Superlegal raises $5 million in Seed for its AI contract review platform
Superlegal raises $5 million in Seed for its AI contract review platform
Its SaaS platform can help SMBs efficiently, cost-effectively, and accurately review and advance contracts without relying on a legal department or outside legal counsel.
Superlegal, an AI platform to help SMBs with legal contract review, has announced that it has closed a $5 million Seed round. The round was co-led by Aleph and Disruptive AI fund, with the participation of Alicorn Venture Capital, and Tom Glocer, the former CEO of Thomson Reuters. The company offers the only AI solution authorized to practice law in the U.S. and has also received a grant from the Google AI Startups Fund.
"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,” said Noory Bechor, the company’s Co-founder and CEO. “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."
Legal contract review and negotiation is a challenge for many businesses, especially those with a high volume of monthly contract reviews and without an in-house legal team to support the demand. For example, Superlegal claims that sectors such as construction, which comprises over 3.6 million firms, often requires contracts with more than 100 suppliers and contractors.
The company’s AI contract review engine was trained using data from the world's largest legal organizations and includes algorithms designed specifically for legal language. This means its SaaS platform can help small and medium businesses efficiently, cost-effectively, and accurately review and advance contracts without relying on a legal department or outside legal counsel. Superlegal claims it provides up to a 90% reduction in legal costs and a 70% reduction in deal cycles.
“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,” said Yorai Fainmesser, General Partner at Disruptive AI. Eden Shochat, Equal Partner at Aleph, added: “Superlegal's AI contract review, verified by licensed attorneys, allows customers to run their business faster without the fear of legal risk.”
Superlegal was co-founded by Bechor and Ilan Admon, who serves as its CTO. It is the second LegalTech venture for the pair after founding LawGeex, an AI-powered contract review for large enterprises which was acquired by LegalSifter in 2023. The company is based in Tel Aviv, New York, and Salt Lake City.
