The leading e-signature company with 320,000 corporate members accelerates its technological advancements with a Series C funding of 17.7 billion won.
"I had to travel 230 kilometers to a region to get my seal stamped on a contract, and it was common to have to wait a week for it to be mailed back and forth. There were even instances where executives had to come to the office at dawn just to get a single contract."
This was the reality for businesses before the introduction of electronic contracts. The more important a contract was, the more essential it was to require a face-to-face signature, and the risk of losing or forging a contract was a headache. Searching through dozens of contract files to find specific clauses was routine. But things are different now. Secure contracts can be concluded anytime, anywhere with just a smartphone, and AI automatically extracts and manages key contract terms. Companies adopting ModooSign are experiencing a revolution, reducing contract-related processing times by an average of 20%.
The main player driving this change is Modusign, an electronic contract and electronic signature company.
Modusign, which has secured 320,000 corporate and institutional members, over 40 million signatures, and 8.9 million cumulative users, is leading the next-generation contract management innovation with its AI-based contract lifecycle management (CLM) system, having attracted Series C investment of 17.7 billion won from SBVA and IBK in 2024.
Solving customer problems is the key driver of growth.
CEO Lee Young-jun expressed confidence in the background of the company's rapid growth, saying, "With 320,000 corporate and institutional members, over 40 million signatures and documents used, and 8.9 million cumulative users, ModuSign goes beyond mere usage volume and is proof that it is establishing itself as the standard for contracts in Korea."
When asked about the secret to his growth, he explained, “It’s because we’ve maintained the essential values that customers need and want.” He continued, “Under the mission of ‘making contracts simpler and safer,’ we’ve continuously improved to solve customer problems based on a foundation of clear legal effect and strong security while making it easy for anyone to use in all places where a signature is required.”
Regarding the accelerated growth, especially after the Series C investment, he analyzed that “simultaneous expansion into the enterprise and public markets, as well as the broadening of the customer base and usage, served as the basis for the recent accelerated growth.”
17.7 billion won in investment focused on three pillars: technology, talent, and market expansion.
When asked about his plans to utilize the 17.7 billion won Series C investment, CEO Lee Young-jun responded, “The funds secured so far have been focused on three main axes: technological advancement, talent acquisition, and market expansion.”
We've focused on strengthening our AI, security, and data-driven contract management technologies. Key areas of investment include enhancing CLM across the entire contract lifecycle, establishing a security system to meet the security requirements of public and enterprise customers, and expanding our analytical capabilities leveraging large-scale contract data.
Key to securing talent is the hiring of CTO Lee Dong-ju, an NLP expert from Bbaengjangteo. He holds a Ph.D. in Computer Science from Seoul National University and is an expert in natural language processing (NLP). CEO Lee Young-jun stated, "CTO Lee's addition is not simply a talent acquisition, but a turning point that will enable Modusign's AI and CLM strategies to evolve more rapidly and deeply."
AI-powered CLM delivers business innovation with 95% accuracy.
The status of Modusign's ambitious AI-based CLM system was also revealed. He explained, "AI-based CLM is a next-generation contract management solution that goes beyond simple electronic signatures and encompasses the entire contract process (creation, review, negotiation, execution, storage, and analysis)." He added, "We are currently offering a beta version of our contract management product, and many companies are transforming their contract management with Modusign Cabinet." He emphasized that the company is seeing remarkable results despite its beta status.
"For extracting key contract clauses, we're achieving a high accuracy rate of over 95%. In fact, a recent case involved a client company uploading 1,630 contracts, where a client's staff member verified the accuracy of the data extraction, confirming 100% accuracy."
Its practical utility is also being proven. He boasted, "From a work productivity perspective, we've also seen an average 20% reduction in related task processing time." He added, "Even before full paid service launch, many clients have already opted for paid service during the beta phase."
Global differentiation through the 'Korean CLM' standard
He answered confidently about Modusign's global competitive strategy. He explained, "The reason it's difficult for global CLM companies to enter the Korean market directly is due to the unique nature of Korea's contract data, laws, and systems."
"Modusign possesses the largest customer base and contract data in Korea. It fully complies with relevant laws, including the Electronic Documents Act and the Electronic Signature Act, as well as security standards (CSAP, ISMS-P, etc.). Our biggest differentiator compared to global companies is our localized functionality, which reflects Korean corporate culture and work processes. Rather than simply creating a 'Korean version of a global solution,' we're developing a Korean-specific, standardized CLM solution optimized for Korean businesses," he explains.
Accelerating Entry into the Public Market: A Success Story of the National Pension Service
The company's success in entering the public sector is also noteworthy. He said, "To date, more than 170 organizations have adopted Modusign," and added, "The most representative example of a successful case is the company-wide implementation by the National Pension Service."
According to him, Modusign has become the core of the National Pension Service's "digital transformation of administrative work based on electronic documents and electronic signatures." CEO Lee Young-jun expressed his expectations, saying, "This will result in the full digitization of 60,000 paper documents annually, enabling online submission of supporting documents based on electronic signatures, reducing storage and postage costs, shortening the average processing time from submission to processing, and preventing the risk of personal information loss and document forgery."
In order to meet the demanding requirements of public institutions, he added, “We have the best cloud security requirements required by the public sector in the country, and we also meet the requirements for receiving extra points in the public institution management evaluation,” and “We are making it easy for institutions to select and introduce the service, such as by being designated as a ‘Public Procurement Service Excellent Product’ for the first time in the electronic signature industry in May 2025.”
Modusign's environmental contribution is also noteworthy. CEO Lee Young-jun explained, "To date, Modusign has saved over 25 million sheets of paper. This has led to savings of thousands of trees and tons of carbon dioxide, and recently won the Minister of the Interior and Safety Award (Grand Prize) in the '2025 Urban Innovation Awards – Climate Response Category.'"
“This ESG performance is not simply a number, but a sustainable value that we offer to the company and society as the leading electronic contract company,” he explained. “In fact, a rapidly increasing number of clients are considering ESG, climate crisis response, and environmental protection as key requirements for adopting business solutions.”
1,175 Improvements Per Year: The Secret to Ultra-High-Speed Development
When asked about the secret to his development speed—27 new features and over 1,175 feature improvements in 2024 alone—he emphasized his organizational culture. "We prioritize the voice of the customer as our most important starting point," he said. "When managing our product backlog, we don't simply count requests. We prioritize by comprehensively considering the number of VoCs received, the expected impact, and the size and characteristics of the requesting company or organization."
"By iterating through short cycles based on agile sprints, we can rapidly deploy even small features and immediately see actual customer feedback. It's even possible to implement customer-suggested improvements within a week."
Looking back on his journey from founding the company in 2015 to the present, the CEO attested to the dramatic changes in the startup landscape. "When I started in 2015, the 'electronic contract' field was a complete wasteland," he recalled. "I was constantly asked questions like, 'Are electronic contracts truly safe?', 'Are they legally binding?', and 'Will people actually use them instead of paper contracts?'"
Regarding the startup environment, he analyzed, “The ecosystem has grown to the point where unicorn companies are no longer unfamiliar, and the investment market has matured beyond compare in terms of size and depth compared to the past.” He added, “In particular, the emergence of generative AI in recent years is fundamentally changing the startup environment once again.”
He advised aspiring entrepreneurs to "ride the mighty wave of AI, but find direction in your customers' problems." He added, "AI is merely a tool, and if the entrepreneur isn't clear about the problem they're trying to solve and the direction they're aiming for, it could only exacerbate their confusion."
Modusign plans to lead innovation in global contract management beyond the domestic electronic contract market by enhancing its AI-based CLM system and establishing Korean standards. Modusign is moving forward to end the era of paper contracts and usher in a new era of AI-powered contract management.
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