Photomyne, an artificial intelligence-powered photo scanning app, has reportedly raised $5 million in Series A funding. According to TechCrunch, the round was led by Luxembourg-based Maor, a co-investment tech fund from Philippe Guez and Eric Elalouf, along with participation from Israeli investors and other backers.
Tel Aviv-based Photomyne uses AI technology to convert physical pictures into online images and is used by a million people every month, while 250,000 users pay an annual $20 subscription for the expanded service. This adds additional features, including the option to build a family website where all your photos are uploaded immediately after being scanned.
Unlike Google’s PhotoScan, Photomyne enables users to scan multiple photographs in a single shot, which it then divides into individual photos by auto-detecting the boundaries.
Co-founder and CFO Yair Segalovitz told TechCrunch:
“We are focused on a new set of exciting features that we expect to release in the very near future. We intend to offer automatic colour correction – such as fixing colour decay – and the ability to search interesting photos in our 70 million-plus photo archive.”
Photomyne has reportedly been downloaded seven million times and is mainly used in the US and in Western Europe. The company plans to use the funding to expand its team and scale the business in Japan and Southeast Asia.