Two innovative legal tech startups, Legal lens and BriefCoThe companies owned by Cycad Group have received undisclosed funding from Imvelo Ventures, a local venture capital company founded by Capitec Bank and Empowerment Capital Investment Partners.
Two innovative SA-born legal tech startups secure the financing
Anton Baumann, Executive Director at Empowerment Capital and Imvelo Ventures, points out the types of startups the VC invests in.
“We are looking for South African companies that develop unique technical solutions to South African problems. With a combination of long-term patient growth capital, mentoring and access to the market, we want to support their growth locally with our corporate partners and later internationally beyond Africa. A combination of commercial potential and social impact is a crucial element we are looking for. “
Cycad Group
The Cygad Group was founded by Yusha Davidson and Catherine-Jane Paulse and is home to two groundbreaking legal tech startups in South Africa.
“The South African legal industry has been one of the slowest industries to respond to the technological revolution. Davidson believes the Cycad Group is prominent in South Africa’s emerging legal technology industry, ”added Davidson.
Legal lens
Legal Lens was recently founded by licensed attorneys Catherine-Jane Paulse and Yusha Davidson and is focused on providing transparent and error-free legal fees.
As an expense management company, Legal Lens leverages natural language processing and machine learning to regulate legal costs and reduce excessive legal costs.
According to Cycad Group, Legal Lens’s clients include a range of banks, established companies, SMBs and individuals. Additionally, the legal tech startup claims it has seen savings of up to 66% on unpaid legal bills and has implemented several bespoke billing policies aimed at regulating legal fees for law firms.
“Legal consumers have no understanding of how data can be effectively used to their advantage. Legal Lens harnesses the power of data to make better decisions about legal spending, ”explains Davidson.
BriefCo
Legal tech startup BriefCo claims to be the first and only legal expense consultancy in the country to use technology.
The legal tech startup essentially uses experienced cost consultants, natural language processing, and machine learning to automate cost accounting creation and rejection.
BriefCo’s secure online platform enables legal advice services to be provided digitally, including the delivery and storage of all relevant documents.
“The established legal cost advisors have disregarded the introduction of technology to the detriment of law firms and legal consumers,” adds Paulse.
Traditionally, law firms physically prepare files and deliver documents to established cost advisors. This leads to an increase in legal costs for clients.
“Due to the manual creation of cost accounts by the incumbent cost advisors and the rejection of cost invoices, law firms have to wait up to 6 weeks to receive a cost statement, effectively resulting in legal consumers having to further delay reclaiming cost calculators on their legal fees,” adds Paulse added.
The South African Legal Technology Network (SALT)
Davidson and Paulse not only founded the aforementioned legal tech startups and the Cycad Group, but also founded the first legal tech network in South Africa called the South African Legal Technology (SALT) Network.
As the first of its kind in the country, the SALT network connects people who work in the fields of law and technology.
Weekly content is shared with users through the SALT Network platform and is created by well-known contributors such as directors of major law firms, investment managers of VC law firms, and others.
Continue reading: The SA Legal Tech Startup aims to reduce legal bills
Continue reading: The healthtech startup in Cape Town secures R5 million.
Featured image: (left to right) Yusha Davidson and Catherine-Jane Paulse, founders of Legal Lens (supplied)
Comments are closed.