Functionally, Vocaloid works like a combination of Synthetic Voice Actor and Auto-Tune. Initially starting life as a science project in 2000, Yamaha developed the experiment into a commercial product, releasing it to the public on January 15, 2004.
Vocaloid (portmanteau of 'vocal' and 'android' stylized as VOCALOID) is a singing voice synthesizing software created by university researcher Kenmochi Hideki and the Yamaha Corporation.