Legislate raises £3m to make contracts searchable
Legislate has raised $3.6m (£3m) in seed funding for its software that scans a company’s database of contracts using knowledge graph technology.
Knowledge graphs are a way of visually displaying information held within a database. The legal tech startup’s platform also provides tools to automate due diligence checks.
Charles Brecque, founder of Legislate, said: “For scaling companies, keeping track of terms across hundreds or thousands of contracts is a challenge that creeps up on you.
“Searching for basic information like contract start and end dates, or nuances in confidentiality terms across entire databases of contracts is painfully manual, or impossible.”
The Legislate seed round was led by spinout investor Parkwalk Advisors, along with Oxford Capital and angel investors.
Legislate will spend its seed funds on expanding its offering abroad and doubling its UK sales. Last year Legislate was granted its second US patent for semantic document generation.
“Investing in Legislate is investing in the future of machine-readable contracts,” said Stephen Hampson, investment director at Oxford Capital.
“Their patented Knowledge Graph system sets them apart from other technologies and makes it simple for people without legal training to access contracts created by lawyers and manage them effectively.”
The legal tech startup’s new capital builds on its previous funding round of £1m in 2021.