Jigo AI Secures Investment from The Ventures to Revolutionize Contract Analysis
Reading Time: 2 minutesJigo AI, a Korean startup developing global contract analysis software, has secured investment from The Ventures. Jigo AI focuses on contract “analysis,” targeting individuals and small startups with its global contract management software. Its goal is to prevent unfair transactions resulting from a lack of legal expertise, with core targets including startups, small and medium-sized enterprises, and individuals who lack sufficient legal support.
Existing contract management software primarily focuses on contract creation and collaboration, making them less effective in analyzing the fairness of individual clauses.
In contrast, Jigo AI distinguishes itself by focusing on both contract management and clause analysis, meticulously examining contracts to identify any harmful clauses and ensure fairness. When users upload a contract to Jigo AI, the software extracts the specified conditions and automatically compares them with common market norms and market data stored in its database. This allows users to review potential risks, unfavorable terms, and unusual conditions at a glance.
Jigo AI was founded by Sang-Hoon Lee, who previously founded Kurvv, an AI equipment failure prediction solution in the United States, which he later sold to Aizen. From its inception, Jigo AI has garnered significant attention.
Cheol-Woo Kim, CEO of The Ventures, stated, “The global contract management software market exceeded 3 trillion won in 2022, but most solutions are still optimized for large corporations. We highly value the potential of the founder and team, who have a proven track record of successful entrepreneurship. However, we were particularly attracted by their smart strategy of targeting and quickly penetrating an untapped market.”
Sang-Hoon Lee, CEO of Jigo AI, said, “We want to solve the difficulties faced by startups, SMEs, and individuals during complex contract and negotiation processes due to constraints in time, cost, and legal knowledge. Our core technology, which focuses on harmful clause detection and fairness analysis, will improve the contract-related experience, ensuring everyone can engage in fair contracts.”
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