The revision of contracts remains a slow, manual process that houses legal groups, forcing lawyers to sift the dense language, the dangers of flag and translate legal terms.
In fact, the problem is so widespread that in recent years, based on Tokyo Legitimate technologies It has an open door to this market: the AI contract review software is currently used by 7,000 organizations in all Japan, the US and the United Kingdom, the company claims and drives the Japanese market, with 25% of all public companies in the country using its platform.
The AI contract review tool of law, ReviewIdentify the risks and proposes processes based on playbooks built by lawyers and the legal standards of each customer. The company claims to revise the revision of revision times by 85%, while improving quality and accuracy.
However, success has not mitigated Legalon’s ambitions. The company now wants to create further AI Agent tools to keep up with its software and recently set $ 50 million to do just that.
The C series funding is driven by the Goldman Sachs Development Fund and saw the participation from the existing Investor World Innovation Lab (WIL) workshop. The new investors Mori Hamada & Matsumoto (a law firm in Japan), Mizuho Bank and Shoko Chukin Bank also invested.
While many of the new cash is dedicated to the development of more AI Agent products, the company also boosts its market efforts in the US and the United Kingdom, where it says its business has quadrupled last year.
Legalon refused to reveal his valuation.
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Founded by two former corporate lawyers, Nozomu Tsunoda and Masataka Ogasawara in 2017, Legalon aims to face time -consuming duties before and after the contract review process, such as the organization of legal demands and the automation of contract management.
According to Daniel Lewis, a world -class CEO of Legalon, the company stands out from the hordes of legal technological newly formed using AI thanks to its institution in legal content that has suffered a lawyer disorder. This base, he says, makes Legalon as opposed to other users -based tools to create rules from scratch or to use AI models generally that do not have the precision required for legal work.
“Our approach ensures that contract revisions are in line with real legal standards, making production more accurate, consistent and practical for legal groups.
Just last week, the boot started another tool: Matter management It helps legal groups to monitor contract requests, assign owners, link matters with related individuals and documents, and cooperate with other departments.
The company has also achieved a non-royal technical collaboration with Openai, which gives access to the legal manufacturer’s advanced large language models.
“It’s a technical cooperation,” Lewis explained. “It gives us timely access to their latest models and places our engineers to work somewhat next to engineers from Openai. So, in this respect, it will promote our goal to build the peak [AI] Agents using great technology but are able to consolidate that in our privately owned legal content and expertise. ”
The AI revolution is proven to be a huge queue for legal technology businesses worldwide. In June, Harvey AI secured $ 300 million in the funding of the E series, promoting his valuation to $ 5 billion and last year, Clio also increased $ 300 million, reaching the $ 3 billion valuation.
But even when genetics AI transforms the legal industry, Lewis does not believe he will replace lawyers. “The state of technology is not yet there and the replacement of lawyers is not even our vision,” he said. “Lawyers are still in the driver’s seat, things that can’t do perfect today are, by definition, the things that can only be done by people and lawyers who lean on this responsibility – to oversee, to process, to exercise crisis – they are the ones who see the most excellent leverage of the AI.”
The C series brings the total capital of Legalon, which amounts to over $ 200 million. Its investors include the Softbank Vision Fund, HSG (formerly known as Sequoia Capital China), Japanese Business Fund Jafco and MUFG Bank.
