Spellbook Raises $20 Million in Series A Funding, Plans New AI Capabilities, Platform Expansion
Spellbook, which offers a generative AI-powered contract drafting and negotiation platform, is planning new developments focused on personalization, end-to-end workflows, accuracy and speed.
January 24, 2024 at 02:02 PM
4 minute read
On Wednesday, generative AI-powered contract drafting and negotiation platform provider Spellbook announced that it raised $20 million in a series A funding round led by Inovia Capital. Participating in the round were existing investors Thomson Reuters Ventures, The LegalTech Fund and Moxxie Ventures, among others.
The round comes less than a year after Spellbook closed on a $10.9 million investment and announced it was rebranding from Rally Legal to Spellbook. In the month that followed, the company also announced a global educational program for law school students and faculty, and launched a generative AI-powered contract analysis solution named Spellbook Reviews.
Spellbook co-founder and CEO Scott Stevenson told Legaltech News that the company will use the funding to add new AI capabilities to its platform, expand its scope and increase its speed and accuracy. He added that Spellbook will be demoing some "very early prototypes" at Legalweek 2024 in New York. The new developments, he said, focus on personalization, end-to-end workflows, and accuracy and speed.
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