-gen AI content tools. With new financing we are planning to release more features for content moderation, and scale engineering and sales teams,” stated the company’s CEO and co-founder Sofi Shvets.
Founded in 2018, the startup has its team work remotely with offices in San Francisco and R&D in Eastern Europe.
Let’s Enhance says its team has “tripled within the past year” while it crossed $1 milliion in annual revenue. The company is now profitable, having earned the same amount in the first nine months of 2021, Shvets told Kyiv Post.
The startup will use its fresh funding to “add new features to Claid and hire more engineers and sales specialists to its team of 30 people,” Shvets said.
Ukrainian-founded startup raises $3 million to “revolutionize” online image editingRead More
