A UK-based legal tech start-up that uses artificial intelligence to shorten labyrinthine contract drafting processes is supported by Microsoft’s venture arm.
Sky News believes M12, the tech giant’s vehicle for raising early-stage capital to businesses, jointly spearhead a £ 2.2 million seed capital investment in Definely.
The funding round, which also includes funds from CRE Venture Capital, is set to help accelerate Definely’s expansion.
The company’s clients include some of the world’s largest law firms, including Allen & Overy and Dentons, who have grappled with the tedious nature of legal documents for decades.
Definely’s software shortens much of this process by making it easier for lawyers to access and edit critical information.
The start-up was founded in 2017 by two former Magic Circle lawyers, Nnamdi Emelifeonwu and Feargus MacDaeid.
Mr. MacDaeid, who is blindly registered, and his co-founder initially targeted the visually impaired but quickly realized that they could be attractive to the broader legal profession.
Mr. Emelifeonwu said, “Legal technology is emerging and becoming embedded in the way the modern lawyer works.
“In any case, not only does it speed up the review and drafting process, but most importantly, it enables a lawyer to edit their results more precisely, as they never have to leave their offices and lose context while working on a document.”
Tech investors claim that M12’s support represents a coup for Definely given the source of funding.
“What began as a tool for people with disabilities is now adding value to all attorneys, helping them draft and revise contracts faster and more accurately,” said Matthew Goldstein, CEO of M12.
The funding round is expected to be officially announced next week.