Legora raised $150 million in a Series C funding round to continue the global expansion of its collaborative artificial intelligence (AI) platform for lawyers.
The company’s latest funding round valued it at $1.8 billion, it said in a Thursday (Oct. 30) press release.
Legora will use the new capital to establish more global hubs to serve its international client base, according to the release.
The company currently has offices in Stockholm, London, New York, Denver and Sydney, as well as a team of 200 legal experts and technologists, the release said.
Its AI platform helps lawyers review, research, draft, advise and collaborate, per the release. The platform is currently used by 400 law firms and in-house legal teams in 40 markets. Those figures are up from 250 and 20, respectively, in May.
“Legal professionals across the globe are adopting AI into their work at an unprecedented rate, and I could not be more proud of supporting our customers on this journey,” Legora CEO and Co-founder Max Junestrand said in the release.
Sameer Dholakia, partner at Bessemer Venture Partners, which led the funding round, said in the release that Legora is positioned to “lead the AI transformation of the trillion-dollar legal services industry.”
“Legora exemplifies how the most transformative AI companies fundamentally reimagine how work gets done — they’ve built not just another legal tech tool, but a collaborative AI platform that elevates the practice of law itself,” Dholakia said.
Legora launched in the United States in March, announcing that it opened an office in New York and entered into a strategic partnership with global law firm Goodwin.
“At Goodwin, we’re always looking for ways to push the industry forward and better serve our clients,” Goodwin Chief Operating Officer Mary O’Carroll said at the time in a press release. “AI is an incredible tool that, when applied thoughtfully, can enhance decision-making and be an intellectual force multiplier.”
PYMNTS reported Friday (Oct. 24) that AI is making inroads in the legal profession and becoming embedded infrastructure in these firms as it performs tasks in research, contracting, compliance and billing.
So far this year, funding to legal technology startups has surpassed $2.4 billion, the highest annual total on record, according to Crunchbase.
Source: https://www.pymnts.com/