Genie AI, an AI legal editor based in the UK, has secured £13.3 million in Series A funding. Led by GV (Google Ventures) that recently backed Distance Technologies and wealth.com, and joined by Khosla Ventures, which invested recently in OpenAI and DevRev, taking its total raised to over £15 million.
Prior to this, the company secured a grant from Innovate UK to advance the development of its category-leading AI legal assistant. The latest funding will enable Genie AI to further improve its agentic legal editor.
Who is behind Genie AI?
The company was founded in 2017 by Rafie Faruq and Nitish Mutha who specialised in generative AI while taught at UCL by leading researchers at Google DeepMind. They recognised the opportunity for AI to reduce the time spent on tasks that involve language processing, data analysis, and decision-making, all prevalent in contract drafting, and developed the most advanced AI legal drafter in the market.
AI-powered legal editor
Genie AI enables legal professionals to draft, review, edit, and negotiate legal documents more efficiently, by combining the following three products:
- Agentic Legal AI: It drafts, reviews, edits, red-lines, and comments on your documents, just like a junior lawyer would.
- Legal Editor: It is capable of importing long and complicated Microsoft Word files with precision and structuring them to be edited by Agentic Legal AI.
- Legal Library: A public database of thousands of toolkits, templates, clauses, and guidance notes, used by millions, and fully compatible with Genie’s Legal Editor and Agentic Legal AI.
Speeds up tasks for legal professionals
As per the company press release, over 100,000 companies, including 11 FTSE 100 firms, 20 Global 200 law firms, major U.S. banks, and two of the ‘big four’ supermarket chains, have used Genie AI for drafting or reviewing documents. Genie AI’s legal editor can generate fully personalised legal agreements, over 50 pages long, in minutes across more than 120 jurisdictions worldwide. The legal AI software market is projected to reach $5 billion by 2030. Large companies, such as those in the Fortune 2000, handle tens of thousands of active contracts at any time, making tools like Genie AI crucial for efficiency. Legal professionals using Genie AI save an estimated 260 hours and £72,800 annually, helping to reduce stress and prevent burnout, which affects about two-thirds of legal professionals.
Lawyers can get to 80% done in 5 minutes when drafting or reviewing documents on Genie, saving an average of 5 hours per week, or £72,800 per year per lawyer. Legal practitioners can turn their documents around in minutes, enabling them to be part of the solution for their clients and businesses. The company reduces legal friction and helps prevent burnout, which affects two-thirds of legal professionals.
“Lawyers are seen by many as the ‘no’ people”, commented Rafie Faruq, Cofounder and CEO at Genie AI. “Genie is the most risk-aware way to draft today, giving lawyers that extra layer of comfort. The faster we can mitigate the risk, the faster we can turn around documents – and Genie’s AI drafter has a seven year head start to help them do this”.
To date, over 100,000 companies have drafted or reviewed documents on Genie, including 11 FTSE100 companies, 20 Global200 law firms, several top US banks, and two of the ‘big four’ UK supermarket chains. Contracts have been drafted in 120+ jurisdictions including the UK, California, Texas, India, Australia, South Africa, Singapore, France, and Germany.
“Genie is changing the way businesses all over the world transact”, commented Vidu Shanmugarajah, Partner at GV. “By combining AI with a feature rich editor, Genie allows users to work with contracts in a way that was not possible before. We’re impressed with Genie AI’s early customer traction and product-led growth, and are excited to support them on the journey ahead.”
“AI is already rapidly transforming industries and legal is one of the areas that will benefit from this technology,” said Kanu Gulati, Partner at Khosla Ventures. “Genie AI’s technology, progress to date and vision going forward made this a compelling investment for us.”