London’s LegalTech Genie AI secures $17.8 million to advance AI contracting solutions, automate contract writing, and enhance the efficiency of global legal departments.
Legal editorial platform Genie AI has secured $17.8M in Series A funding from GV (Google Ventures) and Khosla Ventures. Furthermore, Genie AI has now raised over €18 million to support its mission of accelerating and democratizing legal drafting processes worldwide.
One of the biggest aspects for anybody considering Genie AI is the easy-to-use platform for developing legal documents. Unlike other big language models, it creates individual, client-tailored, 50-page-long documents in minutes for jurisdictions across the world. While this entire process can take several weeks, it can now get the teams to 80% of work done in just five minutes, saving the lawyers up to five hours per week.
Genie AI has an array of templates and risk reviews, which scan the created documents for problems and offer recommendations. From the above taxonomy, users can input or modify contracts into Genie and the latter can detect failing risks, and suggest reasonable solutions. It has been ranked 94% accurate by lawyers are thus considered a reliable partner by firms across the world.
With the increasing expansion of Genie AI, it is possible to find correlations with the legal AI software market that is forecasted to increase to billions of USD by 2030. More than a hundred thousand organizations from worldwide known law firms to FTSE100 enterprises use Genie to manage contracts in more than one hundred and twenty countries. That is why this trend indicates that the usage of AI in legal services is evolving gradually, with a focus on the constant expansion of access to this tool.
Vidu Shanmugarajah, Partner at GV, stated: “Genie is changing the way businesses all over the world transact.”
Kanu Gulati, Partner at Khosla Ventures: “AI is already rapidly transforming industries, and legal is one of the areas that will benefit from this technology.”
Started by Rafie Faruq and Nitish Mutha, Genie AI is now revolutionizing legal services to smooth the flow of cross-border business. Supported by such personalities as Professor Jun Wang and Lord Neuberger, Genie AI has every chance of becoming the leader of AI in the sphere of law and helping to improve contract management for businesses from all over the world.
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