Luminance, the leading artificial intelligence platform for the legal profession, has raised $10m from existing investors Invoke Capital, Talis Capital and Slaughter and May, valuing the company at $100m. The funds will be used to support Luminance’s recent product expansion and global growth, with the company now having four offerings, five global offices and over 70 employees since launching in 2016.
The arrangement provides longer-term capital for infrastructure, working capital and investment to support market expansion.
Everlaw, the cloud-based ediscovery and litigation platform, today announced a $25 million Series B funding round. New investor Menlo Ventures led the round, with continued participation from Andreessen Horowitz. This brings Everlaw’s total funding to over $34 million.
Exterro® Inc., the preferred provider of software specifically designed for in-house legal and IT teams at Global 2000 and AmLaw 200 organizations, today [May 23, 2018] announced a strategic investment from Leeds Equity Partners, a sector-focused private equity firm with a two-decade history of investing in the knowledge industries. The investment will enable Exterro to accelerate development of its market-leading orchestrated e-discovery solution and continue to strengthen the resources required to deliver world-class support to its customers.
Heretik, a Chicago based software company that uses machine learning to make the contract review process smarter in Relativity, announced that it has completed its $2.4 million seed round of financing. Corazon Capital led the investment round with participation from existing investors Chicago Ventures and Relativity.
TCF Capital Funding, a division of TCF National Bank, announced that it provided $17,800,000 in secured financing to support Knox Capital Holdings and Maranon Capital in the recapitalization of HaystackID LLC. “With this, our second such transaction in the eDiscovery space, we are very pleased to have participated with a firm as well differentiated in its market as HaystackID”, said Scott Nielsen, TCF Capital Funding Vice President.
To rework the legal industry, which is steeped in tradition and regulation, large sums of money are likely required. In an effort to address these challenges, legal tech startups have received $1.5 billion in funding across 610 deals since 2010.
Today, Heureka Software announced the company has added new funding from Columbus-based NCT Ventures and Chicago’s Bridge Investments. Combined with previous funding from Cleveland Venture Development Organization JumpStart Inc. and other angels, this increases Heureka’s current fundraising round to $1.8 million.
“Computation, we think, has an opportunity to dramatically shift several costs in a way that traditional organizations haven’t realized,” Mr. Bernstein said. “It’s way easier to search for people, bargain and contract with them.”
Esquify, the breakthrough legal technology for human document review, has secured a $710,000 seed round of funding to aggressively accelerate growth. Network Ventures led the investment round with participation from existing and new investors including Foley Ventures, the investment arm of national law firm Foley & Lardner LLP, and Bridge Investments, a Chicago-based venture capital firm.