Source: Pocketlaw
Pocketlaw, the leading provider of AI-first legal tech solutions, has closed a funding round to accelerate its AI product development, and address the rising demand for AI-driven legal solutions. The round included participation from many existing investors such as Atomico, along with new investors, including one of Swedenʼs leading tech entrepreneurs with global experience, Willard Ahdritz, founder of Kobalt Music Group.
The legal tech sector is predicted to be one of the industries where artificial intelligence will have the greatest impact in the coming years, driven by the unique ability of AI to analyze large volumes of text, reason semi structured contract data, and streamline traditionally complex and repetitive workflows. As more companies aim to automate and optimize legal processes, the global legal tech market is projected to grow significantly. Forecasts predict its value will more than double in the next five years, with Gartner estimating growth from $22.3 billion in 2022 to $50 billion by 2027.
Pocketlaw has made significant investments in artificial intelligence in recent years and now offers one of the most advanced legal tech solutions in the market, led by Faruk Sahin, who last year joined the company from Sana Labs where he was VP Engineering. Their platform combines contract management with state-of-the-art AI products, such as reviewing contracts and comparing against company playbooks, and extracting and visualizing values from large contract sets, to deliver smart, comprehensive solutions that integrate AI directly into your teamʼs workflows. This new funding will enable Pocketlaw to accelerate its efforts to meet the growing demand for AI-driven legal solutions.
“In our assessment of contract management platforms, Pocketlaw’s solution stands out for its comprehensive features and user-friendly interface,” noted Peter Coyet, Chief Information Officer at Mannheimer Swartling. “We see significant potential in their AI capabilities.
“AI has completely transformed the landscape of legal tech. We are seeing an enormous increase in market demand for AI-powered legal solutions,” said Kira Unger Söderlind, CEO of Pocketlaw. “AI wonʼt replace lawyers, but lawyers who use AI will replace those who donʼt.”
Co-founder Olga Beck-Friis added: “Pocketlaw is used to augment team capabilities, and with our new AI products, weʼre seeing explosive adoption of AI amongst our users. In just the past six months, usage has increased by over 1200%.”
Richard Wolff, Chief Legal Officer at Cambio, shared his experience: “With Pocketlaw, weʼve centralized all legal data and made AI accessible in daily workflows for our teams, which has significantly increased efficiency.”
Supported by both existing and new investors, Pocketlaw aims to continue leading the transformation of the legal tech sector in Europe by providing companies with intuitive, AI-driven tools that significantly enhance their efficiency.
New investor Willard Ahdritz, who will also take a seat in the companyʼs Board of Directors, commented: “By implementing a centralized platform for data, intellectual property, and collection technology across over 200 countries at Kobalt Music, I’ve witnessed firsthand the extensive legal work required to manage such operations. Today, legal functions have evolved from being mere cost centers to becoming critical components for scaling and driving global revenue in an increasingly complex legal environment. Enter Pocketlaw, transforming legal workflows through technology.”
Ben Blume, partner at Atomico, and board director in Pocketlaw adds: “PocketLaw have fully embraced the opportunity to use state of the art AI to develop truly innovative and valuable products for their customers, and are now seeing this bear fruit in their rapidly increasing adoption and engagement”.
As Pocketlaw continues to drive innovation in the legal sector, its mission is to reimagine legal work for every team by providing its customers with user-friendly, effective, and AI-first legal solutions to meet their needs in a rapidly changing business environment.
Read the full article: https://pocketlaw.com/content-hub/pocketlaw-raises-new-funding-round-to-drive-ai-development-welcomes-willard-ahdritz-as-new-strategic-investor
