Artificial Intelligence: AI for Lawyers: Start-up Legora quintuples its valuation within a year
The Swedish legal AI start-up is now valued by investors at $8.8 billion. Legora's clients include law firms and corporations such as BMW.
Swedish AI startup Legora has raised $550 million from investors, raising its valuation of the AI platform for lawyers to $8.8 billion in a funding round. Legora has become one of the most valuable AI companies in Europe. This was reported by the Handelsblatt ahead of the news. One year ago, Legora was valued at $1.5 billion in a funding round and became a so-called unicorn.
At the end of March, the startup increased its valuation in a $5.5 billion round, more than quintupling the company's valuation within a year. The recent funding round was led by US investor Atreides Management, with newcomers including Baron Capital Group, Fidelity Management & Research Company, JP Morgan, Benchmark, Bessemer Venture Partners, General Catalyst, ICONIQ, and Accel.
Existing investors like Benchmark, Bessemer Venture Partners, General Catalyst, ICONIQ, and Accel participated again. The renewed capital raise is primarily due to the rapid growth in recent months, the company said. The annual recurring revenue (ARR) now stands at over $200 million.
Written by urgent.news from Handelsblatt's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
