Bering Lab, a Seoul, South Korea-based provider of AI-driven legal translation solutions, has secured KRW 3 billion in pre-Series A funding.
Investors
The round was led by SBVA (formerly SoftBank Ventures), with participation from The MBA Fund, a prominent American venture capital firm founded by Harvard, Stanford, and Wharton Business School alumni.
Established in 2000 as the early-stage venture capital arm of SoftBank Group, SBVA has a storied history of empowering extraordinary entrepreneurs across the globe. The firm invests in and supports startups that seek to expand globally.
Bering Lab Use of Funds
The company will use the funding to enhance user experience, drive global expansion, and broaden its services into finance, clinical research, and IT. Additionally, Behring Lab plans to develop tailored translation solutions for specific industries.
About Bering Lab
Founded in 2020, Bering Lab has developed advanced AI technology that offers translations for legal documents and other complex texts. The company offers two flagship services: Bering AI, a subscription-based platform ideal for small and medium-sized law firms, individual lawyers, and translators; and Bering AI Plus, which provides high-precision translations reviewed by a network of 500 lawyers and 800 professional translators across 30 countries. The company is already operational in 15 countries, including the US, Hong Kong, Singapore, and Japan, with over 300 global clients, including over 140 law firms and corporate legal teams.
Funding Details
Company: Bering Lab Inc.
Raised: KRW 3.0B
Round: Pre-Series A
Funding Month: August 2024
Lead Investor: SBVA
Additional Investors: The MBA Fund, Crosslink Capital, Origin Ventures, Allegis Capital, Peak Ventures
Company Website: https://beringlab.com/
Software Category: AI Legal Translation Solutions
Source: https://wowtale.net/2024/08/07/227064/