Hukumonline Gains Series B Funding from MDIF to Advance Legal Compliance System
The funding follows MDIF's previous investment in 2019 through the Emerging Media Opportunity Fund (EMOF).
Hukumonline, a trailblazer in the Regulatory Technology (RegTech) sector, has successfully garnered Series B funding from the Media Development Investment Fund (MDIF). This financial boost is set to propel Hukumonline's mission to expand its legal product and service portfolio.
Hukumonline has strategically positioned the enhancement of its legal compliance system, a cornerstone of its Enterprise Solution business line and Generative AI technology, as a priority. This strategic initiative has spurred MDIF, an investment firm based in New York, to reinvest in the company.
Investment for Expansive Impact
MDIF's investment is aimed at empowering Hukumonline, which has witnessed a fourfold growth in recent years despite the global pandemic, to realize its vision: "To make everyone understand the law better."
Hukumonline plans to leverage the MDIF funding to fortify its business growth and resilience, broaden its reach, and create a larger positive impact on the Indonesian community, particularly in the legal sector.
"The investment underscores Hukumonline's broader impact in providing public education and legal access, aligning with MDIF's mission," stated Hukumonline CEO, Arkka Dhiratara.
Hukumonline intends to use the MDIF investment to bolster its marketing and sales capabilities, especially for its Enterprise Solution products. The funding will also be channeled towards the further development of existing products and services, as well as new innovations to meet future market demands.
This Series B funding follows MDIF's previous investment in 2019 through the Emerging Media Opportunity Fund (EMOF), highlighting Hukumonline's ability to sustain and enhance its business performance. It also reaffirms MDIF's commitment to supporting the sustainability of independent information and media businesses amid global challenges.
MDIF CEO Harlan Mandel said, "Hukumonline is pioneering in expanding access to legal information and high-quality analysis in Indonesia, including through its innovative use of AI in developing new products. We see significant potential for further growth and look forward to supporting Hukumonline in achieved this."
Pioneering Generative AI in the Indonesian Legal Field
Hukumonline is preparing to launch several new products and services that will incorporate Generative AI technology, marking the first application of this technology in the Indonesian legal field.
Hukumonline launched the first version of its Generative AI application in April 2023 through ask. Hukumonline.com. The company will soon introduce features offering broader Generative AI technologies to enhance the efficiency and effectiveness of legal information delivery, in line with the company's mission to meet evolving market demands.
Innovative Technological Solutions for Legal Practitioners
Founded in 2000 by leading legal practitioners and lawyers, Hukumonline serves as a primary reference for various matters related to Indonesian law and regulations. It offers a comprehensive solution for legal practitioners in Indonesia and has thousands of clients, including companies, prominent law firms, government institutions, and universities.
Hukumonline provides innovative technological solutions to enhance the productivity of legal practitioners and academics. For over two decades, the company has offered a comprehensive collection of regulations and court decisions, as well as the latest legal analysis across various sectors, providing profound and relevant legal insights. Hukumonline's rapid growth is marked by a positive market response to its latest product, a corporate legal compliance platform.
Hukumonline's flagship product, the Regulatory Compliance System (RCS), rcs. Hukumonline.com, has been adopted by various major companies in Indonesia for three years since its launch. Arkka revealed that the various well-known companies in Indonesia that have adopted the RCS have demonstrated the effectiveness of this legal compliance system and the high market demand for similar products.