Henchman has secured £6 million in Series A funding, significantly advancing the development of its cutting-edge legal technology.
- The funding round was led by prominent investors including Adjacent VC, Acton Capital, and Conviction VC.
- Henchman has rapidly integrated AI technology into its contract drafting software, enhancing its utility for legal professionals.
- Henchman intends to leverage this funding to maintain its competitive edge and explore new market opportunities.
- The company has witnessed significant growth since its inception, now serving over 100 clients across 15 countries.
Henchman, a pioneering legal technology enterprise, has successfully closed a £6 million Series A funding round. This substantial investment is aimed at bolstering the company’s growth and driving further innovation in its platform, renowned for automating the search for pertinent clauses and definitions in legal documents. The funding was spearheaded by Adjacent VC and Acton Capital, and included participation from London-based Conviction VC and various business angels, including notable figures behind Showpad.
With the integration of advanced AI, particularly GPT-3, Henchman is setting a new standard in the legal domain. The technology is embedded within familiar environments such as Microsoft Word and Outlook, enhancing the drafting process for legal professionals. This development allows lawyers to enrich contracts with intelligent suggestions and make linguistic modifications, while reducing the tedium of searching through previous documents for relevant precedents.
Over the year following its launch during the COVID-19 pandemic, Henchman has experienced a meteoric rise, achieving a 750% boost in revenue and expanding its team from 12 to 35 employees. Its innovative solution has attracted a diverse client base, including prestigious UK firms like Avery Law and Marlborough House Partners, and extended its reach to 15 countries globally.
The company is strategically using its new capital influx to outpace its competitors and penetrate new markets. The round involved prominent investors such as Adjacent VC, known for backing successful ventures like BeReal and Revolut, and Acton Capital, which has a track record with high-profile entities like Clio and Etsy. Such robust backing underscores Henchman’s potential to lead the transformation within the legal sector.
Henchman’s integration into the workflow of legal professionals has been praised for its seamlessness and utility. The company’s customer-focused approach is evident in its swift adoption across Europe and the US, with investors and clients alike recognising its value. The legal industry is poised for a significant transformation with AI, and Henchman is set to be at the forefront of this evolution.
Henchman’s recent accomplishments and strategic advancements position it at the vanguard of the legal technology sector.
