AI contract review tool provider LegalOn Technologies has secured $50m in a Series E funding round, increasing its total capital raised to $200m.
The round was led by Growth Equity at Goldman Sachs Alternatives, with participation from existing investor World Innovation Lab. New investors in this round included Mori Hamada, Mizuho Bank, and Shoko Chukin.
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The funding will be utilised to enhance LegalOn’s AI product development and market strategies. It will particularly focus on the US and the UK, where the company has recorded significant growth over the past year.
LegalOn’s AI-driven contract review tool, Review, aims to address inefficiencies in the contracting process by identifying risks and suggesting revisions based on attorney-developed playbooks and each organisation’s legal standards.
This tool reportedly reduces contract review time by up to 85%.
LegalOn claims that its software is currently used by 7,000 organisations, marking a 40% increase from the previous year. In Japan, the company continues to extend its market leadership, serving 25% of the nation’s public companies and 87% of its Fortune 500, including 40 global Fortune 500 firms.
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By GlobalDataLegalOn Global CEO Daniel Lewis said: “Legal teams are buried in time-consuming work that slows them and their businesses down. This funding helps us build and scale AI that eliminates tedious contracting work, streamlining workflows and freeing people to think, decide and lead.”
Recently, LegalOn announced enhancements to its legal AI tools and expansion into matter management. The company plans to release new AI agents and products this year to help legal teams manage work from request to resolution.
In addition, LegalOn has formed a strategic collaboration with ChatGPT maker OpenAI. The partnership aims to transform corporate legal workflows by integrating OpenAI’s ChatGPT Enterprise and API with LegalOn’s legal domain expertise and proprietary data.
This collaboration grants LegalOn access to OpenAI’s advanced models, facilitating faster product development.
Engineers from both companies are working together to develop advanced legal AI agents, designed to be more adaptable and intuitive, addressing the complex needs of legal teams worldwide.
