Home Venture Capital Spellbook Raises $20M Series A Funding Round

Spellbook Raises $20M Series A Funding Round

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Spellbook

Spellbook

Spellbook, a Toronto, and St. Jhon’s, Newfoundland, Canada-based provider of an AI copilot for lawyers, raised $20M in Series A funding.

The round, which brought the total amount to over $30M, was led by Inovia Capital. Thomson Reuters Ventures, The Legaltech Fund, Bling Capital, Moxxie Ventures, Concrete Ventures, Path Ventures, N49P and Good News Ventures also participated.

The company intends to use the funds to scale into 30,000 law firms worldwide, while continuing to lead the market with new functionality: AI that mimics the style of a lawyer, AI that can automate a lawyer’s full end-to-end workflow, starting with a client email, and AI that is more accurate for contract work than anything else on the market.

Led by CEO Scott Stevenson, Spellbook is a legal software company which launched a generative AI contract drafting tool in September 2022. The technology, powered by large language models like OpenAI’s GPT-4, is optimized using legal datasets for superior contracting performance. More than 1,700 law firms and legal team customers across the industry use Spellbook to support their lawyers with the resources to make more accurate and efficient legal decisions when drafting contracts and supporting documents.

Commenting on the news, Scott Stevenson said: “This raise marks a major milestone for our team, and is indicative of the market traction we saw in 2023. With the new capital, we’ll continue innovating within the legal AI sector, partnering with the most law firms of any generative AI that we know of –and more importantly, to continue delivering new value to our customers.”

FinSMEs

24/01/2024

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