INTELLLEX, a Singapore-based legal AI knowledge management platform, has raised $2.1 million in its latest funding round led by venture capital firm Quest Ventures.
In a statement, INTELLLEX said the funding round was also participated by Thomson Reuters, Insignia Ventures, K3 Ventures, and a Singapore-government backed VC fund. The fresh capital will be used to expand the startup’s service delivery across the European Union and the Asia Pacific.
As part of the funding agreement, Quest Ventures partner Jeffrey Seah will join the INTELLLEX board of directors.
Founded in October 2015, INTELLLEX has its own knowledge management platform and offers services to both enterprise and SME clients. It allows professionals to access intellectual assets whenever they need it and regardless of where they are.
The company said remote work and virtual collaboration will become more mainstream as a result of the coronavirus pandemic. It added that professional services firm leaders are looking to expand the support they provide to their employees by granting them more convenient access to tools and resources.
These firms look to knowledge management to remain competitive, said Chang Zi Qian, co-founder and co-CEO of INTELLLEX.
Using the startup’s patent-pending technology, the platform converts clients’ knowledge assets into ready-to-use materials that can be easily accessed when needed.
Currently, the startup’s clients include international and local law firms, government and regulatory institutions, corporate legal teams, and legal content providers.
Ellery Sutanto, co-founder and co-CEO, however, disclosed that the company’s next product upgrade will explore applications beyond the legal industry to related knowledge-based industries such as financial services regulation, corporate finance regulation, and tax.
The knowledge management market worldwide is projected to grow to $799 billion by 2025, according to an independent study last year.
Singapore-based Quest Ventures, the lead investor in this funding round, has recently secured the first close of its $50-million fund – Quest Ventures Asia Fund II.
The VC firm targets early-stage startups in Southeast Asia and emerging Asia, and sees itself expanding into markets such as Indonesia, Myanmar, and the Philippines. It has been actively deploying capital in Singapore and Vietnam, with its portfolio including names like Carousell, ShopBack, 99.co, Carro, StyleTheory, SGAG/ MGAG/ PGAG, Glife, and Xfers.
