Canadian legaltech company Alexi today (10 June) announced an US$11m Series A fundraise led by Ohio venture capital firm Drive Capital. This brings Alexi’s total funding to over $20m. Chris Olsen, a partner at Drive Capital, will join the company’s board of directors.
Alexi’s AI platform can be used to generate research memos and identify relevant legal issues or arguments, and it leverages an AI assistant ‘Alexi Chat’ for routine litigation tasks such as helping to draft correspondence to clients. Founded in 2017 Mark Doble and Sam Bhasin, its clients include Canadian-UK law firm Gowling WLG.
This latest raise comes less than a year after Alexi’s release of their Instant Memos, Arguments and Chat capabilities. We’re told that the funding will support hiring across engineering, product development, brand and design, legal, and business development teams. It will also enable Alexi to meet increasing demand from law firms to incorporate an array of AI-powered litigation tools into their businesses and accelerate upcoming releases across North America and other jurisdictions.
“We evaluate over 6,000 companies a year, most of which position themselves as an ‘AI company.’ Alexi is one of the very few examples, however, of using AI to solve a business problem,” said Olsen. “Lawyers who use Alexi run more successful law practices. It is only a matter of time until attorneys all over the world are using Alexi to be better lawyers.”
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For more information, visit https://www.alexi.com or follow Alexi on LinkedIn.