LegalOn Technologies, a leader in legal AI for contracting, has announced a $50 million Series E funding round, bringing its total funding to $200 million. The round was led by Growth Equity at Goldman Sachs Alternatives, with support from existing investor World Innovation Lab (WiL) and new contributions from Mori Hamada, Mizuho Bank, and Shoko Chukin.
Founded in 2017, LegalOn addresses contracting inefficiencies with its AI tool, Review, which identifies risks and suggests revisions, reducing contract review time by up to 85%.
OpenAI collab: LegalOn also announced a collaboration with OpenAI to combine OpenAI’s ChatGPT technology with its own legal expertise. This partnership aims to produce advanced legal AI agents that enhance workflow efficiency for legal teams worldwide.
How the funding will be used: The company will use the funds to enhance its agentic AI products and expand its market presence, particularly in the U.S. and U.K., where business has quadrupled over the past year. LegalOn serves over 7,000 customers, a 40% year-over-year increase, and continues to lead the market in Japan, supporting 25% of public companies and 87% of Fortune 500 firms.
KEY QUOTES:
“Legal teams are buried in time-consuming work that slows them and their businesses down. This funding helps us build and scale AI that eliminates tedious contracting work, streamlining workflows and freeing people to think, decide and lead.”
Daniel Lewis, Global CEO of LegalOn
“By combining advanced AI with deep legal expertise, LegalOn is reinventing the contracting process and empowering legal departments to work faster and more strategically. As they rapidly gain traction across global markets, we believe LegalOn is uniquely positioned to define the future of AI-powered legal technology.”
Stephanie Hui, Global Co-Head of Growth Equity at Goldman Sachs Alternatives
“From day one, we’ve focused on building solutions that help in-house legal teams move faster, reduce risk and drive greater business impact. Collaborating with OpenAI puts us at the forefront of innovation and accelerates our mission to transform legal work with trustworthy AI, enabling us to bring even more advanced tools that meet the high standards our customers expect. We’re excited to be able to deliver an unprecedented experience through this collaboration.”
Nozomu “Nozo” Tsunoda, co-founder and Group CEO of LegalOn
