Summary:
Genie AI has raised $17.8 million in Series A funding from Google and Khosla Ventures.
The startup offers an AI-powered editing platform for drafting and reviewing legal documents.
Genie AI aims to help lawyers turn around contracts in minutes, addressing industry staffing challenges.
With over 100,000 users, Genie AI is shifting the focus from billable hours to value-based pricing.
The funding will support U.S. expansion and the development of agentic AI capabilities.
Genie AI Secures Major Funding
Legal tech startup Genie AI has successfully raised $17.8 million in Series A funding from tech giants Google and Khosla Ventures. Founded in 2017, this London-based startup is positioning itself as a leading AI-based legal assistant.
Innovative Editing Platform
Genie AI has developed an editing platform that leverages AI technology to draft and review legal documents efficiently. The platform not only creates personalized agreements across global jurisdictions but also provides users access to an open-source library of templates, including contracts, policies, and letters of intent.
Addressing Legal Industry Challenges
According to Rafie Faruq, CEO and co-founder, the primary challenge for lawyers is being overworked and understaffed. Genie AI’s software allows legal professionals to turn around contracts in minutes, ultimately reducing costs and expediting deal closures.
Impressive Growth and Business Model
With over 100,000 companies currently using its platform—an increase from just 26,000—Genie AI operates on a subscription-based model, charging an annual fee based on usage. The startup is committed to transforming the traditional billable hour model in law, focusing on value creation instead.
The Rise of Legal Tech Investment
The legal tech sector is gaining traction among investors, with notable startups like Robin AI, Leya, and Harvey also securing significant funding. Genie AI aims to distinguish itself through its freemium model and a proprietary editor that prioritizes privacy and AI integration.
Future Plans and Expansion
The recent funding will enable Genie AI to expand its operations in the U.S. and enhance its agentic AI capabilities, which involve systems that can operate autonomously. This strategic move aims to further innovate their legal-specific editing workflows.
Don't miss the 13-slide pitch deck that helped Genie AI secure this funding!
Comments