In a significant stride towards transforming the legal industry, Genie AI has announced the successful completion of a Series A funding round, securing $17.8 million (£13.3 million). The funding was led by GV (formerly Google Ventures) and supported by Khosla Ventures, notable early investors in OpenAI. This new capital raises Genie AI’s total funding to over $20 million (£15 million), building on prior government grants and seed investments from Connect Ventures.

Enhancing Legal Drafting with AI

With this fresh influx of capital, Genie AI aims to elevate its agentic legal editor, which focuses on streamlining the drafting process for legal documents. The company’s technology can now generate fully personalized, professionally formatted agreements exceeding 50 pages in minutes, tailored to various global jurisdictions. This significant enhancement allows businesses to create crucial legal documents far more efficiently than traditional methods, which often take weeks.

One of the standout features of Genie AI is its enhanced risk review capability. The AI tool assesses documents for potential issues, provides detailed explanations, and offers suggestions for improvements. According to feedback from over 170 legal professionals, this risk review feature has achieved a remarkable 92% accuracy rate, providing an added layer of security for users.

Genie AI’s services are already trusted by more than 100,000 organizations, including 11 companies from the FTSE 100 and 20 firms from the Global 200 list. The software's efficiency allows users to complete up to 80% of their drafting or reviewing tasks in just five minutes, translating to an average time savings of five hours per week per attorney, which can lead to a yearly savings of around $85,020 (£72,800).

A Vision for Streamlined Legal Processes

The motivation behind Genie AI, co-founded by Rafie Faruq and Nitish, is to mitigate legal friction and enhance economic efficiency worldwide. They recognize that contracts are fundamental to business transactions, and their aim is to simplify the process. Genie AI helps legal teams meet the dual pressures of reducing legal risks while managing time and cost constraints.

Faruq highlighted that the foundation of Genie AI was built on eight years of development in generative AI, starting from his master’s thesis in machine learning. The platform now supports complete workflows in creating, reviewing, and negotiating documents, as opposed to merely generating text, which is a significant advancement in legal technology.

Support from Investors

The investment round has garnered support from prominent figures in venture capital. Vidu Shanmugarajah, Partner at GV, remarked, "Genie is changing the way businesses all over the world transact." Meanwhile, Kanu Gulati, Partner at Khosla Ventures, noted the transformative potential of AI in the legal sector, stating, "AI is already rapidly transforming industries, and legal is one of the areas that will benefit from this technology."

Genie AI’s commitment to innovation has attracted a roster of advisors from various fields, including machine learning and law. This includes Professor Jun Wang, a specialist in explainable AI, and Lord Neuberger, who served as President of the Supreme Court of the United Kingdom from 2012 to 2017. Their involvement underscores Genie AI's ambition to lead the charge in the evolution of legal processes through technology.

User-Centric Data Insights

Feedback from Genie AI users reveals compelling metrics regarding the platform's efficiency. Users report an average of 3.32 hours saved per document, with most achieving an impressive 72% completion of their documents within just five minutes of using Genie. When extrapolated, the average total time saved per user per year is estimated to be approximately 369.47 hours, showcasing the platform's profound impact on legal drafting and review workflows.

Looking Ahead

This funding marks merely the beginning of Genie AI's journey. The company plans to expand its Agentic AI editor further, developing unique legal workflows that surpass traditional word processing capabilities. Genie AI also aims to broaden its customer base in the United States and internationally, aspiring to establish itself as the go-to platform for legal drafting worldwide.

In addition to enhancing its current offerings, Genie AI is committed to researching the next generation of AI-powered applications. The company emphasizes that the journey does not end with today's generative AI, indicating a bright future filled with innovation and advancement.

Genie AI is poised to redefine legal document drafting through its innovative approach and substantial funding. With a robust vision for the future and a commitment to enhancing legal efficiency, Genie AI is not just offering a tool but inviting users to join a transformative movement within the legal industry. As the company embarks on this exciting chapter, it remains dedicated to making legal drafting faster, safer, and more efficient for all. For those interested, Genie AI offers a free trial for new users, encouraging legal professionals to experience the future of legal technology firsthand.