African investment firm Zrosk Investment has thrust legaltech startup Definely into the spotlight, investing in a $7 million Series A funding round to bolster development of Definely’s AI-powered software that streamlines document review and editing for lawyers.
The round was led by Octopus Ventures, with participation from Cornerstone VC, Africa-focused Zrosk Investment Ltd, and several angel investors. This latest investment brings Definely’s total funding to $11.5 million, following a previous $4.5 million round that included Google and Microsoft as investors.
Definely’s AI-powered software suite currently offers:
- An AI-powered drafting tool
- A proofreader
- A PDF scanner for cross-referencing information across various document formats
All these features are delivered as a convenient plugin for Microsoft Word.
Definely’s subscription model caters to both individual lawyers and enterprises. The cost typically ranges from £75 to £90 per month depending on the chosen package.
The startup boasts 40,000 active users across companies and law firms in the UK, Europe, US, Canada, and Australia, including clients like Slaughter & May, Dentons, Deloitte, and P&O Cruises.
With a significant portion of its revenue currently coming from the UK and Europe, Definely has set its sights on expanding its reach in the US legal market, which is estimated to be ten times the size of the UK’s market. The US legal market contributes 30% of Definely’s revenue.
Definely plans to utilize the fresh capital for two primary purposes: US market expansion and further development of AI-powered products.
The company recognizes the immense potential of AI, particularly generative AI, to revolutionize the legal profession due to its reliance on language. While details regarding specific product roadmap plans are undisclosed due to market competitiveness, Definely has expressed interest in leveraging natural language processing and generative AI to facilitate cross-document query linking.
Definely has also begun incorporating a model from French GenAI startup Mistral to train its software for handling multilingual documents and queries. Mistral’s model, trained on a corpus of six European languages, offers Definely a strategic advantage in this aspect.
The legaltech space in Europe is witnessing a surge in AI-powered solutions, with Definely facing stiff competition from well-funded players like Luminance ($40 million) and RobinAI (£20.6 million).
Founded in 2017 by Nigerian CEO Nnamdi Emelifeonwu and Feargus MacDaeid, London-based Definely exemplifies the transformative potential of technology in the legal sector. Emelifeonwu and MacDaeid former Magic Circle lawyers, one of whom is registered blind, set out to make legal documents more accessible to those with visual impairments and soon realised their solution had much wider implications.
The company’s AI-powered solutions empower lawyers to streamline contract drafting, review, and information retrieval processes, enhancing overall productivity and efficiency.
