The Ventures Invests in Global Contract Management Software Jigo AI
The early-stage venture capital firm The Ventures has invested in the global contract analysis software ‘Jigo AI’.
Jigo AI is a global contract management software focused on contract ‘analysis’ for individuals and small startups. It was created to support startups, small and medium-sized enterprises, and individuals who lack sufficient legal support, aiming to prevent unfair transactions caused by insufficient legal expertise.
Existing contract management software mainly focuses on contract creation and collaboration, making them weak in analyzing the fairness of each clause. In contrast, Jigo AI not only manages contracts but also concentrates on contract clauses to meticulously analyze whether there are any harmful clauses or if the contract is fair. When users upload contracts to Jigo AI, it extracts the conditions specified in the document and automatically compares and analyzes them against common market norms and market data stored in its database, organizing and presenting potential risk factors, unfavorable conditions, and unusual clauses at a glance.
Lee Sang-hoon, CEO of Jigo AI, said, “We want to solve the difficulties faced by startups, small businesses, and individuals in complex contracts and negotiation processes due to constraints such as time, cost, and legal knowledge,” adding, “Based on our core technology of harmful clause detection and fairness analysis, we will improve the contract-related experience so that everyone can make fair contracts.”
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Kim Cheol-woo, CEO of The Ventures, explained the investment background, saying, “The global contract management software market exceeded 3 trillion won as of 2022, but most solutions are still optimized for large corporations,” and “While we highly value the potential of the CEO and team with successful entrepreneurial experience, above all, the smart strategy of targeting and quickly capturing this untapped market was attractive.”
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