Bering Lab, a South Korean legal AI translation startup, has raised USD 2.3 million in a pre-Series A funding round to expand its expertise and global reach. Founded in 2020, Bering Lab has previously secured several successful seed rounds, including investments from TIPS program and Naver. In 2023, Bering Lab became the first South Korean startup to win the grand prize at the Huawei Cloud Startup Ignite Competition, earning USD 0.125 million in “Cloud Credits” and other support.
Specializing in legal, financial, and IP content, Bering Lab has seen significant growth, with 2023 revenues reaching USD 2.3 million, an 11.1% increase from the previous year. The company’s focus on legal translation has attracted investor interest, leading to an oversubscribed funding round, with SBVA as a key backer due to their history in the translation and localization industry.
Bering Lab, which employs 25 full-time staff and over 500 lawyer-linguists, plans to use the funds for strategic hires, product development, and potential acquisitions to expand into new domains and regions. The company currently serves over 300 clients across 15 countries and aims to increase its international revenue share to 50% within three years.
Co-CEO Jae Yoon Kim underlined that while DeepL is a major competitor, Bering Lab’s specialization and focus on specific verticals will drive success in the dynamic AI translation space.
