Prime Highlights
- Wordsmith AI raised an additional $14 million, taking total funding above $100 million.
- The company plans to expand in North America and grow its financial services and insurance business.
Key Facts
- Wordsmith AI provides AI tools for in-house legal teams to manage queries, documents and compliance workflows.
- Its customer base has grown to more than 500 companies, while revenue increased 14 times year-on-year.
Background
Legal tech firm Wordsmith AI has attracted another $14 million in Series B funding, extending the fundraising round to help the company build out across North America and grow in finance and insurance.
The latest investment was led by Intact Private Capital, with existing investors Highland Europe and Index Ventures also participating. FT Ventures joined the company as a new investor.
The latest funding follows Wordsmith AI’s $70 million Series B round announced in June, taking total investment in the company above $100 million. The company had previously raised $25 million in Series A funding and $5 million in seed financing.
Wordsmith AI provides an AI platform for in-house legal teams. Its technology helps companies process legal queries, review documents and manage compliance workflows. The platform allows AI agents to handle routine tasks while lawyers review matters that require human judgment.
The company said its revenue increased 14 times year-on-year and its customer base has grown to more than 500 companies. Its clients include BT, Sage, Starling, Canva and Safelite. Wordsmith said customers have reported savings of millions of dollars in external legal spending shortly after adopting the platform.
The New York- and Edinburgh-based company was founded three years ago by Ross McNairn, Robbie Falkenthal and Volodymyr Giginiak. The founders previously held technology and operations roles at Perk, Instagram, Facebook and Microsoft.
The new funding will support Wordsmith’s expansion across North America while helping it grow its presence in financial services and insurance. The company is targeting businesses looking to bring more legal work in-house and reduce dependence on external counsel.
