- Definely, a UK legaltech firm, secures $7 million Series A funding.
- The company’s software simplifies legal document review and analysis, aiding lawyers in drafting, proofing, and understanding contracts.
- With a global workforce of over 60 employees, Definely targets expansion, focusing on its 40,000 active users from major companies and law firms in the UK, US, Canada, and Australia.
- Integration of AI technology enhances document processing efficiency, with plans to further augment the technical team.
- Co-founders Feargus MacDaeid and Nnamdi Emelifeonwu aim to address accessibility challenges in the legal industry, culminating in the development of Definely’s innovative solutions.
- Notable clients include Allen & Overy, Slaughter & May, Dentons, and Deloitte, among others.
- Octopus Ventures leads the funding round, with participation from Cornerstone VC and Zrosk Investment Ltd., alongside support from industry experts Claire Hughes Johnson and Comron Sattari.
- Edward Keelan, Partner at Octopus Ventures, highlights Definely’s potential to revolutionize the $60 billion legal industry through AI-driven productivity enhancements.
Main AI News:
In a significant stride towards transforming the landscape of legal document management, Definely, the UK-based legaltech firm, has recently concluded a successful Series A funding round, securing a substantial $7 million. This funding injection marks a pivotal moment for the company, known for its pioneering approach to simplifying the intricacies of legal documents.
Definely’s core mission revolves around enhancing the accessibility and comprehension of legal documents, a task that has long been cumbersome and time-consuming for legal professionals. Through its innovative software solutions, Definely empowers lawyers to streamline the contract lifecycle, from drafting to execution, effectively reducing the time and effort required for document review and analysis.
Headquartered in the bustling metropolis of London, Definely boasts a global workforce of over 60 dedicated professionals. With a steadfast commitment to innovation, the company aims to bolster its user base, which currently exceeds 40,000 active subscribers hailing from prominent enterprises and law firms across the UK, US, Canada, and Australia.
One of the defining features of Definely’s platform is its seamless integration of artificial intelligence (AI), a technology that augments the capabilities of legal practitioners by facilitating swift and accurate document processing. As the company continues to refine its AI-driven solutions, it remains steadfast in its pursuit of expanding its technical team, comprising seasoned experts poised to drive innovation forward.
Feargus MacDaeid, Co-founder and Chief Strategy Officer of Definely, reflects on the transformative impact of the company’s endeavors, stating, “Before Definely, legal professionals grappled with arduous processes, from scouring lengthy documents to accessing critical information. Our platform alleviates these challenges, enabling lawyers to navigate complex contracts with unprecedented ease.”
The genesis of Definely traces back to a serendipitous encounter between two former Magic Circle lawyers, Feargus MacDaeid and Nnamdi Emelifeonwu. Bonding over their shared vision for enhancing accessibility in the legal domain, the duo embarked on a journey to develop technology that would revolutionize contract management.
Nnamdi Emelifeonwu, Co-founder and CEO of Definely, emphasizes the significance of inclusivity and innovation in driving the company’s success, remarking, “Definely epitomizes the transformative potential of diverse perspectives. By prioritizing accessibility in our technology, we have emerged as a trusted partner for leading law firms and corporations worldwide.“
Definitely’s client roster boasts an impressive array of legal titans and Fortune 500 stalwarts, including Allen & Overy, Slaughter & May, Dentons, and Deloitte, among others. This widespread adoption underscores the tangible value that Definely delivers to its discerning clientele.
The recent funding round, spearheaded by Octopus Ventures, with participation from Cornerstone VC and Zrosk Investment Ltd., signifies a resounding vote of confidence in Definely’s vision and capabilities. Notable industry luminaries, including Claire Hughes Johnson and Comron Sattari, have also joined forces to support the company’s growth trajectory.
Edward Keelan, Partner at Octopus Ventures, lauds Definely’s transformative impact on the legal landscape, affirming, “Definely exemplifies the spirit of innovation and empowerment. By harnessing the power of AI and forging strategic alliances, Definely is poised to redefine the dynamics of the $60 billion legal industry.”
Conclusion:
Definely’s successful funding round underscores the growing demand for innovative solutions in legaltech. By addressing key pain points in document management and leveraging AI technology, Definely is well-positioned to drive significant disruption in the legal industry, offering tangible benefits to both legal professionals and corporate clients. This funding not only validates Definely’s approach but also signals a broader trend towards embracing technological innovation to enhance productivity and efficiency in legal workflows.
