Funding Secured: $50 Million Series E Investment in Artificial Intelligence for Legal Contracting
LegalOn Technologies, a leading legal AI company specializing in contracting, has announced a significant milestone in its journey to transform the legal industry. The company has secured a $50 million Series E funding round, bringing its total funding to $200 million.
The funding round, led by Growth Equity at Goldman Sachs Alternatives, also saw the support of existing investor World Innovation Lab (WiL) and new contributions from Mori Hamada, Mizuho Bank, and Shoko Chukin. This investment will primarily be used to scale the development of LegalOn's agentic AI products and expand go-to-market efforts, with a focus on growing its business momentum in the US and UK markets.
In addition to the funding, LegalOn has also announced a collaboration with OpenAI, the cutting-edge AI research and deployment company behind ChatGPT. This partnership aims to bring advanced tools that meet the high standards expected by LegalOn's customers.
Daniel Lewis, Global CEO of LegalOn, expressed his excitement about the collaboration, stating, "This partnership will enable us to deploy advanced OpenAI technology to accelerate the development and capabilities of our legal AI agents. Our mission is to transform legal work with trustworthy AI, streamlining workflows and freeing people to think, decide, and lead."
LegalOn's focus, as expressed by its leadership, is on building solutions that help in-house legal teams move faster, reduce risk, and drive greater business impact. The company's AI tool, Review, identifies risks and suggests revisions, reducing contract review time by up to 85%. With the integration of OpenAI's technology, LegalOn aims to further streamline contracting workflows and increase the AI-driven automation of tedious legal tasks.
The collaboration between LegalOn and OpenAI is aimed at delivering an unprecedented experience in the legal tech industry. Nozomu "Nozo" Tsunoda, co-founder and Group CEO of LegalOn, is part of the team driving this transformation. He stated, "We are thrilled to be at the forefront of innovation in the AI-powered legal technology sector. With this collaboration, we are positioned to define the future of AI-powered legal technology."
The funding and partnership come at a time when LegalOn is experiencing rapid growth. Business for LegalOn has quadrupled over the past year, and the company serves over 7,000 customers, including 25% of public companies and 87% of Fortune 500 firms in Japan. The company plans to use the funds to expand its market presence, particularly in the U.S. and U.K.
Stephanie Hui, Global Co-Head of Growth Equity at Goldman Sachs Alternatives, believes that the collaboration with OpenAI accelerates LegalOn's mission. She stated, "LegalOn's collaboration with OpenAI accelerates their mission to transform legal work with trustworthy AI. We are excited to support LegalOn in its journey to revolutionize the legal industry with AI technology."
With this investment and partnership, LegalOn Technologies is poised to solidify its category leadership in legal AI for contracting and support its rapid international expansion, positioning itself as a frontrunner in AI-powered legal technology globally.
[1] LegalOn Technologies Press Release, "LegalOn Technologies Secures $50 Million Series E Funding, Collaborates with OpenAI to Revolutionize Legal AI", www.legalon.com/news/series-e-funding
[2] LegalOn Technologies Press Release, "LegalOn Technologies Announces Collaboration with OpenAI to Combine OpenAI's ChatGPT Technology with Legal Expertise", www.legalon.com/news/openai-collaboration
[3] Goldman Sachs Press Release, "Goldman Sachs Alternatives Invests in LegalOn Technologies to Accelerate the Transformation of Legal Work with Trustworthy AI", www.goldmansachs.com/news/press-releases/goldman-sachs-alternatives-invests-in-legalon-technologies-to-accelerate-the-transformation-of-legal-work-with-trustworthy-ai
[4] World Innovation Lab Press Release, "World Innovation Lab Leads Series E Funding Round in LegalOn Technologies, a Leading Legal AI Company for Contracting", www.wil.com/news/world-innovation-lab-leads-series-e-funding-round-in-legalon-technologies-a-leading-legal-ai-company-for-contracting
- The funding round, led by Growth Equity at Goldman Sachs Alternatives, will be allocated primarily towards scaling the development of LegalOn's artificial-intelligence (AI) products, with a focus on growing its business momentum in the US and UK markets.
- LegalOn's collaboration with OpenAI, the cutting-edge AI research and deployment company behind ChatGPT, aims to bring advanced tools to LegalOn's AI agents, further streamlining contracting workflows and increasing the AI-driven automation of legal tasks.
