Solomon Labs: Dreaming of a Standard for American Taxation

Sharp execution built on experience

In our first meeting, he explained what he wanted to do with great order and logic and structure, and whenever a question was asked, he gave a clear and unwavering answer.

Knowledge graph in action (Source: Medium)

The company began in late 2023, initially building a knowledge graph-based tax law research engine. However, after months of market exploration, they realized the opportunity lay in tax filing automation. Their official product launch in late 2024 and their $1M ARR in just five months were no accident. This was the result of daily client meetings, CPA team development, and relentless market research.

A carefully designed go-to-market strategy

CEO Lee Ki-kyung's most outstanding ability is his ability to accurately grasp the essence of business and act accordingly .

Solomon Labs solves a very specific problem: automating tax return forms. But even more impressive is the steady influx of customers, despite its price tag being three to five times higher. The reason is simple: "It's the most accurate, fastest, and easiest to review." Since accountants in the United States are required to file returns in their own names, these three factors go beyond mere functionality and are essential for practical application.

Differences Compared to Existing Tax Outsourcing Methods (Source: Solomon Labs)

Their early sales approach was also impressive. They generated leads by cold-mailing candidates after seeing job postings on job search platforms, and then persuaded clients with a clear proposition: "Instead of hiring an $80,000 employee, pay only $40,000 and AI will deliver double the results." Most contracts stemmed from this offer, and the success was the result of the CEO's own hard work and dedication.

Deep understanding of the market and sharp problem definition skills

When asked about his business goals, CEO Lee Ki-kyung stated firmly, “In 10 years, we want to make sure every CPA in the United States uses Solomon Labs.”

Typically, entrepreneurs hesitate when talking about this level of vision, or they often embellish it with exaggerated rhetoric. However, this CEO, during his law school years, developed a keen interest in the tax domain and devoted extensive time to research and reflection. He wasn't simply searching for a promising idea; his journey was driven by a persistent, internal drive to solve a real problem.

(Image: WSJ)

US tax law is complex. It encompasses structural, historical, and political contexts that cannot be resolved simply through textual similarity.

Solomon Labs approaches this problem not only with simple RAG-based search, but also with Knowledge Graph-based AI. The key was "problem definition." The moment the CEO explained why existing approaches had failed, why a graph-based approach was effective, and why the problem could now be solved, we were convinced that the team had not created a "technical solution," but had designed a "problem-solving paradigm."

Performance-oriented thinking and rapid learning/feedback cycles

CEO Lee Ki-kyung's mindset is always clear: "The market will accept it only when there are numbers," "If the market doesn't respond, we'll pivot," and "If customers provide feedback, we'll reflect it next week."

When customers provide feedback, the following week, the product structure is revamped and the review process improved. When accountants complain that reviews are difficult, we create a document UI that matches input and output, and redesign the system to provide the most convenient user experience for CPAs.

The speed of execution, consistency of direction, and criteria for decision-making are all grounded in the field. This team is deeply passionate about solving customer problems rather than focusing on technical curiosity, and the result was market feedback: "Achieving $1M in ARR in just five months . "

In conclusion — A man named Lee Gi-kyung

BASS Ventures invested in Solomon Labs twice: the first time because we believed in his track record and vision, and the second time because we were convinced by his advanced execution and track record.

CEO Lee Ki-kyung is a truly solid individual. He doesn't grow his company with simplistic rhetoric, but he's persistent and quick to find solutions to problems he understands.

We call such people "crazy people." And the history of startups is a history of people like them changing the world. Ten years from now, every CPA office in America may have the Solomon Labs logo on it. As we await that day, we continue to make that crazy person's grand dream a reality.

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