Law Firms Receive $7 Million Funding for Developing Customizable Artificial Intelligence Systems
In the ever-evolving landscape of legal technology, August, a groundbreaking AI platform designed specifically for midsize law firms, has secured a $7 million investment round led by NEA and Pear VC. This funding is set to propel August forward, aiming to expand its innovative modular AI agents and tailored onboarding model to better serve over 50,000 midsize law firms worldwide.
August, founded in 2023 by a team with expertise in AI, law, and enterprise technology, has already made significant strides, with its platform currently being used by firms on four continents. The platform's secure design enables it to run behind a firm's firewall, meeting data residency requirements, and its AI agents adapt to local statutes and rules, ensuring compliance and efficiency.
The funding will facilitate the expansion of August's modular AI technology, allowing it to adapt even more accurately to each firm's specific tasks and regional requirements. It will also enhance personalised onboarding, led by attorneys and engineers, to customise AI workflows for each firm, ensuring a seamless integration into their existing operations.
The platform's reach will also be scaled globally, tapping into the underserved market of midsize law firms. Already, August has demonstrated impressive time and cost savings in firms across multiple continents. For instance, an Australian firm, Hicksons, reviewed 5,000 files 90% faster using August, while a litigation team in Florida analysed 40,000 pages in a dispute, saving weeks of partner time and millions in external counsel costs.
With the funding, August aims to accelerate document-heavy legal tasks such as contract review, due diligence, and discovery preparation. This will allow lawyers to focus more on strategic client counseling and adopt alternative billing models, driving growth and enhancing client relationships.
Mar Hershenson, Founding Managing Partner at Pear VC, expressed her excitement about backing August as they pursue a massive opportunity in the midsize law firm market. Tiffany Luck, Partner at NEA, sees tremendous potential in the midsize legal market and believes August's AI platform can drive significant growth for these firms.
David Fischl, Partner at Hicksons, chose August because they had the most accurate platform and were the most willing to work with them to solve specific challenges. He emphasised that August's AI platform and custom agents enable midsize firms to deliver exceptional client value.
In conclusion, the $7 million funding for August is poised to reshape legal technology in the high-impact midsize law firm segment. Early adopters of August are already completing document-review cycles 80% faster, and with this investment, August is well-positioned to serve this large, underserved market, driving efficiency, growth, and innovation in the legal sector.
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- The investment in August, a cutting-edge AI platform designed for midsize law firms, not only underscores the significance of enterprise tech in the legal industry but also signifies a strategic leap into the world of finance, as the goal is to drive growth and foster innovation through automation and artificial-intelligence.
- With its AI agents adapting to local statutes and rules, secure design, and personalized onboarding, August is striving to expand its technology in the business sector, particularly focusing on midsize law firms globally, aiming to revolutionize legal processes with technology, thereby enhancing efficiency and reducing costs.
