Reynen Court websiteRamping Up Ahead of Launch, Reynen Court Secures $3 Million Investment
Reynen Court said the additional capital will help support its full launch as it prepares to reveal its metric-tracking and subscription management features.
January 07, 2020 at 05:11 PM
3 minute read
The original version of this story was published on Legal Tech News
Reynen Court, the "app store" for legal tech, has received a $3 million boost during its final sprint toward its full launch date set for the middle of the first quarter of 2020.
On Tuesday, the platform announced it closed a $3 million investment round with funding from Prins H, which is controlled by Reynen Court founder and CEO Andrew Klein, and venture capital fund Ventech.
Klein said the new funding will be used to hire more engineers to support more law firms and software developers leveraging Reynen Court.
Announced in 2018, Reynen Court launched a beta version in August 2019 that included a digital store of various legal tech solutions and the ability to deploy those solutions on a user-chosen cloud service provider. Klein noted that in eight weeks Reynen Court would fully launch with its subscription management and metrics tracking capabilities.
Klein described Reynen Court as designed to accelerate legal's adoption of AI and other new technologies.
The soon-to-be-released management and metric-tracking features also further that push for tech adoption, Klein said. Specifically, the management feature will allow users to update their subscription status to a product directly on Reynen Court, saving users time in individually contacting a vendor's website. He also said Reynen Court's metrics features allows users to look beyond product fees and take a granular look at the computing and storage used by an application to fully asses a product's cost and value.
Klein's goal to propel tech adoption in law is backed by various Big Law firms. Slaughter and May, Ropes & Gray and 10 other Big Law firms joined a consortium to support Reynen Court's development in October 2018. By December 2018, Clifford Chance and Latham & Watkins contributed to a $7 million funding round for Reynen Court, according to a press statement announcing the latest funding.
At the time of the 2018 investment, Legal Week reported Reynen Court would use its $7 million investment to double its headcount to 40 employees.
Still, Reynen Court's Big Law roots don't stop there. Clifford Chance's and Latham & Watkins' chief information officers are also non-executive directors at the company. Klein, who is a former Cravath, Swaine & Moore associate, also appointed former Davis Polk & Wardwell attorney Christian Lang as head of strategy to work as a "matchmaker" of sorts to pair the consortium's challenges with legal tech solutions.
To be sure, Reynen Court isn't the only legal tech company to count Big Law as a supporter. Indeed, U.K.-based Luminance has secured various investments for its AI-backed contract review platform, including from Slaughter and May, which is an investor and client.
Large law firms are also creating legal tech subsidiaries, such as Reed Smith's GravityStack and Wilson Sonsini Goodrich & Rosati's SixFifty. Legal has also jumped on the tech incubator trend, with various firms including Fenwick & West and Dentons creating incubators to assist legal tech startups, although the Big Four has recently entered that space as well.
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