A UK-based contract platform leveraging AI technology has successfully raised £13.3m in its latest funding round, aimed at enhancing its legal services capabilities.
- Genie AI plans to hire lawyers to boost trust in their AI-driven contract drafting and review platform, focusing on accuracy and user customisation.
- The company targets in-house legal departments and small firms over traditional big law firms, due to their readiness to adopt new technologies and flexibility around data security.
- Approximately 70% of the funding was sourced from Google Ventures, signalling strong investor confidence in Genie AI’s innovative approach.
- The company aims to develop more autonomous AI tools, enhancing its proprietary legal editor for seamless workflow management.
Genie AI, a UK-based contract platform, has successfully garnered £13.3 million in its recent funding round. The capital will be strategically allocated to recruit lawyers, thereby elevating the platform’s reliability and precision. The initiative comes amid growing concerns over trust in AI platforms. Genie AI ensures that its agreements, which can be generated swiftly, are thorough, exact, and tailored to individual client needs.
At the helm, Rafie Faruq, CEO and co-founder of Genie AI, emphasises the platform’s commitment to quality, trust, and security. He states, ‘Trust in AI platforms is a huge issue. They will focus on the quality of the AI outputs. A 60-page agreement, created in five minutes, has to be consistent, accurate and customised to the user’s needs.’ The recruitment drive is set to bring up to five lawyers onboard to solidify this commitment.
In its market approach, Genie AI is steering clear of large law firms, instead focusing on in-house legal departments and smaller firms. These entities are perceived as more open to incorporating new technological advancements and possessing greater flexibility regarding data security measures. Mr Faruq notes that significant law firms show reluctance in allowing their data to be accessed by AI, with minimal investment in AI infrastructure.
A significant portion of the funding, approximately 70%, originates from Google Ventures, illustrating substantial investor confidence in Genie AI’s market strategy and technology. Previously, the firm raised £1.2 million in seed funding and an additional £800,000 from a UK government grant. The Genie AI platform, which implemented a subscription model only a few months ago, has already seen its subscriber base grow by 39% last month alone. Law firms and in-house legal departments constitute over 30% of the subscribers.
Looking ahead, Genie AI envisages expanding its workforce from 18 to around 40 within six months. The company is set to utilise the new funds to advance its ‘agentic’ AI capabilities. This innovative technology allows Genie AI to offer more self-sufficient and automated AI tools. A proprietary legal editor, developed over seven years, underpins the platform, enabling it to control the editor functionality and manage entire workflows. Vidu Shanmugarajah, partner at Google Ventures, lauds Genie AI’s paradigm-shifting technology, stating: ‘Genie is changing the way businesses all over the world transact. By combining AI with a feature-rich editor, Genie allows users to work with contracts in a way that was not possible before.’
Genie AI’s recent funding injection is set to propel its ambitious growth plans, enhancing its technological offerings and reinforcing its market position.
