Leya AI secures $10.5m seed funding to revolutionize q&a, reviews, and drafting

Leya receiving first prize in the competition Pitch 40 at The Tech Arena 2024 in Stockholm.

Legal tech startup Leya, founded last year, has raised $10.5m in a Seed round led by Benchmark’s Chetan Puttagunta, who is now joining the board. Hummingbird, SV Angel, and Y-Combinator also invested in the AI-powered legal assistant.

In a statement to Artificial Lawyer, Max Junestrand, CEO and co-founder, emphasized Leya’s core philosophy: that the legal profession should evolve with technology, not be weighed down by it.

Junestrand explained that by using your data and trusted legal sources, Leya helps you find valuable information, work faster, and get better results. He also mentioned that with their Seed funding, they plan to make the product available to even more customers.

It’s also important to note that before Leya, Junestrand was involved with two other Y Combinator startups. He also worked at McKinsey, engaged in venture capital, and was a software developer at Abios (acquired by Kambi) and Ericsson.

Leya revolutionizes legal tech landscape

Leya’s AI-powered legal assistant uses public legal sources and its data to give reliable answers. It helps streamline conversations, makes due diligence reviews easier, and improves document editing.

The Swedish company’s product connects to a firm’s documents from their DMS and combines them with legal info from over 15 jurisdictions. It then provides detailed citations and references in its responses.

Law firms and businesses will be cautious about giving access to their DMS. Before they do so, they’ll want to be sure about where the data goes and what Leya can see.

Leya focuses on three main ideas. Their AI-powered legal assistant finds work, policies, and templates within a customer’s organization. It helps legal professionals do more in-depth research, proofread quickly, and consider multiple factors with AI support. By letting Leya handle tedious tasks, lawyers can focus on creating value for their clients. It is now used by over 70 top law firms in Europe and plans to expand to the US soon – something the new funding will support.

Europe legal tech hub

This is another great legal tech story from Europe, where many new AI startups are emerging. This means more competition for existing companies in similar areas—as if they needed any more.

It also shows that Europe is experiencing a surge in legal tech innovation driven by the ease of using LLM technology.

Today, more startups offer a wide range of features right from the start or soon after launch. Previously, a startup might start with one feature and add others over the years.

Now, they release many connected features all at once, thanks to the power of LLMs. Whenever there’s text, there’s potential for a solution.

Techarenan News/Monok

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