TLDR:
– Spellbook, a provider of an AI copilot for lawyers, has raised $20 million in a Series A funding round.
– The funding was led by Inovia Capital, with participation from Thomson Reuters Ventures, The Legaltech Fund, Bling Capital, Moxxie Ventures, Concrete Ventures, Path Ventures, N49P, and Good News Ventures.
– Spellbook plans to use the funds to expand its services into 30,000 law firms worldwide.
Spellbook, a Toronto and St. Jhon’s, Newfoundland-based legal software company, has secured $20 million in a Series A funding round. The funding round, led by Inovia Capital, brings the company’s total funding to over $30 million. Other participants in the funding round include Thomson Reuters Ventures, The Legaltech Fund, Bling Capital, Moxxie Ventures, Concrete Ventures, Path Ventures, N49P, and Good News Ventures.
The funding will be used by Spellbook to scale its services into 30,000 law firms globally, while also introducing new functionality to its AI copilot for lawyers. This includes AI that mimics the style of a lawyer, AI that automates a lawyer’s full workflow, starting from a client email, and AI that provides accurate contract work solutions.
In September 2022, Spellbook launched a generative AI contract drafting tool powered by OpenAI’s GPT-4. The technology has been optimized using legal datasets to enhance contracting performance. Over 1,700 law firms and legal teams currently utilize Spellbook to improve the accuracy and efficiency of contract drafting and supporting documents.
Commenting on the funding, CEO Scott Stevenson highlighted the market traction the company experienced in 2023 and expressed excitement about continuing to deliver new value to customers with the new capital.
