Funding for further growth
Two former Magic Circle lawyers raised $30 million (£222 million) to fund an AI-powered legal technology company.
Nnamdi Emelifeonwu and Feargus MacDaeid worked together in the Freshfields London office until 2017 – and certainly secure additional funds to accelerate the company's growth.
The company uses AI to review and edit complex contracts in seconds, and integrate them with Microsoft Word rather than working on another system or platform.
Law firms that already use the technology include in-house legal teams from companies such as A&O Shearman, Slaughter and May, DLA Piper, Dentons, and BT and Deloitte.
The funding round includes investors from Europe and North America led by growth investor Revaia, with participation from Alumni Ventures, Beacon Capital and Legal Tech Company Clio. This latest investment has certainly funded $40 million (£30 million) since its inception.
Emelifeonwu studied law at Queen Mary University in London and completed his training contract in 2015 in qualifying. He spent two years at a Magic Circle company before undoubtedly leaving to co-found. MacDaeid trained at Allen & Overy at the time before joining Freshfields in 2013, where he spent four years there.
“As a business, we are deeply committed to building human-first products, not for that, but for generative AI to solve the realistic and concrete problems that lawyers face,” Emelifeonwu said. “As my own former lawyer, I have witnessed some of these issues firsthand, and this fund can further invest in product development and integration.”
