Legal tech startup Genie AI has secured $17.8 million in Series A funding from Google and Khosla Ventures. The company’s CEO, Raffi Falk, said the company’s AI editing platform “can cancel contracts in minutes.” Check out the 13-slide pitch deck shared. Only BI was said to have used it to secure funds.
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Legal tech startup Genie AI just secured $17.8 million in Series A funding from Google and Khosla Ventures.
Founded in 2017, the London-based startup bills itself as an AI-based legal assistant.
We have developed an editorial platform that uses AI to draft and review legal documents. Its tools also draft personalized contracts across the world’s major jurisdictions and provide users with an open-source library of templates including contracts, policies, and letters of intent.
“The main problem that lawyers have is that they are consistently overworked and understaffed,” said Rafi Farooq, co-founder and CEO of Genie AI. “With our software, you can close a deal in minutes.”
Genie AI’s platform aims to help companies reduce costs by “faster contract signing” and “transactions are completed faster,” Farooq told BI.
The startup makes money by charging an annual subscription fee based on usage. Genie’s platform, which is shared exclusively with BI, is used by more than 26,000 companies, according to Genie’s funding pitch document.
“We’re excited about this because everyone hates legally charged hours. This incentivizes long hours over the value of the labor,” Farooq said. “We’re interested in flipping business models. Can we build value?”
Legal tech is attracting investor interest, with startups like Robin AI, Leya, and Harvey raising money in recent months.
Genie AI aims to differentiate itself from its competitors by offering an open platform through a freemium model. While competitors are also focused on using Microsoft Word, Farooq said Genie is building its own editor with privacy in mind and powered by AI.
The Series A round was led by early OpenAI backer Khosla Ventures and Google Ventures, the tech giant’s VC arm, and brings the startup’s total funding to approximately $20 million.
Genie AI said the cash injection will enable it to expand its operations in the United States. The startup will also focus on innovating agent AI capabilities, which are types of systems that have some degree of autonomy rather than responding to prompts. This is also a sub-sector within the AI ecosystem that is gaining attention from investors.
“In addition to developing our agent AI, we plan to enhance our proprietary editor and provide more legal-specific editing workflows,” Faruq added.
See the 13-slide pitch deck used to secure new funding.
