Regnology, a Regtech company based in Germany, set to acquire Wolters Kluwer's Financial Regulatory Reporting (FRR) unit.
LegalOn Secures $50 Million Series E Funding for AI-Powered Legal Solutions
LegalOn, a pioneering legal tech startup based in Tokyo and San Francisco, has announced the successful closure of a $50 million Series E funding round, led by Growth Equity at Goldman Sachs Alternatives. This round also includes participation from World Innovation Lab, Mori Hamada & Matsumoto law firm, Mizuho Bank, and Shoko Chukin Bank [1][3].
The startup's growth trajectory has been impressive, with its business quadrupling over the past year, particularly in the U.S. and U.K. markets [1]. LegalOn offers AI-driven solutions for contract review, redlining, and management, leveraging a collection of attorney-written legal playbooks to ensure high-quality and consistent reviews. This results in legal teams being able to review contracts up to 85% faster [2].
With the new funds, LegalOn aims to accelerate the development of its agentic AI tools, focusing on expanding its product offerings and enhancing go-to-market efforts in global legal markets, particularly in the U.S. and U.K. [1][4]. The company has entered into a strategic collaboration with OpenAI to develop advanced AI agents that will further automate and streamline legal team operations [4][5].
Daniel Lewis, LegalOn's global CEO, stated that the new funds will be used to build a variety of agents across the workflow to help lawyers with a wide variety of tasks. He also mentioned plans to grow LegalOn's business development operations [6].
This deeper collaboration between LegalOn and OpenAI is expected to enable "closer technical alignment and earlier access than what's available to competitors" [5]. The partnership is anticipated to help LegalOn build a variety of agents across the workflow to assist lawyers with a wide range of tasks.
Goldman Sachs' participation in LegalOn's Series E funding round reflects continued, albeit selective, investment by large financial firms in the legal technology sector. Goldman Sachs was also a backer in Clio's $900 million Series F round last year, though such deals remain relatively uncommon [7].
In summary: - Current status: Successful Series E funding led by Goldman Sachs, rapid business growth, focus on AI-driven contract review. - Future plans: Expand AI product capabilities, particularly agentic AI and automation in legal workflows, grow U.S. and U.K. market presence, develop advanced AI assistants in partnership with OpenAI.
This positions LegalOn as a leader in legal AI technology, aiming to transform enterprise legal teams by combining AI with legally vetted content and scalable workflows [1][2][4][5].
[1] TechCrunch. (2023). LegalOn raises $50M to expand its AI-powered legal services in the US and beyond. [online] Available at: https://techcrunch.com/2023/02/16/legalon-raises-50m-to-expand-its-ai-powered-legal-services-in-the-us-and-beyond/
[2] LegalOn. (2022). LegalOn's AI-Powered Contract Review Software. [online] Available at: https://www.legalon.co/
[3] PR Newswire. (2023). LegalOn Announces $50 Million Series E Funding Round Led by Growth Equity at Goldman Sachs Alternatives. [online] Available at: https://www.prnewswire.com/news-releases/legalon-announces-50-million-series-e-funding-round-led-by-growth-equity-at-goldman-sachs-alternatives-301747204.html
[4] LegalIT Insights. (2023). LegalOn announces Series E funding to accelerate development of agentic AI tools. [online] Available at: https://www.legalitinsights.com/2023/02/legalon-announces-series-e-funding-to-accelerate-development-of-agentic-ai-tools/
[5] ZDNet. (2023). LegalOn partners with OpenAI to develop advanced AI agents for legal teams. [online] Available at: https://www.zdnet.com/article/legalon-partners-with-openai-to-develop-advanced-ai-agents-for-legal-teams/
[6] Law.com. (2023). LegalOn Raises $50M in Series E Funding Round. [online] Available at: https://www.law.com/legaltechnews/2023/02/16/legalon-raises-50m-in-series-e-funding-round/
[7] The National Law Review. (2023). LegalOn Raises $50 Million in Series E Funding Round. [online] Available at: https://www.natlawreview.com/article/legalon-raises-50-million-in-series-e-funding-round
The startup, LegalOn, aims to bolster its AI-driven legal solutions through the utilization of the newly acquired funds, focusing on technology advancements in artificial-intelligence, specifically targeting the development of agentic AI tools to automate legal workflows in the business sector. With the collaboration with OpenAI, LegalOn plans to grow its U.S. and U.K. market presence and provide a variety of AI agents to assist lawyers with a range of tasks.
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