Summarized by AI Model:facebook/bart-large-cnn
Google Ventures and Khosla Ventures have invested $17.8 million in legal tech startup Genie AI. According to CEO Rafie Faruq, the company's AI editing platform can "turn around a contract in minutes" The London-based firm, which was founded in 2017, describes itself as an AI-based legal assistant.Google Ventures and Khosla Ventures have invested $17.8 million in legal tech startup Genie AI. According to CEO Rafie Faruq, the company’s AI editing platform can “turn around a contract in minutes.”
The London-based firm, which was founded in 2017, describes itself as an AI-based legal assistant and has created an editing platform that drafts and reviews legal papers using AI. Its application also offers users an open-source library of templates, such as contracts, policies, and letters of intent, and creates customised agreements across major international jurisdictions. According to Rafie Faruq, cofounder and CEO of Genie AI, “the main issue that lawyers have is that they are always overworked and understaffed.” “Our software allows them to turn around a contract in minutes.”
Because “contracts are turned around faster” and “deals get done faster,” Faruq told BI, Genie AI’s platform seeks to assist firms in cutting expenses. By charging an annual subscription fee based on consumption, the firm makes money. According to Genie, who spoke exclusively to BI, the number of companies using its network has nearly quadrupled to over 100,000 from the 26,000 indicated on its investment pitch deck.
“We’re excited by this because everyone hates the billable hour in law; it incentivises working long over the value of work,” Faruq stated. “We’re interested in flipping the business model on its head — can we build on value?” . Investors are interested in legal tech, as evidenced by the recent investment success of businesses like Robin AI, Leya, and Harvey.
With its freemium business strategy, Genie AI hopes to set itself apart from rivals by offering an open platform. According to Faruq, Genie has developed a proprietary editor that is AI-enabled and privacy-aware, whereas its rivals are also focused on utilising Microsoft Word. The startup has raised about $20 million in total funding thanks to the Series A round, which was headed by Google Ventures, the venture capital division of Alphabet, the parent company of Google, and Khosla Ventures, an early OpenAI investor.
According to Genie AI, the investment would enable the company to grow in the United States. Additionally, the business will concentrate on developing its agentic AI capabilities, which are a kind of system that can act independently without being prompted. Investors have also shown interest in this subsector of the AI ecosystem. “Along with developing our agentic AI, we’ll be doubling down on our proprietary editor and providing more legal-specific editing workflows,” said Faruq.
