CODIT is recognized by the German Chambers of Commerce in Korea, becomes the first startup to receive the Innovation in Digitalization Award
CODIT is a platform that analyzes technological risks and regulations related to that corporations come across. Of the over 50 million pieces of legislature, bills, and governing data that corporations face, CODIT utilizes AI technology to provide each company with only the necessary information they require. CODIT’s auto-translate service is especially highly noted. Within the area of bills, legislature and news, CODIT’s BLEU Score (Bilingual Evaluation Understudy Score) boasts the highest level in the world, leading to their image as a corporation that contributes to global businesses which host employees from around the world.
CODIT’s ability to aptly simplify and recognize the issues of corporations relating to compliance, legal and legislative troubles has led to attention from successful businesses not only within Korea but also internationally. The potential shown by the fast growth and solid business model recently awarded CODIT with a 5 billion won Free Series A investment.
CODIT CEO Ji Eun Chung commented “We’ve gained 5 patents allowing technology that lets us collect laws and regulations, within a year and a half Our auto-translate system is one of our many technological innovations. I believe this award is a recognition of our technology and innovative nature as a company, and am very happy to see it come from a technologically advanced country such as Germany. We will continue to pour our investments into developing more technology that allows us to monitor Laws, Regulations and Policies. We believe this will help us soon become a player even in the international market.
The Innovation Awards is an annual event, designed to select corporations which demonstrate impressive technology and innovation. 6 judges are selected among Koreans and Germans. The judges were the Vice CEO of Deutsche Telekom Jin-sung Choi, The General manager of the KETI small business alliance group Benjamin Kang, The foreign economics minister of the German embassy Arne Cooper, and finally professor Manfred Martin from the RWTH Aachen University.