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Woobo Inc.
Location: 198 River Street, Cambridge, Massachusetts, United States United States
Founded in: 2016
Stage: Pre-launch
Number of employees: 6-15
Funding history:
- Date: 07/2017, Seed: $700 k (post valuation: $12500000).
- Date: 01/2016, Seed: $800 k (post valuation: $4000000).
Short URL: vator.co/woobo-inc
Referred by: 2017 Robot Launch
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Woobo Inc.

Startup/business
Cambridge, Massachusetts, United States United States
http://www.woobo.io
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Company description

Woobo Inc. is working on the next generation of AI powered speech interaction engine that has personality. The team is consisted of graduates from MIT, CMU and Harvard. Its AI engine has won 1st place in global LiveQA contest in both 2015 and 2016 (https://www.lti.cs.cmu.edu/news/lti-student-fields-best-automatic-system-trec-liveqa-evaluation). Its personalized conversation engine based on generation model can imitate any character or celebrity. The first product is a companion robot for kids promoting interactive learning experience. The product has been reviewed as key trends in 2017 NY Toy Fair, referred by customers as Echo for kids and next generation of Furby. Woobo has also been selected as one of Top 50 consumer robots startup by CB Insights (https://www.cbinsights.com/blog/robots-consumer-startups-market-map/).


Team
Business model

We plan to generate revenue through three businesses: 1) device business, 2) content business, and 3) data business, as follows:

Device: we will sell our device products directly to our customers at a competitive price. Channels will be mainly online ones like Amazon or our official website.

Content: we have identified three sources of content: a) self-created content, b) content obtained through partnership with existing providers (e.g. educational institutions), and c) content uploaded directly by customers. We are considering making a basic content package free of charge to our customers, and charge only for specialized content on a subscription basis. In addition, we may open our content distribution platform to either existing content providers or to customers who create their own content on a revenue- sharing base. By building up a content community, children will be able to access the best available content along with their growth.

Data: as we collect more and more interaction data between children and robots, such deindentified data could reveal information on children related activities, and parents may also benefit from such data by receiving developmental measurements for their children.

 

Competitive advantage

Three main advantages, advanced concept, cutting-edge technology and competitive pricing.

 

Advanced concept: Woobo will revolutionize our next generation’s way of learning and playing. We aim to be pioneers in this filed and will be benefit of a first-move advantage.

Cutting-edge technology: we apply the most advanced technologies into Woobo, enable it to communicate in a natural way, and become “smarter” as its system collects more data.

Competitive pricing: by leveraging our direct network with Chinese manufacturing industry, we will be able to provide significantly lower prices than those of existing comparable products.