eDiscovery software-as-a-service provider Everlaw has closed an $8.1M Series A funding round, led by Silicon Valley seed, venture and growth-stage capital firm Andreessen Horowitz.
Andreessen Horowitz, which is an investor in companies including Facebook, Twitter, Airbnb, Box, Slack, Optimizely and Zenefits, has placed partner Steven Sinofsky on the Everlaw board as a director.
Everlaw, which was formed in 2010 and named ‘vendor to watch’ in Gartner’s May 2015 Magic Quadrant for E-discovery Software report, provides software to law firms, corporations and government agencies.
A statement today (14 January) from Everlaw said: “This new investment will enable the company to accelerate its mission to bring cutting-edge computer science and modern design principles to the legal field.”
Set up by chief executive AJ Shankar, the California-based company was one of Legal IT Insider’s startups of 2015 and given a mention in our June Legal IT Insider’s people and places column, having hired five new employees in Q2. It now serves eight of the top 10 class action law firms in the US.
Shankar, who prior to Everlaw co-founded apparel shopping website Modista, said: “This investment fuels our vision of a unified litigation platform with advanced artificial intelligence and data visualization, a beautiful user experience, and rich collaboration from discovery to the courtroom.”
Everlaw in 2015 won several design and UX (user experience) awards for ease-of-use, including a Communicator Award for product design, a Creativity Award for user interface, and a Summit Award for product design.
According to CrunchBase, as of 2013 Everlaw had received $1.5m in two funding rounds from four investors, including $850,000 in January 2013.
In naming Everlaw a ‘vendor to watch’, Gartner said: “Everlaw’s user interface and workflow are simpler for review users. Its embedded predictive coding engine is proprietary and does not require substantial user training and service support.”
Gartner estimates that the enterprise e-discovery software marketplace was $1.8 billion in total software revenue worldwide in 2014, an increase of 10.6% from 2013.
