The legal industry is currently facing a much-needed revolution. London-based legal tech startup Genie AI is leading that charge and lately secured $17.8 million in Series A funding from Google Ventures and Khosla Ventures. Genie AI represents a significant shift in the way legal professionals could operate in the future.
Genie AI was founded in 2017 and it uses artificial intelligence to draft and review legal documents at a comparatively much greater speed and accuracy than traditional methods. It allows lawyers to turn around contracts in minutes.
Co-founder and CEO Rafie Faruq said that everyone hates the billable hour in law. Currently more than 26,000 companies are using the platform and this reveals the demand for efficiency as well as value. The platform is a subscription-based model and aligns productivity with pricing.
Secret sauce of the platform is its proprietary AI-powered editor and not based on Microsoft Word integrations. Genie AI offers a privacy-aware and flexible solution to help legal professionals in tailoring agreements across multiple jurisdictions.
The recent funding round is learned to help Genie AI in its expansion into the U.S. market and also to dive deep into developing its agentic AI capabilities. The innovation could be game-changing for the legal sector.
The rise of legal tech highlights the growing interest of investors in the space. The approach of Genie AI with its freemium model, privacy-conscious design and focus on genuine value sets it apart. The legal world is increasingly seeking efficiency without compromising quality. The vision of Genie AI is a faster and smarter legal process.
The future of law is about billing hours and also about building value. Genie AI is set to lead the transformation.
