With $10 Million Investment, Ayfie Eyes Expansion Across Border and Industries
Analytics company ayfie has already established a foothold in e-discovery and has even branched out into mortgage documents. Now the business is looking to raise its profile in the global marketplace.
August 19, 2019 at 09:30 AM
3 minute read
Earlier this week, analytics company ayfie announced that it had raised $10 million in funding with an eye towards strengthening its business profile within the global marketplace, which includes building out its North American commercial team in Denver.
The investment period marks the second in ayfie’s history following an initial fundraising round in June 2017. Information surrounding the identity of the investors is being kept confidential, but the motivation behind the investment’s timing is rather transparent.
“We’ve been growing quite fast and we’re moving really, really fast in the legal tech and finance tech market. And to continue to that growth, we wanted to do another [investment] round,” said CEO Erik Baklid.
Ayfie got its start in late 2016. Per Baklid, the company already has a strong presence in the U.S. and Nordics, and just recently closed its first two deals in the U.K. Baklid would not say who those clients were but did mention that ayfie was interested in expanding further within that country.
The company’s software suite—including ayfie Inspector and ayfie Locator—has largely been built around the proliferation of Big Data. Its solutions rely on a foundation of linguistics-based information retrieval and text analytics to extract insights, personally identifiable information (PII) and other items of interest from robust sets of unstructured data.
Emerging privacy regimes such as the EU’s General Data Protection Regulation or the forthcoming California Consumer Privacy Act have helped facilitate a need for those services, especially in the realm of PII. But ayfie has also found ways to push its analytics tech into other niches.
For example, the company fully embraced e-discovery and contract review last fall with the launch of ayfie Accelerator, a blend of machine learning and linguistic-based text analysis that can locate and identify documents with similar concepts or traits. The platform also provides email threading and data visualization capabilities.
More recently, ayfie announced in March that its AI engine would be integrated with MIAC Analytics, a mortgage pricing and risk management solution provided by financial tech company Alpha Modus. The combination of the two allows users to perform indexing and data extraction within mortgage documents.
Baklid indicated that the ayfie was interested into expanding that technology into other use cases as well within the financial sector.
“We’ve been approached by several banks to develop with them. So we’re looking into that currently,” he said.
Still, however much ayfie expands its portfolio, there’s no shortage of competitors in the data analytics sphere. For example, last February a startup named Infinnium launched OpscurePI, software that can identify any document inside an organization that holds confidential personal identifying information. Barely a month later, DocuSign announced an investment of $15 million in Seal Software, which leverages AI to find hidden risks or other insights within contracts.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllTrending Stories
- 1Jury Awards $3M in Shooting at Nightclub
- 2How Clean Is the Clean Slate Act?
- 3Florida Bar Sues Miami Attorney for Frivolous Lawsuits
- 4Donald Trump Serves Only De Facto and Not De Jure: A Status That Voids His Acts Usurping the Power of Congress or the Courts
- 5Georgia Hacker Pleads Guilty in SEC X Account Scam That Moved Markets
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250