ACT Invests in Monument, Artificial Intelligence enabled personal cloud for photos and videos
ACT Venture Partners led the seed-funding round of Monument Labs, Inc., by investing €1 Million to the company. Bluestein Associates, Istanbul Technical University ARI Teknokent, and serial angel investor Sinan Guler have also participated to the investment round. This investment will accelerate the company’s growth and support its vision for AI assisted photo & video management.
Monument Labs, Inc. the first company to bring Artificial Intelligence (AI) to storage devices to make photo management as easy as taking them. Monument’s Artificial Intelligence automatically backs up and organizes photos and videos by analyzing who’s in them, what’s in them, and eliminating duplicates. Monument device, company’s first product, launched on Kickstarter last year and smashed the funding target by receiving over $703,818 in pre-orders. Together with post-campaign pre-orders, the company received over $900,000 from backers in 94 countries.
Ercan Erciyes, CEO of Monument Labs noted: “We’ll be focusing to use Deep Learning/Artificial Intelligence technologies to differentiate our products and services to deliver simple, best-in-class user experience in mobile and digital photography. Our users enjoy the benefits of having a scalable, effortless storage system the entire family can use to backup, organize, and share photos without sacrificing privacy, security, and quality of their photos.”
“We’re happy to partner with entrepreneurs who created an engaging consumer electronics product. Monument solves a problem that almost all users face – keeping all photos in place, organized. As new technologies and trends become widely available, the way users access to their memories also differentiates. We’re excited to see how Monument’s platform agnostic AI approach can impact the major aspects of how we use and manage photos.” says Erhan Kilicozlu, the Managing Partner of ACT Venture Partners.