Russian and Belarusian funds invest $2 million in AI startup - RUSSOFT
RUS | ENG

Supported by:

Russian and Belarusian funds invest $2 million in AI startup

This investment comes as part of an ambitious global AI investment program launched by the two funds

Jul 11, 2018
Larnabel Ventures, a Moscow-based company founded by the Gutseriev family to invest in IT, and VP Capital, a venture fund backed by Belarusian businessman Viktor Prokopenya, have teamed up to invest $2 million in Read2play, as reported by VentureBeat earlier this month.

Developed by Belarusian AI startup FaceMetrics, this app presents itself as "not just another parent control app, but a smart adviser." It aims to "limits games and encourages self-learning" by letting children earn bonus playtime by achieving their reading goals.

Similar to other apps of this category, Read2play offers "scheduling, location-tracking, social activity monitoring, call-tracking, as well as tracking via the tabletís camera, looking for body and eye movements."

However, the app does not store the acquired data: it uses "the greatest innovation AI offers, which is the ability to utilize only the conclusions that AI makes, without storing the core data itself."

"In todayís post-AI world we know that we donít need to transmit all of the [acquired] data: cameras equipped with AI can send the data only when they know it needs human attention."

The app is available for iOS and Android-powered smartphones and tablets.

This investment comes as part of an ambitious global AI investment program launched by the two funds. Last year, they invested in Banuba, a startup with Belarusian roots developing AI-enhanced apps for exchange traders.