The rapid evolution of technology in the legal sector is paving new avenues for innovation and efficiency. London-based Definely, recognized for its AI-driven solutions, stands out as one of the frontrunners in legal technology. With a focus on transforming how legal professionals review and edit contracts, Definely is poised for remarkable growth. To foster this expansion, the company announced securing $30 million in Series B funding, which it plans to leverage for further international growth and product development.
In the endeavor to revolutionize legal tech, this funding complements Definely’s strategic objectives. Previously, Definely had raised awareness due to its user-focused AI solutions, emphasizing the enhancement of legal workflows. This new financial injection notably marks a significant uptick from past funding rounds, underscoring the growing confidence in their AI capabilities. The participation of multiple investors, including Revaia, Beacon Capital, and Clio, highlights the expanding interest in AI-empowered legal technologies.
How Will Definely Utilize This New Capital?
Definely intends to deploy the newfound capital to expedite its international expansion and amplify its AI product roadmap. Situated in the United Kingdom, the company aims to fortify its presence on the East Coast of the United States. This movement is bolstered by the recent appointment of a US-based General Manager, which forms part of their global strategy.
What Lies Ahead for Definely’s AI Innovations?
The company plans to channel part of the funding into developing new and current products, emphasizing enhanced legal workflows. Definely has recently unveiled ‘Enhance,’ its latest agentic AI product, known for its superior decision-making and adaptability. These initiatives showcase Definely’s commitment to offering AI solutions that address the complexities lawyers face today.
“We are proud to lead Definely’s Series B and support a company that is setting the standard for AI-powered legal technology,” stated Morgan Kessous, Partner at Revaia.
Definely, co-founded by Nnamdi Emelifeonwu and Feargus MacDaeid in 2017, leverages AI to enable efficient contract reviews. The platform enjoys trust from over 100 legal teams worldwide, including prestigious firms like A&O Shearman, Dentons, and corporate counsel from blue-chip companies.
The substantial increase in Definely’s annual recurring revenue last year signals an upward trajectory in customer adoption, particularly within the US market, which now contributes 30% of the company’s revenue. This growth trajectory is supported by a dedicated team poised to surpass 100 employees soon.
As Definely continues expanding and refining its AI capabilities, the focus remains on integrating technology seamlessly into existing legal workflows. The newfound investment offers a robust foundation for accelerated growth and innovation, positioning Definely as a pivotal player in the legal tech industry.
