Loom Analytics is a legal analytics company that creates data mining and visualization products, here is what you need to know about the business and its founders.
How do you describe your company?
Loom Analytics is a legal analytics company that creates data mining and visualization products. Structura, Loom’s latest product, is a SaaS platform that helps companies mine their private claims and settlement data.
At many law firms, there is a lot of critical legal and business intelligence that’s buried in “dark data” – that is, the thousands of individual records, spreadsheets, and text files that are created during daily business activities. Structura’s platform helps clients organize and structure their records in order to make that data accessible and usable. There are lots of possible use cases, but currently one of Structura’s biggest focuses is helping firms analyze their internal settlement and claims documents to help guide future decision-making about settlement values and litigation paths.
When were you founded?
Loom Analytics was founded in 2015, and Structura was announced in the fall of 2017.
Who are your founders?
Mona Datt (pictured), an engineer and Loom’s technical co-founder, and Raj Datt, a lawyer and legal domain expert, are Loom’s founders.
What is your growth strategy?
Structura is a SaaS platform that has the potential to handle many different types of data. We’ve started with legal data, but plan to expand into other information heavy industries.
Have you received investment?
We were fortunate that we had the resources to self-fund the first phase of development for Loom. However, we are currently raising funding to scale up.
Who are your target clients?
Loom is ideal for law firms, corporate legal departments, and claims departments of insurance companies, especially those that understand the value of business analytics, but need assistance with the often daunting process of putting their data in an analyzable form.
Have there been any key changes in direction since you were founded?
Structura itself represents the biggest change in direction to date. Loom was previously focused exclusively on publicly available legal datasets until feedback from clients showed there was a significant appetite for digitizing private data as well.
What are the key challenges you face in your market?
Law as a profession has been set in its ways for decades, and “if it ain’t broke, don’t fix it” is practically a mantra. New ways of delivering services require changing old habits, and human beings can be naturally resistant to change.
What are the most exciting developments you’ve seen in your market in the past year to 18 months?
When talking to clients we’ve definitely noticed that people have become much more aware of what’s going on in the legal technology space. These days, we don’t need to spend nearly as much time explaining what it is that we do. People pick up on the value proposition of analytics much more quickly. Clients have also become much savvier at distinguishing tech hype from reality. It’s a great sign – it shows that legal tech is becoming more mature and established.
Tell us something about you that we probably didn’t know.
Although Loom Analytics is only two years old, many of our team members have been working together for five years or more on other projects.