Business Canvas, a Korea-based document management SaaS company, closes $2.5M seed round


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Business Canvas, the South Korean document administration SaaS company behind Typed, announced immediately it has raised a $2.5 million seed spherical led by Mirae Asset Venture Investment, with participation from Kakao Ventures and Nextrans Inc.

The seed spherical might be used for accelerating product improvement and the global launch of an open beta for its AI-powered document administration platform. The corporate opened an office in Santa Clara, California this yr to spur its international enlargement.

The problem that Enterprise Canvas has identified and is building solutions to target is the challenge faced by people who find themselves tasked with ingesting info and producing writing or selections based mostly on that: legal professionals, entrepreneurs, researchers, students and communications staff like journalists among them. Individuals are bombarded with info lately, because of know-how. That is perhaps good in some instances, however on the planet of work, and particularly written work, there's such a thing as too much info, which may take a number of time to course of, and thus eat into the time we have to produce work based mostly on that info.

Enterprise Canvas, based in 2020 by CEO Woojin Kim, Brian Shin, Seungmin Lee, Dongjoon Shin and Clint Yoo, is hoping to unravel the challenge that each information worker and writer faces: spending more time on research and file group than the actual content material output they should create.

“Actually, individuals commit over 30% of their working hours making an attempt to seek for that file we once saved in a folder that we simply can't find anymore,” Kim stated.

By way of a community that intelligently tracks and organizes information based mostly on the consumer’s interactions, Typed brings together information from totally different websites and purposes into one simple-to-use and quick-to-learn digital workspace.

Strictly protecting its customers’ info and their confidential information uninterrupted, Typed doesn't entry the content material of users’ paperwork however makes use of them as machine studying knowledge, Kim advised TechCrunch. It collects customers’ actions as knowledge factors, merging this with publicly obtainable metadata from documents and assets underneath customers’ permission, Kim added.

“Trendy document writing has not changed because the 1980s,” Yoo stated. “Whereas we've more information at our fingertips than ever before, we use the same rudimentary strategies to arrange and make sense of it. We would like any author — from legal professionals and entrepreneurs to researchers and students — to give attention to creating great content material as an alternative of losing time organizing their source material. We achieved this by making information administration more like the best way our brain operates.”

Because the launch of the closed beta check in February 2021, Typed has seen vital consumer progress, with 25,000 information uploaded and 350% month-over-month lively consumer progress. It does not disclose lively consumer numbers but stated that it presently has more than 10,000 customers on the waitlist.

Typed will probably be obtainable by means of a freemium model and is at present accepting beta registrations on its website.

“Once we tested our closed beta, our metrics showed prime traction amongst students as well as journalists, writers and legal professionals, who require heavy research and doc work on a frequent foundation. We opened up access earlier this month for the waitlists in over 50 nations. These are primarily B2C users,” Kim informed TechCrunch. “As for B2B, we're at present in the strategy of proof-of-concept for one of the largest conglomerates in South Korea. Smaller teams like startups, boutique regulation, consulting companies, venture capitals and government institutions also have been adopting Typed as nicely.”

“While the corporate continues to be in its nascent stage in its improvement, Typed has the potential to basically change how we work individually or as a staff. If there's a enterprise to tackle our outdated method of writing content, it’s them [Typed],” Shina Chung, Kakao Ventures CEO stated.

The global market measurement for social software program and collaboration SaaS is estimated at $4.5 billion in 2021, growing over 17% yr on yr, Kim stated.