Superlegal, an AI platform for legal contract review for small and medium-sized businesses (SMBs) and the only AI solution authorized to practice law in the U.S.A., announced the closing of its $5 million seed funding round, co-led by Aleph and Disruptive AI fund, with the participation of Alicorn Venture Capital, and Tom Glocer, the former CEO of Thomson Reuters. And the company also received a grant from the Google AI Startups Fund.
Superlegal is the second legal technology venture company for CEO and Co-Founder Noory Bechor and CTO and Co-Founder Ilan Admon. They previously created LawGeex, a pioneer in AI-powered contract review for large enterprises, acquired in 2023. And Superlegal’s new funding round will enable it to accelerate product innovation, attract top talent, and expand its market presence.
Superlegal’s SaaS platform is AI-powered and lawyer-verified and was designed to help SMBs handle their contracts efficiently and cost-effectively, and accurately review and advance contracts without relying on a legal department or outside legal counsel. And the company’s patented AI contract review engine was trained using data from the world’s largest legal organizations and includes unique algorithms designed for legal language. Superlegal provides a remarkable 90% reduction in legal costs and a 70% reduction in deal cycles.
Legal contract review and negotiation is a challenge for many businesses, especially with high monthly contract volume and without an inhouse legal team. For example, the construction sector – which includes over 3.6 million firms – often requires contracts with more than 100 suppliers and contractors. And this complexity highlights the intricate and demanding nature of the construction industry for the solution provided by Superlegal and demonstrates already high adoption.
KEY QUOTES:
“This investment from three industry-leading VCs with deep passion and expertise in AI serves as a robust validation of our vision and dedication to ensuring that small and medium-sized businesses can access, afford, and adopt the same AI technologies as enterprises. With this funding, we can expedite our growth trajectory and sustain our commitment to innovation, while leveling the playing field between small and large businesses.”
– Noory Bechor, CEO and Co-founder of Superlegal
“The legal sector is one of the major beneficiaries of the Generative AI revolution and Superlegal is positioned to become a market leader with its fully automated solution. Leveraging Superlegal’s proprietary AI to replace lawyers’ involvement in day-to-day business contracts can speed up deal closing cycle for SMBs seeking to drive revenues faster.”
– Yorai Fainmesser, General Partner at Disruptive AI
“Aleph is thrilled to join forces again with the Superlegal team, as they continue empowering small and medium businesses to overcome the hurdles of lengthy legal procedures and lawyers. We’ve witnessed the transformative power of AI across industries, and its ability to swiftly address one of the business’s most costly and time-consuming aspects. Superlegal’s AI contract review, verified by licensed attorneys, allows customers to run their business faster without the fear of legal risk.”
– Eden Shochat, Equal Partner at Aleph
