Genie AI Secures $17.8 Million Series A Funding from Google and Khosla Ventures

Genie AI, a legal tech startup founded in 2017 and based in London, has recently announced securing a $17.8 million Series A funding round from Google and Khosla Ventures. The startup positions itself as an AI-based legal assistant, offering an innovative editing platform powered by artificial intelligence for drafting and reviewing legal documents.

Revolutionizing Legal Document Drafting with AI

Genie AI's platform stands out by utilizing AI technology to automate the process of drafting personalized agreements tailored to various global jurisdictions. In addition to this, the platform provides users with a comprehensive open-source library of templates encompassing contracts, policies, and letters of intent.

Addressing the Challenges Faced by Legal Professionals

Rafie Faruq, the CEO, and co-founder of Genie AI highlighted that one of the main challenges faced by legal professionals is being constantly overworked and understaffed. The software developed by Genie AI aims to alleviate this burden by enabling lawyers to efficiently turn around contracts within minutes.

Driving Efficiency and Cost Reduction in Legal Processes

By streamlining the contract drafting process, Genie AI's platform not only accelerates contract turnaround time but also facilitates quicker deal closures. This, in turn, helps businesses reduce costs associated with legal operations, as emphasized by Faruq during an interview with BI.

Disrupting the Traditional Legal Billing Model

Faruq expressed the startup's mission to challenge the conventional billable hour model prevalent in the legal industry. Genie AI aims to shift the focus from hours worked to the value delivered, offering a subscription-based revenue model that aligns with this vision.

Future Expansion and Innovation Plans

With the recent Series A funding round led by Khosla Ventures and Google Ventures, Genie AI plans to expand its presence in the US market. The startup also intends to enhance its agentic AI capabilities, focusing on developing autonomous systems that can provide advanced legal-specific editing workflows.

Genie AI's unique approach to legal tech, coupled with its privacy-aware proprietary editor enabled by AI, sets it apart from competitors in the industry. By offering an open platform through a freemium model, the startup aims to democratize access to advanced legal assistance tools.

As the legal tech sector continues to attract investor interest, Genie AI remains at the forefront of innovation, dedicated to revolutionizing legal document management and enhancing the efficiency of legal processes through AI-driven solutions.

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By: rkanetkar@insider.com (Riddhi Kanetkar)
Title: Genie AI Secures $17.8 Million Series A Funding from Google and Khosla Ventures
Sourced From: www.businessinsider.com/genie-ai-funding-khosla-ventures-google-pitch-deck-2024-10
Published Date: Wed, 23 Oct 2024 06:01:01 +0000