Legal Tech Firm Filevine Raises $400 Million in Equity Round
More growth is expected from the firm following massive trust from investors.
Legal technology company Filevine said on Tuesday that it raised $400 million in equity financing from investors including Insight Partners, Accel and Halo Fund, as the company doubles down on artificial intelligence.
The Salt Lake City-based company, which makes legal practice management software for law firms, said it raised the capital in two funding rounds over a 15-month period.
Filevine, founded in 2014, said its customers include law firms, government agencies and large companies. The company's software helps lawyers keep track of cases and documents, and handle billing and payments, among other tasks.
Filevine founder and CEO Ryan Anderson said more of its revenue now comes from sales of AI products than from its traditional software platform. The company's AI offerings include tools that filter through documents to produce medical chronologies and assist in analyzing deposition testimony in real time.
In conversations with Silicon Valley investors, Anderson said, "there is almost no interest in legal tech that doesn't have AI today."
Legal technology companies that offer AI products for corporate law firms and in-house legal teams have raised hundreds of millions of dollars from investors in recent years.
Reuters' parent company Thomson Reuters, which owns Westlaw, is also a competitor in the legal technology and practice management field.
