LegalTech corporation Law & Company recently announced that it has secured additional investments worth 50 billion won.
This investment series C-2 saw participation from new investors such as IMM Investment, Daesung Private Equity, Shinhan Venture Investment, and KDB Industrial Bank. Series C's follow-up phase, C-2, is characterized by expansion investments aimed at securing additional growth funds.
Existing investors such as Smilegate Investment, Premier Partners, Coolidge Corner Investment, and JW & Partners also made follow-up investments.
An IMM Investment official noted, "The LegalTech market is difficult to pioneer, so leading corporations can secure substantial economic advantages in this area," adding, "We participated in the investment because we believe that Law & Company, as a representative corporation in Korea's LegalTech sector, will continue to maintain its competitiveness based on 'Super Lawyer' and other offerings."
Law & Company launched the country's first and only commercial legal artificial intelligence (AI) service, 'Super Lawyer', in July last year. Recently, Super Lawyer recorded 123 correct answers, placing it among the top 5% of test-takers in the 14th Korean bar exam's multiple-choice questions, exceeding the passing mark of 96 questions.
The legal comprehensive portal Lotoq and the AI-based integrated legal information service Bigcase also showed balanced growth. Lotoq recorded a record high of 300,000 legal consultations last year. Currently, the cumulative legal consultations have surpassed 1.6 million, with over 550,000 legal content items. Bigcase recently obtained the largest case law data set in Korea, with 5 million cases.
Law & Company aims to achieve its first annual profit this year based on the growth of Super Lawyer and revenues from Lotoq and Bigcase. In the first half of this year, it recorded its first quarterly profit and a half-year profit since its founding.
With the foundation for growth established through this series C-2 investment, Law & Company plans to target both domestic and international markets through the establishment of a next-generation integrated legal platform.
Kim Bon-hwan, CEO of Law & Company, stated, "We were able to successfully complete the series C-2 round, recognized for our differentiated legal AI capabilities and achievements," and added, "As the number one LegalTech corporation in Korea, we will lead domestic industrial activation through AI-based innovation and prove the strength of K-LegalTech in international markets."