Dunamu & Partners (CEO Kangjun Lee), the investment subsidiary of Dunamu, announced on the 13th that it has completed a seed investment of $3.67 million (approximately 5.1 billion KRW) in Solomon Labs (CEO Kikyung Lee), a tax AI solution company. Base Ventures added an additional $1 million to the investment, bringing the total seed round to $4.67 million (approximately 6.5 billion KRW).
Solomon Labs has secured a total of $14.5 million (approximately 20.3 billion won) in funding through this seed round, including an investment from US venture capital firm Bessemer Venture Partners last month. Founded in 2024, the company is headquartered in New York and provides Solomon AI, a tax filing automation solution. Its core team consists of graduates from prestigious universities like Harvard and MIT, as well as big tech companies like Microsoft and Amazon.
Solomon AI automates all aspects of tax processing, including document collection, data extraction, and return preparation, using AI to address the accounting shortage and complex tax law issues in the US market. This approach has resulted in accounting firms reducing their work time from over five hours to approximately 30 minutes.
Within six months of launching, Solomon Labs achieved $1 million in annualized revenue (ARR) and aims to reach $3 million by the end of 2025. One US client reported that after implementing Solomon AI, they were able to file 64% more reports on time compared to the previous year.
Solomon Labs plans to use this investment to enhance its AI classification model, improve its user interface (UI), and expand its services to various tax categories, including student loans and alimony, and to expand by state.
“Solomon Labs is a team with technological prowess and market understanding in the AI-based tax automation field, and we expect them to rapidly expand in the U.S. market and innovate accounting firms’ operations,” said Sujin Lim, partner at Dunamu & Partners.
Solomon Labs CEO Lee Ki-kyung said, “The investments from Dunamu & Partners and Base Ventures are a recognition of our technological prowess and problem-solving capabilities,” and added, “We will expand the scope of tax AI automation to support more accounting firms in providing high-quality services.”
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