Seoul, South Korea - BHSN, a Seoul-based AI company specializing in contract management, today announced that it has secured KRW 6 billion in Series A funding from venture capital firm Altos Ventures.
Financial terms of the post-money valuation were not disclosed.
Why It Matters
The funding underscores the growing demand for AI-based solutions in corporate legal processes.
The funds will primarily be used for further research and development, including developing a private legal language model (LLM) and multilingual capabilities.
These advancements aim to provide a comprehensive understanding of the relationship between legal documents and corporate governance, particularly in environmental, social, and governance (ESG) compliance.
The Key Points
BHSN developed its core technology in collaboration with Dr. Byung-tak Jang, a leading AI researcher and head of the AI Institute at Seoul National University.
Their joint research resulted in the natural language AI model, BHSN-BERT, which facilitates contract analysis by identifying and evaluating individual contract clauses.
The technology provides an end-to-end contract management solution, covering aspects from standard contract creation to internal approvals and performance evaluation.
- BHSN was founded in 2020 by Jung-Geun Lim, a former corporate lawyer.
- The company's proprietary technology, BHSN-BERT, specializes in contract analysis and management.
- Major South Korean corporations, including CJ CheilJedang and SK Telecom, have adopted BHSN's solutions to streamline their systems.
The Big Picture and What Investor Says
Current adopters of BHSN's technology, such as CJ CheilJedang and SK Telecom, demonstrate the platform's effectiveness in improving system efficiency and productivity.
With the new funding, BHSN plans to accelerate the development of specialized language models for understanding causality in legal documents closely aligned with emerging ESG criteria.
"BHSN has achieved what is often elusive - translating advanced AI technology into tangible business outcomes," said Kyung Chan Song, Partner at Altos Ventures.
The company has a strong track record of leveraging AI for specialized data processing in legal and contract review areas, a niche that Altos Ventures believes positions BHSN as a potential market leader.
With its focus on technological innovation and practical application, BHSN is poised to be a significant player in the AI-driven corporate legal tech market.
