fbpx

London-based Semeris scoops £600K to speed up legal documentation

One of the biggest challenges for legal professionals is coping up with high volumes of routine and cumbersome legal work. Attempting to solve this problem is London-based legal AI startup, Semeris. Designed to help financial services companies review, analyse and summarise legal documentation, the company aims to deliver ‘superhuman powers’ for anyone interacting with complex legal documents.

The legal tech startup has now raised a £600,000 seed round led by venture capital firm QVentures.

Speeding up contract reading

Founded in 2017, the AI driven startup dramatically cuts investment analysis time with a mix of natural language processing, machine learning, and human curation. The solution also allows the comparison of terms and specific contract language across entire markets. Once analysed, the Semeris libraries can speed up contract reading and reviewing by up to 10 times.

Investment plans

The legal tech startup serves customers in a US and European collateralised loan obligation (CLO) market, from small boutique investment firms to the largest Global Banks (G-SIBs – global systemically important banks). Besides US expansion, this investment speeds up entry into the analysis of additional asset classes.

Efficient plug and play tool

As a plug and play tool, the company differentiates itself from other data extraction tools in the market by being able to compare how the language used in transaction documents varies from deal to deal and evolves over time.

Expansion of legal AI market

Peter Jasko, Co-Founder and CEO of Semeris, says: “QVentures took the time to really understand our business and help set Semeris up for successful growth. The closing of this funding round will spearhead the expansion of our capital markets legal AI products into the US.” With over a 20-year career in technology and finance, Peter left banking in 2008 and has had three successful fintech exits.

Harveer Bharaj, Principal at QVentures, says: “We are excited to be supporting the two experienced founders in taking Semeris out to market across Europe and the US. The team’s deep experience in capital markets and building and scaling tech ventures has been reflected in strong feedback from both existing and potential customers who are excited by how Semeris can help accelerate their investment operations and open up opportunities in new markets.”

Enthusiastic about the investment, Robert Walsh, Managing Partner, QVentures adds: “I am delighted to be backing Peter and it is exciting to see my old world of structured credit merging with venture capital. I would have loved to have an invaluable tool like Semeris when I worked in investment banking and am confident it will enhance the productivity of users going forward.”