It is no surprise that following the launch of their AI enabled motion drafting platform Compose in February, Casetext has secured a new round of funding. The $8.2 million brings Casetext’s total funding to $40 million. Inside investors who participated in this round include Union Square Investors, Canvas Ventures and Y Combinator Continuity. The press release also refers to an unnamed “top law firm” as leading the round.
The announcement comes in the wake of Casetext’s launch of their game changing new Compose software. Compose goes where no legal product has gone before. It actually helps a lawyer draft a motion tailored to specific federal courts and factual issues by applying applicable arguments and legal standards.The Compose launch press release described the product as being “poised to disrupt the $437-billion legal services industry and fundamentally change our understanding of what types of professional work are uniquely human.” The Parallel Search functionality applies a transformer-based neural language model (the latest technique in NLP), which automates the process of finding legal precedent to support the attorney’s argument.” It identifies relevant analogous precedent which supports the drafter’s facts. The new funding will support the further development of Compose.
Jake Heller President and Co-Founder of Casetext described how the new funding will be used to transform legal work. “Our vision with Compose is to automate as much of litigation work as possible so that attorneys can focus their time on the most high-value and important work. That takes serious investment, including hiring world-class attorneys and machine learning engineers. That’s where the majority of the money is going. ”
Here is the full press release:
RELEASE DATE: THURSDAY, MARCH 26, 2020
Casetext Announces $8.2 Million in New Funding
New investment quickly follows the launch of new litigation automation technology
SAN FRANCISCO — Casetext, the litigation automation company, today announces $8.2 million
in new funding. The round was led by one of the top-revenue generating law firms in the
country, underscoring the industry’s early interest in Compose, the brief automation technology
announced by Casetext last month.
This new investment brings Casetext’s total funding to over $40 million. Several inside investors
also participated in the round, including Union Square Ventures, Canvas Ventures, and Y
“We’re honored to have one of the top law firms in the country as Casetext investors,” says Jake
Heller, CEO and co-founder. “I view this investment as validation that the legal industry shares
our vision for the future of law — and believes we’re the right company to build it.”
This announcement comes just a few weeks after the launch of Compose, technology that
automates the first draft of a legal brief. Compose enables an attorney to construct a
compelling, well-supported draft of a brief in an hour or less. The attorney simply enters basic
information about the brief, and Compose provides the available arguments and applicable legal
standards, which the attorney can add with a click.
Casetext accepted the additional funding in order to invest more heavily in Compose, which law
firms and corporate legal departments are already turning to for help bringing down litigation
costs in this time of economic volatility.
Casetext is a litigation automation company that enables attorneys to provide consistently
high-quality representation efficiently. In 2016, Casetext released its comprehensive legal
research platform — now used by over 5,000 U.S. law firms — which leverages A.I. technology
to automate much of legal research. In 2020, Casetext made the next big leap in litigation
automation with Compose: first-of-its-kind technology that automates substantive elements of