British legaltech startup Lawhive has announced a €37.9 million Series A funding round to support its expansion into the United States. The investment aims to enhance access to affordable legal services through the company’s AI-powered platform.
The funding round was co-led by existing investor GV (Google Ventures) and TQ Ventures, with participation from Balderton Capital, Jigsaw, Episode 1 and Premier League footballers Harry Maguire and Reece James.
This comes after the recent announcement of that it had raised over €11 million in Seed funding in April 2024. The capital will be utilised to scale operations, enhance the AI platform, and establish a presence in key US markets.
Pierre Proner, CEO and co-founder of Lawhive, stated: “By augmenting the work of human lawyers with our technology, we’re addressing a critical need in the US market and unlocking new opportunities for millions of US attorneys.”
Founded in 2019 by Pierre Proner (CEO), Jaime Van Oers (CTO), and Flinn Dolman, Lawhive combines AI with human expertise to streamline legal processes. Its platform automates administrative tasks for lawyers, enabling them to focus on legal work while reportedly reducing costs for clients by up to 50%.
At the centre of the Lawhive platform is an AI lawyer, Lawrence, built on top of Lawhive’s own fine-tuned LLM which has demonstrated better results than any other LLM at carrying out legal work. Lawrence successfully passed the Solicitors Qualifying Examination (SQE) scoring 81% against a pass mark of 55%. Lawrence is already able to carry out legal work at the level of a junior lawyer or paralegal, augmenting the work of senior lawyers, and leaving them to focus on handling the high-value parts of a case as well as providing support to their client.
According to Lawhive, their services have assisted thousands of individuals with legal matters ranging from family and property disputes to consumer rights and small business issues. The company now aims to address the reportedly significant justice gap in the US legal market by providing accessible and affordable legal support.
Schuster Tanger, Co-Founder/Co-Managing Partner at TQ Ventures, added: “The US legal market, arguably the largest in the world, is ripe for disruption. The pressing need for affordable legal access makes it the perfect environment for innovative tech solutions like Lawhive’s.”
Read the orginal article: https://www.eu-startups.com/2024/12/london-based-lawhive-secures-e37-9-million-to-expand-ai-driven-legal-services-into-us-market/
