There is no greater marker of Silicon Valley success than venture capital funding. But while enterprise technology in other information governance-heavy industries like communications, finance, and healthcare draw billions of dollars in venture funding, early investments to legal technology start-ups have yet to reach this scale, despite the fact that the legal industry is worth hundreds of billions of dollars.
Venture capitalist research group CB Insights looked into the market earlier this summer. Although the group did not respond to requests for comment about survey methodology, it found that over the last five years, the legal technology sector has received $739 million in venture capital funding globally, a figure that pales in comparison to the growth of technology serving the finance industry, for example. The same report found that only two legal tech start-ups, Avvo and kCura, have received more than $100 million in total disclosed venture funding.
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