It's only Wednesday, but there are already four notable investments in the legal tech space making news this week.
Luminance
Luminance, a UK-based company that uses artificial intelligence to automate contract creation, negotiation and analysis, and whose products are also used in e-discovery, has raised $40 million in a Series B funding round. I have procured it.
The investment was led by Santa Monica-based growth-stage venture firm March Capital, with participation from National Grid Partners and other existing investors, including Slaughter and May.
According to Luminance, its large, legal-specific language model spans approximately 70 countries, from global manufacturers such as Koch Industries, Hitachi, and Yokogawa to insurance companies such as Liberty Mutual and even pharmaceutical giants. It is said to be used by a customer base of 600 organizations. LG Chem
The company says it will use the funds to drive global growth and expand its footprint in the United States.
“The last 12 months have seen significant technological achievements from our Cambridge R&D site, including ‘auto markup’ that brings contracts to the gold standard in one click, and the ability for teams outside of our legal team to independently sign contracts. Developments such as AI-powered tools for negotiating make Luminance the most advanced legal LLM available today. ” Luminance CEO said in a statement provided by the company.
“This latest round of funding brings our technology to new markets and strengthens our foothold in the US, where Luminance currently generates more than a third of our revenue, making us the clear market leader in this space. This will help solidify our position in the market.”
scroot automation
Scrut Automation, a governance, risk, and compliance (GRC) platform for midmarket companies, has raised $10 million in growth capital, bringing its total funding since its inception to $20.5 million in 2021.
Scrut's founders are Kush Kaushik, Aayush Ghosh Choudhury, and Jayesh Gadewar.
The round was funded by three of the company's existing investors: Lightspeed, MassMutual Ventures, and Endiya Partners.
The company, founded in India and with offices in California, will use the funding to expand its markets within North America and Europe, enhance platform capabilities, and incorporate generative AI use cases to reduce manual workload for risk and compliance teams. Then he said. .
Scrut was founded to address the unique risk and compliance challenges faced by technology-first midmarket companies in highly regulated industries such as fintech and healthcare. We also serve SaaS businesses and startups.
“Mid-market organizations have limited options,” said Aayush Ghosh Choudhury, co-founder and CEO of Scrut. “Companies can choose between purchasing an off-the-shelf compliance automation tool that provides a one-size-fits-all approach to compliance that is decoupled from organizational risk, or an expensive You can also invest in enterprise-grade tools.”
He said Scrut is a third option that helps companies understand their risk landscape, reduce duplicative work and automate control monitoring while unifying compliance and risk management processes.
training
Todd Miller, who was the founder and CEO of corporate relationship management platform gwabbit before selling it to Intapp in 2019, has now acquired a majority stake in the company. TRĒ, a CRM startup for law firms and other professional services firms, has become its CEO.
The transaction amount was not disclosed.
TRE
TRĒ says it is disrupting the traditional CRM industry by offering the first turnkey AI-driven contact and relationship intelligence CRM for professional services firms with built-in e-marketing. The company says it can be deployed in just five minutes and includes data quality control and data cleansing, eliminating the need for data stewards.
In a statement announcing the news, Miller said TRĒ was built specifically for marketing and business development professionals who routinely use CRM in law firms.
“TRĒ’s AI sources the best possible contact and relationship intelligence content for built-in e-campaign solutions,” he said. “Companies no longer have to wait months or years for their CRM results. TRĒ brings instant value to companies and instant wins to their MBD champions.”
TRĒ will officially introduce its products at the Legal Marketing Association's annual conference in San Diego.
VXT
A VXT team with a front team led by founder Campbell.
VXT, the New Zealand-based VoIP phone system for legal professionals vowing to take on Microsoft Teams within the legal industry, has raised NZD 1.8 million (approx. USD 1.1 million) in a pre-Series A funding round .
The round was led by existing investor GD1, with participation from other existing investors including Startmate and Phase One, as well as new investment from Silicon Valley entrepreneur J Zac Stein.
The platform, which was redesigned and relaunched in February, is designed to automate the paperwork associated with attorney calls. For calls made through the system, billable hours are automatically recorded in the attorney's practice management system. You can also keep a record of the advice given to your clients through call recordings (automatically disclosed at the beginning of the call) and AI-powered secure transcription.
VXT founder Luke Campbell said the company rewrote hundreds of thousands of lines of code, more than half of its codebase, to launch an entirely new platform.
“New platforms are preparing lawyers for an AI-enabled future, as software itself becomes increasingly capable of performing legal work. In that future, lawyers will be able to communicate more with clients. of your time and gain new business,” Campbell said.
VXT's phone and communications systems integrate with several law practice management platforms, including Clio, MyCase, LEAP, Smokeball, PracticeEvolve, and Actionstep.
(By the way, I was recently a guest on VXT's File Notes podcast. Check it out here.)
