Link Alpha: "Unified AI Research for Equities, Bonds, and FX... Will Become Essential Investment Infrastructure" [VC Now]

This is the assessment of Hojun Choi, founder and CEO of the financial AI startup LinkAlpha. LinkAlpha provides AI-based research infrastructure for institutional investors and financial professionals. Their solution connects data from various asset classes-including equities, bonds, and foreign exchange-into a single AI agent system that supports investment decision-making. Major financial institutions such as Fidelity International, BNP Paribas, and Goldman Sachs are among its key clients.

During a recent interview at his office near Gangnam Station in Seoul, Hojun Choi said, "Within the next 5 to 10 years, the siloed structure of investment-where information is disconnected by asset class-will weaken, and AI agents will fill that gap. AI is becoming not a choice but an essential part of the infrastructure."

Hojun Choi, CEO of Link Alpha, is being interviewed by The Asia Business Daily. Photo by Dongju Yoon

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The challenge of connecting and interpreting fragmented information has been a focus area for Hojun Choi. He majored in international politics at Seoul National University and worked at Goldman Sachs' IBD Solutions team, where he designed structured finance products. Later, he led litigation finance at Law&Good, executing about 50 financing deals. With the rise of generative AI in 2023, he developed legal AI solutions and accumulated enterprise AI experience. Building on this, he co-founded LinkAlpha in 2024 with Dr. Chanyeol Choi, who holds a PhD in Electrical Engineering and Computer Science from MIT.

Hojun Choi defines LinkAlpha’s technology as an "AI intern." He explained, "In the financial sector, frequent staff turnover makes it difficult to accumulate organizational data. The AI intern remains within the organization, continuously learning from data, and over time evolves into an asset with the capabilities of an analyst." He added, "If the Bloomberg Terminal is like an electronic display showing data, we are the brains behind it that make judgments. AI agents are advancing to simultaneously replace some functions of data, research, and personnel."

There are a variety of use cases for the service. For example, it can analyze the impact of Middle Eastern geopolitical risks by using 100 years of historical conflict data to assess the effects on interest rates, oil prices, and various sectors. It can also apply game theory to analyze deadlines in negotiations between U.S. President Donald Trump and Iran. Some clients used the system earlier this year to proactively shift their investment focus from software to hardware, anticipating market changes.

As a result, LinkAlpha has focused on building an "infrastructure" that connects multiple large language models (LLMs) with financial data. The initial target market was hedge funds. Hojun Choi said, "Technological adoption in investment markets usually starts with hedge funds, then moves to investment banks, asset management firms, and then to pension funds and sovereign wealth funds. We are now expanding our client base to insurance companies and pension funds." Since monetization, LinkAlpha has achieved average monthly growth of over 30% for more than a year. The company has over 50 clients, with more than 90% of its revenue generated overseas.

Last year, major domestic venture capital firms such as Atinum Investment, Intervest, Kakao Ventures, and Smilegate Investment, as well as Techstars-one of the largest accelerators in the United States-participated in seed funding, raising about 9 billion won. LinkAlpha's global top-tier AI capabilities, strong human networks, and outstanding strategic communication skills were highlighted as strengths. Having quickly established its position as an "AI agent for institutional investors," the company is widely seen as well positioned to capture further market opportunities.

Hojun Choi, CEO of LinkAlpha, is introducing the AI-based solution LinkAlpha Terminal. Photo by Dongju Yoon

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Hojun Choi also expressed confidence regarding concerns about "SaaSpocalypse," the fear that LLM-based AI like ChatGPT and Gemini will overtake the software industry, and introduced the emerging concept of "harness engineering." Harness engineering refers to controlling and managing AI so that it performs tasks properly and efficiently to achieve results. He said, "As AI performance becomes more powerful, security and control become increasingly important. Designing structures that comply with financial regulatory environments is essential for realizing real efficiency."

LinkAlpha plans to complete its Series A funding round next month. The company has established subsidiaries in Hong Kong and Singapore and is planning further expansion into major financial hubs in London and the United States.

From this year, LinkAlpha will also aggressively pursue the Korean market. Hojun Choi identified the "group-based structure of financial conglomerates" as a distinctive feature of the Korean market. He noted, "Domestic financial institutions are typically organized into multiple affiliates under large conglomerates, so AI adoption is often pursued as a group-wide agenda rather than by individual organizations. While the volume of data itself is quite substantial, the degree to which it is actually used for investment decisions is still often limited. Compared to overseas markets, there is significant room for improvement in AI utilization here."

This is why it is important not to simply import globally validated models, but to "redesign" them to fit Korea's regulatory environment and organizational structures. Hojun Choi commented, "As with harness engineering, the core task is to implement AI in a controllable form that reflects financial regulations and security requirements. In the Korean market, we plan to take an active role in this process."

He concluded, "AI will become not just a tool for efficiency but the infrastructure that determines the competitiveness of financial institutions. Based on globally validated models, we will drive a full-scale transformation in Korea as well."

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