Dentons’ innovation arm invests in due diligence workflow startup as part of $2.25m funding round
Dentons’ innovation arm Nextlaw Labs has invested in legal transaction management software platform Doxly, in a $2.25m Series Seed funding round that includes investment from Hyde Park Venture Partners and startup studio High Alpha Capital.
High Alpha, which is based in Indiana and focuses on conceiving and launching next gen enterprise cloud companies, launched Doxly, its first dedicated legal platform, only in July 2016.
Doxly, a cloud-based platform that automates workflows for the due diligence process, was co-founded by Haley Altman (pictured), formerly a partner at Indiana-headquartered law firm Ice Miller, who before that was an associate at Silicon Valley-headquartered firm Wilson Sonsini Goodrich and Rosati. It will use the $2.25m capital to scale its technology platform and speed up its hiring in product development, engineering, sales and marketing.
The new platform, which has been in private beta with firms including Ice Miller and wealth management firm True Capital Management, enables legal teams and clients to collaborate on documents and provides closing checklists and transaction-specific analytics and reports. Built-in integrations include e-signature capability, facilitated by DocuSign. At the end of a matter, Doxly archives all transaction-related information to create digital closing books.
This is the third portfolio investment by Nextlaw Labs following its investment in ROSS Intelligence, a startup using artificial intelligence to conduct legal research, and Apperio, a UK-based startup that is streamlining matter management for law firms. Participation in the Series Seed round was through its sister company and investment fund, Nextlaw Ventures.
“We are thrilled to be partnering with Nextlaw Labs and Dentons to further our vision of using software to transform the legal industry,” said Altman.
“My mission for Doxly is to build a product that makes attorneys’ lives better and shines a brighter light on the value attorneys provide clients. Partnering with Dentons, with its commitment to advancing change for the benefit of clients, will help us accelerate this vision.”