Our clients include Mishcon de Reya, Eversheds Sutherland and Fidal. Della, an Anglo-French legal technology start-up for contract review, has raised $2.5 million in its first round of funding.
According to the firm, the cash injection from new investor Pragmatech Ventures and existing investors is aimed at expanding the London-based startup's presence in Europe and the US and enhancing its AI-powered contract review platform.
The report cites Mishcon de Reya, Eversheds Sutherland, Fidal, as well as 'several large multinational, enterprise organizations' as customers.
The company was founded in 2018 and has offices in London and Paris. It launched its flagship product in 2020. It provides an end-to-end legal review process that is both scalable and easy to use. By using this application, users can create checklists, highlight relevant language, identify red flags, produce custom reports, create letters and other documents to assist them in building their case and providing advice to clients.
As a result, the solution can be trained to operate in more than 20 languages and should allow firms to adopt AI without the significant time investment that was required for early AI players.
According to Christophe Frèrebeau, co-founder and CEO of Della, Dell's investment in AI-powered solutions reflects the notion that "AI has moved up the value chain" in the legal sector.
"[...] users do not want to use pre-trained, customized AI, due to the difficulty of training those models and the cost associated with this process." Transfer learning models, such as Della's, are replacing those legacy solutions and we are enabling lawyers to use AI to assist with increasingly complex tasks."
According to Evgeny Sergeev, founder and general partner of Pragmatech, Della is "redefining what legal technology can do".
The relevance of artificial intelligence and its applications in the field of law, in general, and, in particular, the legal review process in particular, cannot be denied. We believe strongly that Della will shape the future technology stack of law firms as well as corporate legal departments globally, and we plan to spend a significant amount of time with the firm and its management team to assist them on their mission," Sergeev said.
A number of notable deals have already been struck this year in the legaltech space with companies looking to expand their offering as the need for efficient digital solutions continues to grow.
The New York-based legal services provider Epiq acquired Fireman & Co earlier this month for an undisclosed amount in an effort to expand its data and knowledge management capabilities.
In addition, in February, Cincinnati-based legaltech Sure Point acquired Cole Valley Software, a manufacturer of a client relationship management (CRM) platform for legal professionals. The acquisition created the first legaltech platform that integrates real-time CRM with practice management and financial data.