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Funding for authorized tech startups hasn’t seen the form of hunch that’s hit European tech as a complete in 2023.
The sector has raised $583m up to now this yr, in line with Dealroom — falling by only a third on figures throughout the entire of 2022. Throughout European tech, these numbers have dropped by almost half.
Buoyed by the speedy rise of AI — which has seen many authorized tech startups look to supply corporations big time and price financial savings by streamlining laborious authorized processes like drafting and reviewing paperwork — VCs have remained bullish.
However as we glance in the direction of 2024, which authorized tech startups have VCs received their eyes on? Sifted spoke to Outward VC, Molten Ventures, Ventech and Cavalry Ventures to search out out.
Unsurprisingly, six out of the ten startups they nominated characteristic AI as a part of their answer.
D’Arcy Whelan, head of platform at Outward VC
Outward VC is a London-based VC, which principally backs fintech startups.
Robin AI — UK
Robin AI is a authorized AI answer for finance, PE and M&A companies, which helps mid-market and enterprise corporations save time with contract drafting and overview. It is one of many early movers on this area to have gained vital traction, with in-house authorized counsel in its core segments.
Farillio — UK
Farillio’s platform is designed to assist SMEs entry authorized sources — like guides, movies and checklists — in an accessible and cost-effective manner. Farillio is seeking to accomplice with insurers, associations, telecoms and worker advantages schemes that maintain the first relationship with SME clients and who then embed Farillio of their providing.
Hopkins — Germany
Hopkins is a full-stack authorized answer specializing in client rights — utilizing algorithms to foretell case outcomes and optimum negotiation methods and offering a collection of instruments to assist legal professionals. It operates in a extremely fragmented area that’s usually affected by poor customer support. There’s a big alternative to develop into a dominant participant on this area, capturing market share by excessive NPS and client belief. Past supporting people, Hopkins can be extremely related for the rising demographic of the self-employed workforce.
Martin Janicki, accomplice at Cavalry Ventures
Cavalry Ventures is a Berlin-based VC, which principally backs SaaS, fintech and cybersecurity startups.
Henchman — Ghent
Henchman presents AI-powered contract drafting software program. The corporate connects to a legislation agency’s repository of saved contracts and extracts all written clauses to make them seamlessly accessible to the lawyer through its co-pilot characteristic.
Juro — UK
London-based Juro supplies an AI-enabled contract administration answer. Prospects can use its platform to handle contracts throughout their complete lifecycle, from drafting and reviewing to signing, monitoring and storing. Its answer is geared toward corporations’ normal counsels and can be utilized by groups in domain-specific enterprise capabilities similar to HR or gross sales.
LegalFly — Ghent
LegalFly’s platform is a specialised authorized AI co-pilot that helps legal professionals overview and perceive contracts extra shortly. The software program additionally permits legal professionals to generate new contract templates with a lot much less effort and anonymise authorized paperwork simply, to allow them to be shared with out disclosing particular confidential content material.
Philip O’Reilly, head of enterprise operations at Molten Ventures
Molten Ventures is a London-based, publicly listed VC and fund of funds.
Orbital Witness — UK
Orbital Witness focuses on automating the authorized due diligence of property transactions. Its answer scrapes accessible information on property folios and makes use of machine studying along with proprietary threat fashions to supply diligence experiences. The actual property market is likely one of the largest on this planet however many authorized workflows on this market are nonetheless comparatively guide. Consequently, completion of simple actual property transactions can take months. Orbital saves legal professionals vital time, which not solely accelerates property transactions however means decrease charges for shoppers as properly.
RightHub — UK
RightHub is an IP market the place shoppers and producers can transact throughout a worldwide IP community, and supplies IP portfolio administration providers. The enterprise raised a $15m seed spherical this yr and as IP rights develop into much more necessary given the latest advances in AI, RightHub appears to be like set to profit from some trade tailwinds.
Tero Mennander, normal accomplice at Ventech
Ventech is an early-stage Paris-based VC agency.
IPRally — Finland
IPRally is an AI-driven patent search and classification platform, which makes it simpler for corporations to search out out if an invention has been made earlier than, in addition to perceive the patent panorama.
Maigon — Sweden
Maigon automates the authorized doc overview course of and helps its clients put extra deal with strategic duties quite than repetitive authorized overview routines. Maigon supplies an AI contract overview answer to display screen agreements, reply authorized questions and supply steering for finalising contracts.
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