Filevine, a Utah-based legal intelligence company that started in 2015, has just raised $400m in a huge Series E funding round co-led by Insight Partners, a fund which has also invested in Flank, LawVu, ContractPodAi, and in the past Kira as well. In 2022 Filevine bagged $108m. So, that’s a lot of dosh they’ve accumulated.
It’s not the largest funding round ever in legal tech, that honour goes to Clio and its $900m round last year – but it is certainly one of the larger ones, and shows yet again the continued investor appetite for this sector.
The investment was also co-led by Accel, and Halo Fund, with participation from investors in the company’s prior funding rounds, including Meritech, Stepstone, Run Ventures, and Album Ventures.
All well and good. But, the chances are that despite its longevity and huge funding you may not know Filevine well. What it now offers is ‘an holistic AI platform giving legal teams the scale, data, and connectivity they need to deliver real business impact’.
It ‘natively brings together emails, text messages, deadlines, contacts, documents, deposition videos and transcripts, phone logs, notes, tasks, audit logs, intake notes, and calendars to deliver case-critical and reliable intelligence’, And right now, Filevine users upload more than 20 million pages of documents daily – which is a lot.
They added that they now have 6,000 customers and 100,000 legal professionals are using Filevine ‘across boutique firms, government agencies and Fortune 500 enterprises’.
Filevine will use the proceeds from the raise to continue ‘serving litigators, attract top talent, and deepen its base of enterprise and government customers’, they added.
Ryan Anderson, Founder & CEO of Filevine, commented: ‘Some early versions of legal AI forced lawyers to work in two systems: their systems of record and their AI tools. But that framework isn’t what the market demands. Filevine embeds intelligence into the DNA of daily legal work, with the first true legal operating intelligence system. Every task a legal professional completes should be augmented with intelligence.’
And Rebecca Liu-Doyle, Managing Director at Insight Partners, added: ‘Filevine has proven its ability to sustain tremendous growth while simultaneously capturing new opportunities and markets. We at Insight are highly impressed with Ryan and team, and we’re excited to double down with Filevine as they continue scaling into this next chapter.’
Congrats to them and proof perhaps that not all investment targets have to be the more recent genAI pioneers, but can also be companies that have steadily built out their offering and acquired a loyal client base over time – in this case over a decade.
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