This week introduced notable funding rounds for 2 authorized know-how firms, Proof and Spellbook, and a much-smaller seed spherical for a more recent authorized tech startup.
Proof Raises $30M Collection B
Proof Technology, whose platform facilitates on-demand service of course of and digital submitting, has closed a $30.4 million Collection B funding spherical. The spherical was led by Lengthy Ridge Fairness Companions with participation from current traders together with Blue Heron Capital and The LegalTech Fund.
The corporate says it’s going to use this new capital to speed up income progress, broaden digital submitting capabilities, improve integrations with authorized business case administration software program, and extra deeply embrace AI to create extra efficiencies for its customers.
Proof supplies a litigation companies market the place regulation corporations and authorities businesses can entry a nationwide community of course of servers, digital court docket submitting companies, and distant notarization. Greater than 5,000 regulation corporations and authorities businesses presently use its platform to ship or e-file shut to twenty,000 paperwork every month, the corporate says.
In 2022, I interviewed Proof’s founder Eric Voogt for my LawNext podcast, the place the Colorado lawyer described how he had seen the service-of-process enterprise as antiquated and in want of a technological improve. He based the corporate in 2016, and once we spoke in 2022, he had simply raised a $7 million Collection A spherical.
“Since our founding, we’ve been serving to regulation corporations, firms, and authorities businesses extra simply serve and file summons, subpoenas, complaints, and different authorized paperwork wherever within the nation, dramatically lowering the time and trouble concerned in serving and submitting authorized paperwork,” Voogt mentioned this week in asserting this newest funding spherical.
Spellbook raises $20M
Spellbook, an organization whose product makes use of GPT-4 and different generative AI fashions to hurry contract drafting and overview immediately inside Microsoft Phrase, mentioned this week that it has raised $2o million in a Collection A spherical.
That is the second large increase in underneath a 12 months for the corporate, previously often known as Rally Legal. Final Might, it raised $10.9 million in a seed spherical led by Moxxie Ventures, with participation from Thomson Reuters Ventures, Inovia Capital, The LegalTech Fund, Bling Capital and others.
This newest spherical was led by Inovia and included participation from those self same traders plus others.
The corporate says it’s going to use the funds to scale into 30,000 regulation corporations worldwide, whereas additionally growing new performance: AI that mimics the model of a lawyer and that may automate a lawyer’s full end-to-end workflow, beginning with a shopper e-mail, and that’s 10x extra correct for contract work than anything available on the market.
“This increase marks a significant milestone for our group, and is indicative of the market traction we noticed in 2023,” mentioned Scott Stevenson, cofounder and CEO. “With the brand new capital, we’ll proceed innovating inside the authorized AI sector, partnering with probably the most regulation corporations of any generative AI that we all know of –and extra importantly, to proceed delivering new worth to our clients.”
During the last seven months, since asserting its seed funding, Spellbook’s buyer base has grown almost 300% and it’s now working with over 1,700 regulation corporations and authorized groups, the corporate says, and from 2022 to 2023, its income grew 10x.
Legalyze.ai Receives $100K Angel Funding
Legalyze.ai, a startup that guarantees to revolutionize how authorized professionals deal with case work, has acquired a $100,000 angel funding from the Bethesda, Md., enterprise capital agency Cost Ventures.
The Dallas-based startup says it makes use of AI to assist attorneys shortly overview and generate paperwork in litigation, enabling them to extra shortly create summaries, timelines and procedural paperwork.
“We’re thrilled to have Cost Ventures on board,” mentioned Legalyze.ai CEO Chris Ford. “Their perception in our imaginative and prescient for Legalyze.ai is a strong affirmation of our method to leveraging AI in authorized workflows. This funding will propel us ahead, enhancing our platform’s options and lengthening our attain within the authorized tech market.”
