UK founded contract management firm Juro has nabbed $2m (£1.41m) in a Seed round led by Point Nine Capital.
This is Juro’s second Seed round; they previously raised $750,000 from investors including Seedcamp back in January last year.
CEO and co-founder Richard Mabey said this most recent raise could have been strung out as Series A, but they decided against it.
“We had multiple offers come in and there is so much of an explosion in demand for the [machine learning] that it made sense to do a round now rather than wait for the A,” he told TechCrunch.
“The whole legal industry is undergoing radical change and we want to be leading it.”
Founded in 2016, Juro uses machine learning algorithms to process the data within legal contracts, and claims to help its customers save 90% of the time spent on the end-to-end management of these documents.
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It also helps with the overall design of contracts, supporting e-signing and data visualization.
Existing investor Seedcamp, Taavet Hinrikus (TransferWise’s co-founder), Michael Pennington (Gumtree co-founder) and Paul Forster (co-founder of Indeed.com) also contributed to this round.
Juro will be using the latest investment to hire data scientists and machine learning engineers for its teams in London and Riga.
Mabey spoke of the successful funding raise: “The thing we and our investors are really excited about is not just helping businesses with contract workflow but helping them understand their contract data, auto-tag contracts, see pattens in negotiations and red flag unusual contract terms.”
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“There is a huge opportunity here but great execution is key and we’re building a world class team to do it. It’s a big bet to grow revenue as quickly as we are and do this kind of R&D but that’s just what the market is demanding,” he added.
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