Uvify a startup specializing in the development of autonomous unmanned drone technologies, has won an investment deal with K Cube Ventures. This deal was confirmed on the 2nd September by K Cube Ventures who are widely known as leaders in technology investments. The investment deal is thought to be worth a quarter million US dollars.
Aside from the K Cube Ventures investment, Uvify has secured further investments from two state run agencies with total investments won estimated at US$760 k. The two agencies being:
- Korea Institute of Startup and Entrepreneurship Development; and
- Small and Medium Business Administration
The technology of Uvify is focussed on artificial intelligence (AI) drones that are able to navigate autonomously both indoors and outdoors. Members of the development team have vast experiences in the field of image based environment recognition. The team is lead by the Uvify founders who are doctorates from Seoul National University's department of mechanical and aeronautical engineering.
Although Uvify 's technologies has so far provided easier control ability to personal drones, it now plans to extend its successes into commercial applications which has so far been limited by difficulties in controlling drones.
Currently Uvify is developing a drone with the ability to conduct autonomous flight using computer vision 3D spatial location recognition and Simultaneous Localisation and Mapping (SLAM) technology. Unlike existing camera drones that are dependent on human control, drones equipped with Uvify technology and AI will be vastly easier to control.
A function unique to Uvify drones will be the ability to auto pilot to an object both indoor and outdoor that has been recognised through an image. Using an externally mounted camera, the drone will conduct real time image based monitoring of the environment, recognise its position and self navigate to the required destination.
Uvify plans to accelerate this development with target launch of this technology expected to be in the first half of next year. During this development period, Uvify is likely to extend its technical cooperation into other synergistic markets like IoT and driverless car technologies.
Lim Hyun the CEO of Uvify, revealed his ambition was to be a pioneer for popularising drones by enabling anyone to operate them. Through world class artificial intelligence, he hopes to extend its use into new business sectors and allow users to experience their innovations.
Jung Shin Aha the partner of K Cube Ventures who led this investment, said, "Uvify has both the experience and technical competencies across hardware and software for development of practical robot drone technologies". Uvify technology is truly differentiated from existing drones and it is expected to open new opportunities from drones in both personal and commercial use.