LONDON: Genie Al, a London based legaltech startup has raised £2 million in funding.
The round is a combination of a £1.2 million in equity funding and £800K in grant funding from UK Research and Innovation.
The funding will be used for the development of the company’s intelligent contract editor, the “SuperDrafter” to help law firms with contracts, access to information and GDPR compliance.
Genie AI CEO Rafie Faruq said “Lawyers always tell us they spend hours trawling through emails and file systems for that clause they wrote on that one deal; SuperDrafter shows this automatically. But it’s not just about efficiency. It’s about utilising the collective intelligence of the firm, and that means a superior client service for law firms, and better commercial outcomes for in-house teams.”
SuperDrafter is currently being piloted with Clifford Chance, Pinsent Masons and Withers.