Soul Machines to embody $20m series B

Soul Machines, a New Zealand-based artificial intelligence technology spinout of University of Auckland, is in the process of raising $20m in series B funding backed by the institution’s Inventors Fund.
Daimler Financial Services, the financial and mobility services subsidiary of carmaker Daimler also participated in the round, as did venture capital firm Horizons Ventures.
The Inventors Fund, a $20m university venture fund managed by tech transfer office UniServices, supplied $2m. The round is not expected to close until next year and may raise more than the targeted $20m.
The latest press release also refers to Mercedes-Benz as an existing backer, though it is unclear whether this relates to the commitment of the automotive manufacturer’s parent company Daimler. GUV has reached out to Soul Machines and will update as appropriate.
Founded in 2016, Soul Machines is developing life-like, emotionally responsive digital avatars that rely on artificial intelligence to interact with humans face-to-face. Its avatars include Will (pictured above), who educates school children about sustainable energy, and personal assistant Ava .
The technology is aimed at a wide range of sectors, from financial and automotive to software and healthcare to energy and education. It is based on research by Mark Sagar, director of the Laboratory for Animate Technologies at the Auckland Bioengineering Institute.
Soul Machines received $7.5m in series A capital at launch in 2016 led by Horizons Ventures with Iconiq Capital.
Andy Shenk, chief executive of UniServices, said: “Soul Machines is exactly the kind of company that the Inventors Fund is designed to support.
“It has world leading, deeply transformative IP, with a long-term vision that will require patient capital to, potentially, deliver superior returns in the long run. The Inventors Fund demonstrates that University of Auckland is prepared to back its own technology.”
– Feature image courtesy of Soul Machines