Definely has gained $7m in a Series A investment round led by Octopus Ventures to help continue the company’s growth and product development.
The UK-based company now has a suite of tools for ‘every pre-execution stage of the contract lifecycle, helping its customers draft, proof and understand legal documents quickly’.
They also have Definely Vault, which uses ‘AI techniques to create a taxonomy of a firm’s entire contract repository, extracting all relevant data and clauses to make information readily available to users as contracts are drafted and reviewed’.
In short, they’ve come a long way since first launching in 2017 with a focus on finding defined clauses in contracts.
Headquartered in London, and now with over 60 employees located globally, the company is focused on adding to its existing base of 40,000 active users from the largest companies and law firms in the UK, US, Canada and Australia, they said.
Feargus MacDaeid, Co-Founder & CSO, said: ‘Before we built Definely, lawyers that needed to access information and understand contracts would use Ctrl+F keys, multiple windows, scroll through hundreds of pages, or simply print out documents so that they could reference all the information in one place. As someone who is visually impaired, you can imagine the challenge this represented for me.’
Nnamdi Emelifeonwu, Co-Founder & CEO, said: ‘Definely is a testament to the power of diverse perspectives and accessibility first in innovation.’
And Edward Keelan, partner at Octopus Ventures concluded: ‘By leveraging their powerful AI and strong relationships with companies like Microsoft, Definely is well-positioned to make significant inroads into this $60bn industry.’
The investment also included Cornerstone VC and Zrosk Investment. It also saw participation from angels Claire Hughes Johnson, Comron Sattari, Ajay Patel, and Babatunde Soyoye. Keelan, partner at Octopus Ventures will join the board.
Congrats to the Definely team.