Extract from article from Legal IT Insider
In one of the legal technology industry’s largest-ever funding rounds, US crowdsourced legal research platform Casetext has closed a $12m Series B funding round in order to expand the capabilities of its AI-backed automated research assistant CARA and build up its platform and business.
The funding was led by Canvas Ventures, which has previously invested in technology powerhouses Siri and Evernote, with participation from prior Casetext investors Union Square Ventures, 8VC, and Red Sea Ventures, among others.
Casetext, which was founded in 2013 and raised $7m Series A Funding in 2015, is a freemium research platform for US litigators, who have access to the full library of federal and state law, as well as comments and case law reviews from other attorneys. The site now receives over one million unique users a month.
Contributors are vetted by the Casetext team but also graded by users, which means that the best content becomes more easily accessible. Casetext now has around 500,000 attorneys contributing to the site.
CARA, which stands for Case Analysis Research Assistant, uses AI and natural-language technologies to automate key legal research tasks. It represents the paid for, or premium side of Casetext and is where the San Francisco-based company is now investing money in order to improve CARA’s capabilities.