Indent, a Seoul, South Korea-based startup that provides video-based review management software solutions for e-commerce businesses, raised $8.1 million (10.5 billion won) in Series A funding.
The round was led by SV Investment, with participation from strategic investors LG Uplus (a telco unit of LG), Korea Investment Partners, and Crit Ventures, among others.
The round brings Indent's total funding to date to $13.7 million and it will be used to continue developing its video platform.
Indent already has about 40 clients in the U.S., China, and Japan and intends to enter the U.S. market in the second quarter of this year to attract more users overseas. Within those geographies, it works with 3,800 online merchants, mainly direct-to-consumer brands.
The company's new service, called Spray, is a TikTok-like video review service that allows individual consumers to upload and share customer-generated video reviews. Spray was unveiled in beta form in April and is about to go live for B2C users. Users of Spray can also earn money when new customers use the service to make purchases.
Its video review marketing tool is called VREVIEW, and it works by sending a chatbot to a merchant's customers to collect their video reviews and product ratings.
Company: Indent Corp.
Raised: $8.1M
Round: Series A
Funding Month: March 2023
Lead Investors: SV Investment
Additional Investors: LG Uplus, Korea Investment Partners, and Crit Ventures
Company Website: https://indentcorp.com/
Software Category: Video-based Review Management Software Solutions
About the Company: Indent is a provider of video-based review management software solutions for e-commerce businesses. The solutions provided are a video review platform that produces purchase reviews from buyers and review management software solutions. The company currently generates revenue via VREVIEW subscription fees from its merchant clients. It also charges licensing fees from D2C brand merchants when they buy user-generated content (UGC) from their consumers. The company employs 27 people in South Korea, and South Korean corporations, including LG Uplus, Korean cosmetics brands maker AmorePacific, and MLB Korea use Indent’s services.
Source: https://techcrunch.com/2023/03/02/indent-raises-8-1m-funding-to-continue-developing-its-ai-powered-customer-video-review-tool/