Genie AI, a legal tech startup, has secured a funding of $17.8m (£13.7m) in its Series A funding round to enhance its AI legal editor.
The investment round was led by Google Ventures (GV), the venture capital arm of Alphabet, and supported by Khosla Ventures.
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This latest financial boost brings the company’s total funding to more than $20m.
The Series A funding marks a milestone for the company, which had previously received one of the UK Government’s largest grants for a startup, as well as seed funding led by Connect Ventures.
Genie AI’s platform generates personalised, professionally formatted, and comprehensive agreements spanning more than 50 pages for all major global jurisdictions within minutes.
The company also offers an open-source library of templates for user convenience.
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By GlobalDataThe legal editor’s capabilities extend to risk review, where it can detect issues in documents, elucidate them, and recommend modifications.
Genie AI emphasises safety by collaborating with major universities to ensure data privacy, security, and sovereignty, while also achieving legal accuracy with attorneys rating the tool at 94% accuracy.
Vidu Shanmugarajah, partner at GV, said: “Genie is changing the way businesses all over the world transact.
“By combining AI with a feature rich editor, Genie allows users to work with contracts in a way that was not possible before. We’re impressed with Genie AI’s early customer traction and product-led growth, and are excited to support them on the journey ahead.”
Khosla Ventures partner Kanu Gulati said: “Genie AI’s technology, progress to date and vision going forward made this a compelling investment for us.”
This investment comes at a time when the company is experiencing growth, with the legal AI software industry projected to reach $5bn by 2030.
Currently, more than 100,000 companies have used Genie AI to draft or review documents.
The contracts facilitated by Genie AI span more than 120 jurisdictions, including Australia, California, France, Germany, India, Singapore, South Africa, Texas and the UK.
