Spellbook, a Toronto and Saint John’s, Canada-based AI platform designed to assist lawyers with contract drafting, has raised $20 million in Series A funding, bringing its total financing to over $30 million.
SaaS Investors
The round was led by Inovia Capital, with participation from Thomson Reuters Ventures, The Legaltech Fund, Bling Capital, Moxxie Ventures, Concrete Ventures, Path Ventures, N49P, and Good News Ventures.
Founded in 2007, Inovia Capital is a venture capital firm based in Montreal, Canada partnering with founders to build impactful and enduring global companies. The firm seeks to invest in B2B and B2C SaaS companies.
Spellbook Use of Funds
The company will use the funding to continue innovation in the legal AI sector and expand Spellbook's market presence.
About Spellbook
Spellbook is a legal software company that launched the first generative AI contract drafting tool in September 2022. The technology, powered by large language models like OpenAI’s GPT-4, is optimized using legal datasets for superior contracting performance. More than 1,700 law firms and legal team customers across the industry use Spellbook to support their lawyers with the resources to make more accurate and efficient legal decisions when drafting contracts and supporting documents.
Funding Details
Company: Dialog Enterprises, Inc.
Raised: $20.0M
Round: Series A
Funding Month: January 2024
Lead Investors: Inovia Capital
Additional Investors: Thomson Reuters Ventures, The Legaltech Fund, Bling Capital, Moxxie Ventures, Concrete Ventures, Path Ventures, N49P, and Good News Ventures
Company Website: https://www.spellbook.legal/
Software Category: Legal Software
Source: https://www.businesswire.com/news/home/20240124392330/en/