From: RegTech Analyst
London-based LegalTech startup ThoughtRiver has raised $10m in a Series A round led by Octopus Ventures.
Other investors joining the raise included Crane, Local Globe, Entrée Capital, Syndicate Room, and angel investor Duncan Painter, according to TechCrunch.
The startup is using artificial intelligence to automate work done by legal professionals such as contract reviews.
The company was founded in 2015 and now has 25 customers around the world. The company was also selected for Tech Nation’s Upscale 5.0 cohort in January 2020.
“While the legal sector has been slow to adopt AI compared to other industries, ThoughtRiver has a proven business model based on solving a fundamental issue for lawyers,” said Akriti Dokania, early stage investor at Octopus Ventures, in a statement.
“By using an advanced Natural Language Processing engine to drive faster contract reviews and acceleration of deal flow and business growth, legal professionals can work more efficiently than ever. We are thrilled to support the ThoughtRiver team with its plans for global expansion as the firm disrupts an established market and set of processes.”
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