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Spellbook has introduced their $20M Collection A funding spherical led by Inovia Capital. Thomson Reuters Ventures, The Legaltech Fund, Bling Capital, Moxxie Ventures, Concrete Ventures, Path Ventures, N49P and Good Information Ventures additionally participated within the spherical.
“We’ve been amazed by the explosive utilization development our platform has skilled, since launching Spellbook as the primary generative AI contract drafting software in 2022” shared Scott Stevenson, CEO and co-founder of Spellbook, “This elevate marks a serious milestone for our staff, and is indicative of the market traction we noticed in 2023. With the brand new capital, we’ll proceed innovating throughout the authorized AI sector, partnering with probably the most regulation corporations of any generative AI that we all know of –and extra importantly, to proceed delivering new worth to our clients.”
Over the past seven months, since saying its seed funding, Spellbook has grown its buyer base practically 300% and is now working with over 1,700 regulation corporations and authorized groups. Firm income additionally grew 10x from 2022 to 2023. Additional, it now has greater than 86,000 contracts being opened every month, with this quantity rising shortly month over month.
“We at Inovia are proud to help Scott, Matt and Dan and their distinctive staff at Spellbook,” shared Steven Woods, Associate at Inovia Capital. “The authorized panorama is a major instance of worth creation by way of the cautious and acceptable use of Massive Language Fashions. Spellbook demonstrates what can occur when one deeply integrates new capabilities into high-priority workflows and relentlessly experiments, measures and iterates to drive probably the most worth. We’re excited to proceed working collectively and serving to this staff construct the way forward for authorized expertise.”
Spellbook consumer Annie Haggar, Founder and Principal at Cyber GC, shared, “Each time I’m engaged on an settlement, I’ve Spellbook open. Utilizing their expertise saves me wherever from 25-30% of my time.”
With this new funding, its staff plans to shortly scale into 30,000 regulation corporations worldwide, whereas persevering with to guide the market with new performance: AI that mimics the type of a lawyer, AI that may automate a lawyer’s full end-to-end workflow, beginning with a shopper e mail, and AI that’s 10x extra correct for contract work than anything available on the market.
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