LegalOn Technologies, a company that provides AI tools to review legal contracts, has raised $50 million in a Series E funding round. This brings the company’s total funding to $200 million.
The round was led by Goldman Sachs Alternatives, with support from existing investor World Innovation Lab. New investors included Mori Hamada, Mizuho Bank, and Shoko Chukin.
LegalOn will use the new funds to improve its AI products and expand its marketing efforts, especially in the US and UK, where the company has seen strong growth over the past year.
LegalOn’s AI-powered contract review tool, called Review, is designed to make the contract process faster and more accurate. It spots potential risks and suggests changes based on legal guidelines created by lawyers and each company’s internal standards.
The tool can reportedly cut contract review time by up to 85%.
LegalOn says its software is now used by 7,000 organisations, which is a 40% increase from last year. In Japan, the company is a clear market leader, working with 25% of all public companies and 87% of Japan’s Fortune 500. It also serves 40 companies from the global Fortune 500 list.
LegalOn’s Global CEO, Daniel Lewis, said that many legal teams are overwhelmed with time-consuming tasks that slow them down. He explained that this new funding will help LegalOn build better AI tools to reduce repetitive work, speed up legal processes, and give teams more time to focus on important decisions.
Recently, LegalOn also improved its legal AI tools and expanded into matter management, which helps legal teams track and handle tasks from start to finish. The company plans to launch new AI agents and products this year to support legal teams even further.
LegalOn has also partnered with OpenAI, the creator of ChatGPT. The goal is to combine LegalOn’s legal knowledge with OpenAI’s powerful AI technology to improve legal work for companies.
Thanks to this partnership, LegalOn now has access to OpenAI’s advanced AI models, which will help it build new features faster. Engineers from both companies are working together to create smart, easy-to-use AI tools for legal teams around the world.
Read more- EngineAI Secures Nearly RMB 1 Billion to Boost Humanoid Robot Development
