Killer Whale Strategies – the investment vehicle of legal tech columnist-turned-founder Zach Abramowitz – has invested a five-figure sum in London-based capital markets startup 10BE5, which was founded by Cleary Gottlieb Steen & Hamilton attorneys John Kwan and Mohamed Taha.
10BE5 uses natural language processing technology to automate the drafting of capital markets disclosures and related processes. It received minority investment from Cleary in 2021 and Taha continues to work at the white shoe, New York-headquartered law firm.
While Kwan and Taha are based in London, the name 10BE5 stems from the disclosure standards required by Rule 10b-5 under the US Exchange Act of 1934, and also pertains to the ambition to cut lawyers time spent on disclosure in half (aka 10 to 5 hours).
Announcing the investment today (3 May), Abramowitz says: “Any attorney who has ever worked in capital markets knows the amount of repetitive, mind-numbing work that goes into drafting disclosures whether it is the financial trends in the MD&A, the risk factors or the circle-up process. 10BE5 removes tedious, anxiety-inducing work for capital markets attorneys. You can use their software OR you can outsource the work to their team and get it back completed.”
He adds: “10BE5 is already working with the biggest firms in the world, and I am betting that in-house departments will begin using it themselves. I have long suspected that someone would design a product for capital markets attorneys. But, I also knew the amount of legal expertise required to build this product, so it had to be the right founders. I am confident betting on John and Mohamed.”
Other startups that Killer Whale has invested in include LegalMation, which helps to automate routine litigation tasks.