Genie AI, a UK-based legal technology startup, has successfully raised £13.3 million in Series A funding, with investments led by Google Ventures (GV) and Khosla Ventures. This round of funding brings the total capital raised by Genie AI to over £15 million, following an earlier grant from Innovate UK aimed at enhancing its AI legal assistant technology.
Founders and Development
Founded in 2017 by Rafie Faruq and Nitish Mutha, Genie AI emerged from their expertise in generative AI acquired at University College London, where they were influenced by researchers from Google DeepMind. They identified a significant opportunity for AI to streamline language processing and decision-making tasks prevalent in legal contexts, particularly in contract drafting.
Product Offerings
Genie AI provides an advanced suite of tools designed to assist legal professionals in drafting, reviewing, and negotiating documents efficiently. Key products include:
- Agentic Legal AI: Mimics the functions of a junior lawyer by drafting, reviewing, editing, and commenting on legal documents.
- Legal Editor: Capable of importing complex Microsoft Word files for precise editing.
- Legal Library: A comprehensive database featuring thousands of templates, clauses, and guidance notes used globally.
Market Impact
The platform has been adopted by over 100,000 companies, including 11 FTSE 100 firms and various major U.S. banks. Genie AI can generate personalized legal agreements exceeding 50 pages in just minutes across more than 120 jurisdictions. The legal AI market is projected to grow significantly, reaching $5 billion by 2030. Users report saving substantial time—averaging 5 hours per week or £72,800 annually—by utilizing Genie AI’s capabilities.
Quotes from Leadership
Rafie Faruq emphasized the tool’s role in mitigating risk for lawyers: “The faster we can mitigate the risk, the faster we can turn around documents.” Vidu Shanmugarajah from GV praised Genie’s innovative approach to contract management, noting its potential to transform business transactions globally. Kanu Gulati from Khosla Ventures highlighted the compelling nature of Genie AI’s technology and its vision for future growth.