British legaltech startup Lawhive has introduced a €37.9 million Sequence A funding spherical to assist its growth into the US. The funding goals to reinforce entry to reasonably priced authorized companies by way of the corporate’s AI-powered platform.
The funding spherical was co-led by current investor GV (Google Ventures) and TQ Ventures, with participation from Balderton Capital, Jigsaw, Episode 1 and Premier League footballers Harry Maguire and Reece James.
This comes after the current announcement of that it had raised over €11 million in Seed funding in April 2024. The capital might be utilised to scale operations, improve the AI platform, and set up a presence in key US markets.
Pierre Proner, CEO and co-founder of Lawhive, acknowledged: “By augmenting the work of human legal professionals with our know-how, we’re addressing a vital want within the US market and unlocking new alternatives for thousands and thousands of US attorneys.”
Based in 2019 by Pierre Proner (CEO), Jaime Van Oers (CTO), and Flinn Dolman, Lawhive combines AI with human experience to streamline authorized processes. Its platform automates administrative duties for legal professionals, enabling them to give attention to authorized work whereas reportedly lowering prices for shoppers by as much as 50%.
On the centre of the Lawhive platform is an AI lawyer, Lawrence, constructed on prime of Lawhive’s personal fine-tuned LLM which has demonstrated higher outcomes than some other LLM at finishing up authorized work. Lawrence efficiently handed the Solicitors Qualifying Examination (SQE) scoring 81% in opposition to a go mark of 55%. Lawrence is already in a position to perform authorized work on the degree of a junior lawyer or paralegal, augmenting the work of senior legal professionals, and leaving them to give attention to dealing with the high-value elements of a case in addition to offering assist to their consumer.
In keeping with Lawhive, their companies have assisted 1000’s of people with authorized issues starting from household and property disputes to shopper rights and small enterprise points. The corporate now goals to handle the reportedly important justice hole within the US authorized market by offering accessible and reasonably priced authorized assist.
Schuster Tanger, Co-Founder/Co-Managing Accomplice at TQ Ventures, added: “The US authorized market, arguably the most important on the earth, is ripe for disruption. The urgent want for reasonably priced authorized entry makes it the proper atmosphere for modern tech options like Lawhive’s.”