The startup that uses data and artificial intelligence to match companies with external legal service providers is set to scale after raising $1.8 million in seed funding from various institutions and angel investors. The total amount raised by the startup so far is over $2 million.
The startup uses data from various sources to match the internal legal teams of its client companies with external legal service providers, which gives it the ability to recommend lawyers based on the nature of the assignment, location and cost considerations.
It is really hard to figure out who is good for a company given their needs, price points and all sorts of things. Most of the solutions are marketplace solutions that want a transaction to happen. If you don't need people to buy, what are you going to do? What if you're just trying to help people understand what works for them? We built a product that is helping people find the right lawyers and is a starting place for their needs.
A successful pilot involving a US-based investing firm and an insurance company in London has led to the validation of the startup. For its next stage of growth, it is targeting even larger corporations with bigger legal expenditure budgets and needs.
Heitkamp said that they are working with large companies because they are effectively a self-contained marketplace and have already worked with many lawyers and law firms. One of the well-known tech hubs in Africa is the startup's team.
Heitkamp said that to ensure precise matching, they had to integrate data from different places, including from clients billing systems, to build recommendation systems that help companies in decision making.
Information and data are used to make decisions on who to hire. We felt that the companies were missing out on an opportunity to use data from their own experiences. If a company spends $200 million a year, then there is an opportunity to understand a lot of different things.
Broad Creek Capital, Daybreak Partners, and a number of other angel investors took part in the round.
We plan to use the funding to grow our team, especially the technical talent, with some more spending on marketing. Heitkamp said that they brought on someone with a marketing background and experience working with law firms.
The first cohort of the Foundry for Builders allows them to work with sensitive data in an accredited environment.
There is finally a tool that allows clients to move from large-scale, mostly anecdotal, decision making to empirical evidence-based decision making, with continuous improvement after every interaction. The last two years have ushered in a period of incredible change in the way we work, and it is very exciting to see the team at Hence leverage the talent in Kigali and the Palantir platform to begin to execute on their vision to dramatically improve the efficiency of the global professional services markets
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