The Estonian-American startup, Snackable AI, that created an artificial intelligence-based audio content search engine, raised USD1.4 million (€1.27 million) in seed investment, the majority of which were provided by Estonian investors, including one of the founders of Skype, Jaan Tallinn.
The startup said it was developing an artificial intelligence-based search engine that is designated for business customers and 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 offers interest.”
The second investment round for Snackable was led by the Estonian venture capital fund Tera Ventures, whose portfolio includes many renowned Estonian startups, such as Realeyes, GrabCAD, Cleveron, Monese, Jobbatical and Scoro, for example.
The round was joined by 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 USD2.3 million. The investment will be used to expand the team and for market entry.
Expanding in Estonia
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,” she said. “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.”
Cover: Mari Joller, the CEO of Snackable AI (photo by Andres Raudjalg).