Baund
Series A funding round led by prominent South Korean investors DS Asset, Shinhan Capital, and Geon Investment
SEOUL, SOUTH KOREA, November 14, 2022 /EINPresswire.com/ — IDID Inc., developer of the social entertainment app Baund, recently announced that the startup has attracted over $3.5 million in Series A funding.
The funding round was led by DS Asset, one of Korea’s top investment firms, and Shinhan Capital’s New Technology Association with Geon Investment’s Geon NEW-K Content Investment Association supporting as a companion investor. A number of Korea’s top hip-hop artists also invested as members of the Korea Hip-hop Summit Investment Association 1 and 2 bringing the funding round total to over $6.5 million.
A member of the DS Asset investment team shared his optimism regarding the future of IDID Inc.’s mobile app, Baund. “Despite the difficult investment environment, we proceeded with the round anticipating the growth and scalability of Baund and the opportunity for short-form videos and music content IPs that match current Gen-Z and millennial trends.” He went on to say that the funding is expected to increase IDID Inc.’s acquisition of quality IPs through projects with musical artists and agencies as well as further the app’s global expansion, particularly in the US and Southeast Asia.
Ki-beom Song, CFO of IDID Inc., also shared that an increase in R&D will be made along with improvements to in-app services and continued user growth efforts, both locally and abroad. “Our focus is on creating a virtual place where Gen-Z can freely express themselves and turn their dreams into a reality.”
Released earlier this year, Baund hosts tech developed both in-house and procured specifically for the app including AI mobile video optimization encoding and streaming, multi-track video, and sound processing. All these features allow users to edit, playback, and share videos anytime, anywhere. The app is also home to a library of beats copyrighted by Baund, which allows users to create freely without having to deal with IP issues/copyright claims.
Since its domestic launch, over 30,000 Gen-Z & millennial users have produced and shared their own music and videos through the app. Baund has also given aspiring artists and musicians an entry point into the music industry through projects such as POWERED, which supports users with the production of original music in collaboration with major hip-hop artists.
In early 2023, IDID Inc. will launch its mobile battle feature that will allow users to host freestyle battles, taking the traditionally offline events online allowing users from all over the world to participate.
David Yoon
IDID Inc
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