Genie AI, the world’s leading AI legal editor, has raised £13.3 million in Series A funding, led by GV (Google Ventures), and joined by Khosla Ventures (early investors in OpenAI), taking its total raised to over £15 million. Previous to this round, Genie AI received one of the UK Government’s largest grants for a startup, and seed funding led by Connect Ventures.
The latest funding will enable Genie AI to further improve its agentic legal editor.
Unlike other Large Language Models (LLMs), Genie drafts entirely personalised, professionally formatted and comprehensive 50+ page agreements across all major global jurisdictions, within minutes, when it used to take weeks. Genie also has an open-source library of templates.
Users can upload their own documents, use a template or review their generated contract using Genie’s risk review, which detects issues in documents, explains them, and suggests changes. Importantly, Genie improves safety by working with leading universities on data privacy, security and sovereignty; and legal accuracy too, with lawyers rating the tool as 94% accurate.
The investment follows exponential growth for Genie and projections for the legal AI software industry to grow to $5 billion by 2030. To date, over 100,000 companies have drafted or reviewed documents on Genie, including 11 FTSE100 companies, 20 Global200 law firms, a number of top US banks, and two of the ‘big four’ UK supermarket chains. Contracts have been drafted in 120+ jurisdictions including the UK, California, Texas, India, Australia, South Africa, Singapore, France, and Germany.
Enabling legal teams to be the solution, not the problem
The company was founded by Rafie Faruq and Nitish Mutha, who specialised in generative AI while taught at UCL by leading researchers at Google DeepMind. They recognised the opportunity for AI in reducing the time spent on tasks that involve language processing, data analysis and decision making - all prevalent in contract drafting, and developed the most advanced AI legal drafter in the market.
Lawyers can get to 80% done in 5 minutes when drafting or reviewing documents on Genie, saving an average of 5 hours per week, or £72,800 per year per lawyer. Legal practitioners can turn their documents around in minutes, enabling them to be part of the solution for their clients and businesses, not the blocker - aiding job satisfaction, given that two thirds of legal professionals have experienced burnout.
Reducing legal friction and boosting global economic efficiency
With Rafie also an economist, the two also recognised that contracts are the cornerstone of business transactions. With PwC estimating that an average Fortune 2000 company now maintains 20,000-40,000 active contracts at any time, they developed Genie AI to reduce legal friction and enhance global economic efficiency.
