Lithuanian Artificial Intelligence Startup ‘Attention Insight’ Attracts EUR 200 000 in Investment
AI-based platform Attention Insight, which analyses the aesthetics and design of a product, has received a three-part co-investment – Lithuanian Business Angel Network (LitBAN) and venture capital fund Koinvesticinis Fondas each invested EUR 50k, while venture capital fund Open Circle Capital financed the project with a further EUR 100k.
Attention Insight allows marketing managers and media channels to see the design of their product from the viewpoint of consumers. It analyses the aesthetics of a product, and highlights any, striking or missing design elements, and helps make rational decisions based on the analysis of the product. The platform is based on deep learning technology and eye tracking data.
The investors met the Attention Insight team at a training session of the Event Fund Training Program, which is organised by the Lithuanian Business Angel Network. In addition to Attention Insight, over 50 of the best startups from the Pitch Battle competition at the Startup Fair. Growth 2018 also had the opportunity to compete for the co-investment funding.
According to the founders of Attention Insight, the co-investments will accelerate the introduction of their product into new target markets.
“We are currently rolling-out our product in German and Scandinavian markets”, said Kamilė Jokubaitė, one of the co-founders at Attention Insight. “AI-based solutions get plenty of attention from both potential clients and investment funds. This recent investment allows us to finish building our SAAS platform, and launch the first product, which is aimed at measuring the effectiveness of the visual content on websites.”
The team has entered the German market and has already started collaborating with national television channels, news portals, and media planning agencies. In early 2019, Attention Insight attracted EUR 50k worth of investment from startup accelerator, Next Media Accelerator which is supported by a number of German media companies.
“Media companies compete with social media for consumer attention every day,” Kamilė Jokubaitė continued. “It is important for news portals to increase their readership not only by providing high-quality content, but also by presenting it online in a visually attractive way. We want to improve customer experience, therefore we remind the market to measure the visual consumer attention, which is now possible to predict with artificial intelligence”.
“As a partner in Open Circle Capital, which has been working with eye-tracking in the aviation industry, it’s a privilege to back the Attention Insight team in their ambitious exploitation of the technology in marketing communication”, says the Open Circle Capital partner Jens Damsgaard.
“With more than 60 members, Lithuanian Business Angel Network not just invest in startups. They also provide valuable contacts and advice from experienced Lithuanian and foreign business people. We hope that young innovative businesses will create jobs or even new markets. We want this investment to help Attention Insight attain their goals, attract more investors and enter a new stage of growth”, says LitBAN member Rita Sakus.
The investment in Attention Insight is not the first one for LitBAN and its partners in 2019. Previously this year, a team of eight LitBAN business angels, together with KŪB Koinvesticinis Fondas financed by INVEGA fund, invested EUR 435k in a fast-growing Lithuanian company Interactio.