Korean-based legal AI translation company BeringLab has secured 3 billion KRW (approximately 2.32 million USD) in pre-Series A funding. The round was led by SBVA (formerly Softbank Ventures Asia), with participation from The MBA Fund, a US venture capital firm founded by Harvard, Stanford, and Wharton business school graduates.

Founded in 2020, Beringlab developed an AI engine specialized in the legal field, outperforming general AI translation solutions. The company offers two services, BeringAI and BeringAI Plus, and has over 300 clients worldwide, including more than 140 law firms and corporate legal teams. Their solutions boast a repurchase rate exceeding 90%, thanks to their accuracy and speed.

BeringAI is a subscription-based AI translation platform designed to assist small and medium-sized law firms, individual lawyers, and professional translators. It supports complex document translations, not just simple text. BeringAI Plus caters to law firms, patent firms, corporations, and government agencies that require higher accuracy. The initial AI translation is reviewed by over 500 lawyers and 800 professional translators in more than 30 countries, achieving a 99% accuracy rate.

With this funding, Beringlab plans to enhance user experience and expand globally. They have already validated their international business potential by securing clients in 15 countries, including the USA, Hong Kong, Singapore, and Japan. Technologically, the company has gained recognition by winning competitions such as the Huawei Cloud Startup Competition and the Global LegalTech Venture Days.

Beringlab also plans to extend its services beyond legal and patent translation to fields like finance, clinical research, and IT. They will offer customized translation solutions tailored to specific industries and businesses.

Lee Se-young from SBVA, who led the investment, stated, “Beringlab is a leader in legal translation in Korea, innovating the professional translation industry through its legal expertise and AI technology. We expect them to expand into various fields, including patents and clinical research, and grow in the global market.”

Kim Jae-yoon, co-CEO of Beringlab, added, “Beringlab is presenting a new business model in the translation industry with its unique technology and expertise. We aim to expand our market and services, growing into a platform that allows experts in various fields to work globally without language barriers.”