Legal tech startups are experiencing a surge in funding as advancements in generative artificial intelligence (AI) continue to revolutionize the industry. Business Insider has compiled a list of 15 legal tech startups that have successfully raised substantial amounts of funding from venture capitalists (VCs). These startups offer a range of services, from contract management to serving legal documents, and have capitalized on the growing demand for AI-powered solutions in the legal sector.
While legal tech has been steadily growing, investments in the space experienced a slowdown in 2023, reaching a six-year low due to a broader pullback of VC funding amid economic uncertainty, according to Crunchbase data. However, despite the overall decline in funding, certain legal tech startups have managed to secure new funding rounds by showcasing how generative AI is an integral part of their business offerings.
Among the startups that have recently raised fresh VC funding are Robin AI, which utilizes generative AI to assist lawyers in drafting and negotiating contracts; Superlegal, which has developed AI that is licensed to practice law; and Definely, a London-based startup that provides AI tools for contract drafting and review.
Business Insider’s list also includes established players in the legal tech industry such as Clio, Rocket Lawyer, and Everlaw, founded in 2008, 2006, and 2010, respectively. Additionally, newer startups like Harvey, which offers a suite of generative AI legal products, have quickly gained popularity and secured significant funding, including a $100 million Series C funding round in July.
While each startup on the list caters to different types of lawyers and assists in various tasks, they all leverage AI to enhance their business goals and attract customers. The list is organized based on the total amount of VC funding each startup has received, highlighting the financial success and investor interest in the legal tech sector.