Business Canvas, a South Korean document management SaaS company behind Typed, announced today it has raised a $2.5 million seed round led by Mirae Asset Venture Investment, with participation from Kakao Ventures and Nextrans Inc.
The seed round will be used for accelerating product development and global launch of open beta for its AI-powered document management platform. The company opened an office in Santa Clara, California this year to spur its global expansion.
People are bombarded with information thanks to advances in technology that opens the doors to a wealth of information, but at the same time, too much information and a huge amount of data at one time leave the users confused and/or unable to make timely decisions.
Business Canvas, founded in July 2020 by CEO Woojin Kim, Brian Shin, Seungmin Lee, Dongjoon Shin and Clint Yoo, is hoping to solve the challenge that every knowledge worker and writer faces: spending more time on research and file organization than the actual content output they need to create.
“In fact, people commit over 30% of their working hours trying to search for that file we once saved in a folder that we just cannot find anymore,” Business Canvas CEO and co-founder Kim said.
Through a network that intelligently tracks and organizes files based on the user’s interactions, Typed brings all the knowledge from different websites and applications into one simple-to-use and quick-to-learn digital workspace.
Strictly keeping its users’ information and their confidential files uninterrupted, Typed does not access the content of users’ documents but utilize them as machine learning data in order to protect their information and data, Kim told ProWellTech. It simply collects users’ action driven data point and publicly available metadata of documents and resources under users’ permission, Kim added.
“Modern document writing has not changed since the 1980s,” Business Canvas co-founder Clint Yoo said. “While we have more knowledge at our fingertips than ever before, we use the same rudimentary methods to organize and make sense of it. We want any writer – from lawyers and entrepreneurs to researchers and students – to focus on creating great content instead of wasting time organizing their source material. We achieved this by making knowledge management more like the way our brain operates.”
Since the launch of the closed beta test in February 2021, Typed saw significant user growth including more than 10,000 users on the waitlist, with 25,000 files uploaded and 350% month-over-month active user growth, the company said in its statement. Typed will be available through a freemium model and is currently accepting beta registrations on its website.
“When we’ve tested our closed beta, our metrics show top traction among students as well as journalists, writers and lawyers, who require heavy research and document work on a frequent basis. We opened up access earlier this month for the waitlists in over 50 countries. These are primarily B2C users,” Kim told ProWellTech. “As for B2B, we are currently in the process of proof-of-concept (POC) for one of the largest conglomerates in South Korea. Smaller teams like startups, boutique law, consulting firms, venture capitals and government institutions also have been adopting Typed as well.”
“While the company is still in its nascent stage in its development, Typed has the potential to fundamentally change how we work individually or as a team. If there is a business to take on our outdated way of writing content, it’s them [Typed],” Shina Chung, Kakao Ventures CEO said.
The global market size for social software and collaboration SaaS is estimated at $4.5 billion in 2021, increasing over 17% year on year, Kim said.