NEW YORK, May 22, 2024 — Superlegal, the first AI platform for legal contract review for small and medium-sized businesses (“SMBs”) and the only AI solution authorized to practice law in the U.S.A., announced today the closing of its $5 million seed funding round, 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 also received a grant from the Google AI Startups Fund. Superlegal is the second LegalTech venture for CEO and Co-Founder Noory Bechor and CTO and Co-Founder Ilan Admon. The pair previously founded LawGeex, a pioneer in AI-powered contract review for large enterprises, acquired in 2023. Superlegal’s new round of funding will enable it to accelerate product innovation, attract top talent, and expand its market presence.
Superlegal’s comprehensive SaaS platform is AI-powered and lawyer-verified and is designed to help SMBs handle their contracts efficiently and cost-effectively, as well as accurately review and advance contracts without relying on a legal department or outside legal counsel. The company’s patented AI contract review engine was trained using data from the world’s largest legal organizations and includes unique algorithms designed specifically for legal language. Superlegal provides a remarkable 90% reduction in legal costs and a 70% reduction in deal cycles.
Legal contract review and negotiation is a challenge for many businesses, especially those with high monthly contract volume and without an inhouse legal team. For example, the construction sector, which comprises over 3.6 million firms, often requires contracts with more than 100 suppliers and contractors. This complexity underscores the intricate and demanding nature of the construction industry for the solution provided by Superlegal and demonstrates already high adoption.
Noory Bechor, CEO and Co-founder of Superlegal said, “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. 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.”
Yorai Fainmesser, General Partner at Disruptive AI, remarked, “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. Leveraging Superlegal’s proprietary AI to replace lawyers’ involvement in day-to-day business contracts can speed up deal closing cycle for SMBs seeking to drive revenues faster.”
Eden Shochat, Equal Partner at Aleph, remarked, “Aleph is thrilled to join forces again with the Superlegal team, as they continue empowering small and medium businesses to overcome the hurdles of lengthy legal procedures and lawyers. We’ve witnessed the transformative power of AI across industries, and its ability to swiftly address one of the business’s most costly and time-consuming aspects. Superlegal’s AI contract review, verified by licensed attorneys, allows customers to run their business faster without the fear of legal risk.”
About Superlegal
Superlegal is a unique AI platform designed to assist small and medium-sized businesses (SMBs) with legal contract review. It is the only AI licensed to practice law in the USA and is powered by AI technology while being verified by lawyers. The platform is designed to help businesses efficiently and cost-effectively handle their contracts and accurately review and advance contracts without depending on a legal department or outside legal counsel.
The company was founded in 2021 by Noory Bechor, an international lawyer, and Ilan Admon, a leading AI expert. They previously founded LawGeex, an AI-powered contract review pioneer for enterprises, acquired in 2023. Bechor, CEO and Co-Founder of LawGeex and Superlegal, is a commercial lawyer and AI software pioneer. His mission is to transform commercial legal, recently founding Superlegal to extend AI’s reach. Admon, an internet entrepreneur and experienced CTO, specializes in AI with over 20 years of programming experience.
Superlegal is headquartered in New York, NY, and is supported by Aleph and DisruptivAI fund, as well as Alicorn Venture Capital, Google’s AI fund, and Tom Glocer, former CEO of Thomson Reuters.
About Aleph
Aleph is an early stage venture capital fund focused on partnering with great Israeli entrepreneurs to build large, meaningful companies and impactful global brands. Founded in 2013, Aleph is a partnership of Michael Eisenberg, Eden Shochat, Yael Elad and Tomer Diari with $850M under management. Aleph has invested in over 60 companies (not all announced) including Lemonade (LMND), Windward (WNWD), Melio, Healthy.io, Simply, Honeybook and Empathy.
About Disruptive AI
Disruptive AI (DAI) is the first Israeli venture capital specialized in Artificial Intelligence startups from their early stages and acts as a home for the Israeli AI innovation community. DAI is partnering with top Israeli entrepreneurs who bring industry domain expertise and strong AI technology vision to build large, meaningful companies and impactful global brands. The Fund is backed by more than 30 active top leading entrepreneurs from the Israeli hi-tech arena and strategically involved with global corporations who marked AI as their focus.
SOURCE Superlegal
