This week saw notable funding rounds for two legal technology companies, Proof and Spellbook, as well as a much smaller seed round for a new legal technology startup.
Proof raises $30 million in Series B
Proof Technology, which provides a platform that facilitates on-demand services for processing and e-filing, has closed a $30.4 million Series B funding round. The round was led by Long Ridge Equity Partners, with participation from existing investors including Blue Heron Capital and The LegalTech Fund.
The company said it will use the new funding to accelerate revenue growth, expand e-filing capabilities, strengthen integration with legal industry case management software, and leverage deeper AI to further drive user efficiency. Masu.
Proof provides a litigation services marketplace where law firms and government agencies can access a national network of process servers, electronic court filing services, and remote notarizations. The company says more than 5,000 law firms and government agencies currently use its platform to deliver or e-file nearly 20,000 documents each month.
In 2022, we interviewed the founder of Proof Eric Vogt In my LawNext podcast, a Colorado lawyer explained how he believes the service-of-process business is outdated and in need of a technological upgrade. He founded the company in 2016, and when we spoke in 2022, he had just raised a $7 million Series A round.
“Since our founding, we have helped law firms, businesses, and government agencies more easily serve and file subpoenas, subpoenas, complaints, and other legal documents anywhere in the country. It will significantly reduce the time and effort required to serve and file legal documents,” Vogt said this week when announcing this latest round of funding.
Spellbook raises $20 million
book of magiccompany The company, whose product uses GPT-4 and other generative AI models to speed contract drafting and review directly within Microsoft Word, announced this week that it has raised $20 million in a Series A round. did.
This is the second significant pay increase in less than a year for the company, formerly known as Rally Legal. Last May, it raised $10.9 million in a seed round.Editor Moxy Ventureswith participation from Thomson Reuters Ventures, Innovia Capital, Legal Tech Fund, Bring Capital others.
This latest round was led by Inovia, with participation from the same investors as well as others.
The company will use the funding to scale to 30,000 law firms around the world, while also using AI that can mimic lawyers’ styles and automate a lawyer’s entire end-to-end workflow, starting with a client’s email. The company says it will also develop new features. It is 10 times more accurate in contract work than any other product on the market.
“This increase is a major milestone for our team and demonstrates the market traction we’ve seen in 2023,” said Scott Stevenson, co-founder and CEO. “With our new capital, we will continue to innovate in the legal AI space, partner with more law firms than any other generative AI company we know of, and more importantly, create new value for our clients. We will continue to provide.”
Since announcing its seed funding, Spellbook’s customer base has grown by nearly 300% in the past seven months, and it currently works with over 1,700 law firms and legal teams, with revenue expected to grow 10x from 2022 to 2023. The company says that the number has increased.
Legalyze.ai receives $100,000 in angel investment
Legalyze.ai, a startup that promises to revolutionize the way legal professionals handle cases, has received a $100,000 angel investment from Bethesda, Maryland-based venture capital firm Payment Ventures.
The Dallas-based startup says it leverages AI to help lawyers quickly review and create case documents, helping them create summaries, timelines, and procedural documents faster.
Chris Ford, CEO of Legalyze.ai said: “Their belief in our vision for Legallyze.ai is a strong affirmation of our approach to leveraging AI in legal workflows. This funding will allow us to move forward, enhance the capabilities of our platform, and We will continue to expand our reach in the tech market.”
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