London-based legal tech startup Juro has raised $750k (£615k) in seed funding for its AI-enabled workflow tool for legal contracts. The round included contributions from Berlin-based Point Nine Capital and London-based Seedcamp.
Juro also attracted a series of impressive angel investors to the round, including Paul Forster (co-founder of Indeed.com) and Michael Pennington (co-founder of Gumtree). The funds will be used by Juro to build out its machine learning infrastructure and power its growth.
Through its integrated contracts workflow Juro, whose early customers include several fast-growth marketplace customers such as Deliveroo, says it allows its customers to save 90% of time on contracts through automated contract generation, negotiation, e-signing and management. Juro also applies machine learning algorithms to understand and analyse the rich data within contracts.
Initially focused on B2B sales contracts, Juro helps both sales closers and the legal teams that support them do paperwork “10 times better”, using AI-level features such as negotiation heatmaps and contract analytics.
Reshma Sohoni (pictured), partner at Seedcamp said: “We were hugely impressed when we met Richard and the founding team at Juro and backed their pre-seed round in early 2016. The traction they’ve built over the past year and calibre of businesses they’ve signed up is testament to the fantastic solution they’ve created to tackle the painful, time intensive and costly business of dealing with contracts.”
Juro CEO Richard Mabey added: “By augmenting contract workflows with machine learning, we are shifting the paradigm in the way legal work is done. We’ve come a long way since the days of Microsoft Word, email and hand signing – and can do much better. Legal teams are increasingly crying out for smarter solutions and we are delivering for them.”