Alexi, a Legaltech company and leader in generative AI for legal research and litigation tasks, secures $11million in series A round funding.
Drive Capital is leading the round, and Draper Associates and other current investors are participating. This increases it’s total fundraising to more than $20 million. Chris Olsen, a partner at Drive Capital, will also take a seat on the board of directors in addition to receiving a rise.
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Less than a year has passed since it released its Instant Memos, Arguments, and Chat features. This new capital contribution comes from Alexi. To assist it continue to innovate and scale its technology, the cash will be used to support hiring immediately across engineering, product development, brand and design, legal, and business development teams.
Additionally, it will help Alexi satisfy the growing demand from legal firms to expedite upcoming releases in North America and other jurisdictions and integrate a variety of AI-powered litigation tools into their operations.
Chris Olsen, Co-Founder and Partner at Drive Capital said, “We evaluate over 6,000 companies a year, most of which position themselves as an ‘AI company.’ Alexi is one of the very few examples, however, of using AI to solve a business problem, Lawyers who use Alexi run more successful law practices. It is only a matter of time until attorneys all over the world are using Alexi to be better lawyers.”
In terms of generative AI for litigation teams, it is a trailblazer. With the help of their platform, legal practitioners may complete typical litigation duties with AI support, find relevant legal issues or arguments to accomplish desired outcomes, and produce high-quality legal memos all on the same platform. The company’s ultimate goal is to use artificial intelligence to arm legal teams, dismantling informational barriers and promoting justice for all.
Mark Doble, CEO of Alexi said, “The rate of innovation happening at Alexi is truly astounding. Instead of trying to predict the future, we’re building it, This capital further enables us to build incredible value into our products and empower our customers to better serve their clients.”
About Alexi
Alexi’s unique AI-powered platform, founded by Mark Doble and Sam Bhasin, gives litigators essential legal abilities. It is a time-saving tool that increases productivity for law firms by streamlining the legal research process and helping with standard litigation activities. It is dedicated to innovation and quality, and she is still at the forefront of changing how people can obtain legal information.
