Promenade AI, a Korean company developing AI-based business research solutions, has secured seed funding from 500 Global. Their technology leverages large language models (LLM) to streamline the research of unstructured data, transforming what traditionally takes hours of manual searching, aggregation, analysis, and summarization into expert reports in just minutes.

Major database companies like Bloomberg dominate the market by providing specialized industry information based on extensive quantitative data, charging companies millions of KRW annually. However, the market for non-quantitative information, which is not covered by existing databases, is estimated to exceed 50 trillion KRW. Companies often spend significantly on labor-intensive processes for handling this information, yet struggle to achieve efficiency.

Woo Jung-eun, CEO of Promenade AI, who graduated from INSEAD Business School and has worked with global consulting firms such as BCG, PwC, and Deloitte, recognized the importance of acquiring unstructured data in the industry research market. Believing in the potential of AI to automate this long-standing challenge, she founded the company with CTO Park Joon-hyung, who has over 10 years of experience in leading startups like RIDI. The beta service of Promenade AI targets the North American financial sector and consulting industries and has already attracted some users before its official launch.

Kim Kyung-min, a partner at 500 Global who led the investment, remarked, “Following the success of OpenAI’s ChatGPT, specialized AI services are reshaping various markets. For instance, Perplexity is emerging as a next-generation search engine used by high-income knowledge workers worldwide, even challenging Google’s dominance in specific areas. While Perplexity provides quick solutions for general queries, Promenade AI is poised to become an optimized engine for the more specialized field of business research.”

Woo Jung-eun added, “Promenade AI is developing a specialized engine that automates business research using LLM technology, enabling knowledge workers to focus on more valuable tasks. Our engine will create an environment where business decision-makers can access meaningful information quickly and cost-effectively, ultimately becoming an essential decision-making tool for knowledge workers.”