AI legal assistant Genie AI has raised £13.3 million in Series A funding, led by GV (Google Ventures), and joined by Khosla Ventures, taking its total raised to over £15m.
The latest funding will enable Genie, which provides Gen AI solutions for the likes of document drafting, review and comparison, to further improve its agentic legal editor. Genie also has an open-source library of templates.
Genie was co-founded in 2017 by CEO Rafie Faruq (pictured below right) and CTO Nitish Mutha (pictured below left) who specialised in AI while studying at UCL .
Speaking to Legal IT Insider about the Series A, Faruq said: “Our mission is to reduce contract turnaround and in the end, improve global economic efficiency. Specifically what our AI can do is create an entire legal agreement from scratch that is highly tailored to the users needs.” He added: “We also have a review capability and while that’s fairly common in the market, we focus on accuracy. We did a study of the first 170 lawyers who tried the algorithm in Genie and it was 92% accurate.”
In terms of Genie’s agentic capabilities, Faruq says: “Why we’re seeing such growth is because over the last eight years we doubled down on creating our own proprietary editor that is DOCX compatible and can handle track changes and Word styles.” He adds: “You can go online today and create entire agreement, then do a review and spot risks and get red and amber flags with comments from AI and then make amendments in track changes all through Genie.” Aside from importing a document in Word and exporting at the end, this can be part of one workflow.
This is the second round of fundraising for Genie, which is now 30 people strong, with plans to grow to 45. It raised £2m in 2019, which included a £800,000 grant from UK Research and Innovation. The angel investors (investing through Connect Ventures) included high profile angel investors Professor Jun Wang, a world leader in generative algorithms and reinforcement learning for NLP, and Lord Neuberger, former president of Supreme Court UK.
“Genie is changing the way businesses all over the world transact”, commented Vidu Shanmugarajah, a partner at GV. “By combining AI with a feature rich editor, Genie allows users to work with contracts in a way that was not possible before. We’re impressed with Genie AI‘s early customer traction and product-led growth, and are excited to support them on the journey ahead.”
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