Definely, a legaltech startup backed by Microsoft and Google, has secured a $7 million Series A funding round led by Octopus Ventures, with contributions from Cornerstone VC and Zrosk Investment Ltd, among others. This investment will further fuel the development of Definely’s AI-powered software, designed to assist lawyers in understanding and editing documents more efficiently.
The company, founded in 2020, offers a suite of AI-driven tools including a drafting tool, proofreader, and PDF scanner, all integrated as a plugin for Microsoft Word. With a subscription model targeting individual lawyers and enterprises, Definely has amassed 40,000 active users from law firms and companies worldwide, including notable names like Slaughter & May and Deloitte.
While the majority of its revenue currently comes from the UK and Europe, Definely is eyeing significant expansion in the US market, which accounts for 30% of its revenue. The substantial size of the US legal market presents a promising opportunity for growth.
The fresh funding will primarily support Definely’s US expansion efforts and the development of additional AI-based products. Leveraging language-based technology like generative AI holds immense potential for enhancing efficiency in the legal profession, according to Definely’s founders. They aim to utilize natural language processing and generative AI to streamline document handling and cross-referencing tasks.
Moreover, Definely has begun incorporating Mistral’s multilingual AI models to facilitate document processing across multiple languages. However, the company faces stiff competition in Europe’s AI legaltech sector, with recent significant funding rounds for competitors like Luminance and RobinAI.
Despite the competitive landscape, Definely remains committed to leveraging AI technology to empower legal professionals and streamline document-intensive processes, with a keen focus on expansion and product innovation.
