Business canvas, a South Korean document management SaaS company behind Typed, announced today that it has raised a $ 2.5 million seed round led by Mirae Asset Venture Investment, with the participation of Kakao ventures and Nextrans Inc.
The initial round will be used to accelerate product development and the global launch of the open beta for its AI-powered document management platform. The company opened an office in Santa Clara, California this year to fuel its global expansion.
People are bombarded with information thanks to advances in technology that open the doors to a large amount of information, but at the same time, too much information and a large amount of data at the same time leaves users confused and / or unable to make timely decisions. .
Founded in July 2020 by CEO Woojin Kim, Brian Shin, Seungmin Lee, Dongjoon Shin, and Clint Yoo, Business Canvas hopes to solve the challenge every knowledge worker and writer faces: spending more time on research and organizing. of files than to the actual output content they need to create.
“In fact, people spend more than 30% of their work hours trying to find that file that we once kept in a folder that we can no longer find,” said Business Canvas CEO and co-founder Kim.
Through a network that intelligently tracks and organizes files based on user interactions, Typed brings together all knowledge from different websites and applications in one easy-to-use, quick-to-learn digital workspace.
By strictly keeping its users ‘information and confidential files uninterrupted, Typed does not access the content of users’ documents, but uses them as machine learning data to protect their information and data, Kim told TechCrunch. It simply collects the user action-driven data point and publicly available document and resource metadata with users’ permission, Kim added.
“Modern document writing hasn’t changed since the 1980s,” said Business Canvas co-founder Clint Yoo. “While we have more knowledge at our fingertips than ever before, we use the same rudimentary methods to organize it and make sense of it. We want any writer, from lawyers and entrepreneurs to researchers and students, to focus on creating great content rather than wasting time organizing their original material. We do this by making knowledge management more like the way our brains work. “
Since launching the closed beta test in February 2021, Typed has seen significant user growth, including more than 10,000 users on the waiting list, with 25,000 files uploaded and active user growth of 350% month-over-month, it said. the company in its statement. Typed will be available through a freemium model and is currently accepting beta registrations on its website.
“When we tested our closed beta, our metrics show the highest traction among students, as well as journalists, writers, and lawyers, who require intensive research and frequent documentary work. We opened access earlier this month for waiting lists in more than 50 countries. These are mainly B2C users, ”Kim told TechCrunch. “Regarding B2B, we are currently in the proof of concept (POC) process for one of the largest conglomerates in South Korea. Smaller teams like startups, boutique lawyers, consulting firms, venture capitals and government institutions have also embraced Typed. “
“While the company is still in its infancy in its development, Typed has the potential to fundamentally change the way we work individually or as a team. If there’s a business to take on our outdated way of writing content, it’s them. [Typed]”Said Shina Chung, CEO of Kakao Ventures.
The global market size for collaboration SaaS and social software is estimated at $ 4.5 billion in 2021, increasing more than 17% year-on-year, Kim said.