Seoul City Accelerates Global Unicorn Attraction... Partners with AI Company 'FiscalNote'

Silicon Valley Innovative Startup FiscalNote Supports Entry into Seoul, Boosting Big Data and AI Industry Technology
Seoul City Anticipates Job Creation for Professionals and Technology Transfer... FiscalNote Expects to Expand Asian Market through Seoul

[Asia Economy Reporter Lim Cheol-young] FiscalNote Inc., an artificial intelligence (AI) platform that provides essential policy data analysis and insights for organizational operations, is partnering with the Seoul Metropolitan Government to expand into the Asian market. FiscalNote is enhancing its AI technology through domestic corporate investments and creating jobs, while Seoul supports FiscalNote's expansion of its Asian business.

According to Seoul City on the 25th, FiscalNote, a Silicon Valley innovative startup and global unicorn company, is an AI-based legislative and regulatory data analysis service company headquartered in Washington D.C., having grown into a unicorn company valued at over 1 billion USD. FiscalNote has branches in eight countries worldwide and is expanding its service areas to include government regulation consulting and media management.

Seoul City signed a tripartite investment memorandum of understanding (MOU) on the 20th of last month with FiscalNote and the domestic startup company DataHunt (FiscalNote's domestic subsidiary) and is currently cooperating.

FiscalNote is formalizing its entry into Seoul by expanding AI-based technology through the operation of its domestic subsidiary DataHunt. Seoul expects that cooperation with FiscalNote, a global AI leading company, will create high-quality employment in the domestic big data and AI industry sectors and also anticipates technology transfer effects in related industries. Seoul plans to continuously support FiscalNote's expansion into the Asian market going forward.

DataHunt is an AI-based data collection and processing company acquired by FiscalNote through a 2.5 billion KRW investment. It developed a solution that integrates AI functions into HITL (Human-in-the-Loop) machine learning?the first in Korea?to reduce data processing time and costs while improving accuracy.

Meanwhile, Seoul City has been providing employment subsidies of up to 50 million KRW to companies that have newly hired more than five employees since last year, to support the growth and employment stability of companies that have attracted overseas investment in new growth industry sectors such as DataHunt.

Hwang Bo-yeon, Director of Seoul City's Economic Policy Office, said, “We will maximize investment attraction through multifaceted support for domestic and international unicorn companies like FiscalNote. We will attract promising companies in new growth industries to Seoul to create jobs for skilled professionals and develop Seoul into a ‘global hub city’ that enables entry into the Asian market.”

This content was produced with the assistance of AI translation services.