Logojoy raises $6 million in funding to expand AI design platform

Toronto-based logo designer startup Logojoy has raised $6 million in a series A funding round top help it expand its platform.

Logojoy plans to use the funding to expand its artificial intelligence (AI) powered logo design tool targetted mainly at small and medium business.

Logojoy co-founder and CEO Dawson Whitfield

“We estimate the SMB design market to be nearly $12 billion (USD) a year, with logo design representing about $1.5 billion,” said Dawson Whitfield, CEO and co-founder of Logojoy in a press release, “we’re excited that this funding will allow us to further our research into generative AI to create original design assets and graphics so that using Logojoy feels like working with a brilliant graphic designer.”

Founded in 2016 the company raised $900,000 CAD in a seed funding round in 2017 through a group of angel investors. This time around prominent Canadian venture capital firm Real Ventures led the series A round, with U.S. firms like Flybridge Capital participating in the funding.

“Logojoy will use the funds to accelerate its mission of making design accessible and delightful by expanding its team of data scientists and developers,” the release stated, noting that it will also be offering users more AI-designed fonts and symbols through its deep and machine learning capabilities. Logojoy plans to expand its current team of 29, to 50 employees by the end of 2019.

To date, the company has sold over 100,000 AI-designed logos to customers in 188 countries and 3.3 million users have created a logo through its free online logo maker.

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Meagan Simpson
Meagan Simpson
Meagan Simpson is a staff writer for IT World Canada. A graduate of Carleton University’s journalism program, she loves sports, travelling, reading and photography, and when not covering tech news she can be found cuddled up on the couch with her cat and a good book.

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