Spellbook, an AI tool for attorneys, has announced a $20 million Series A funding led by Inovia Capital. The investment round, joined by Thomson Reuters Ventures and The Legaltech Fund, elevates Spellbook’s total funding beyond $30 million.
CEO Scott Stevenson highlights the platform’s unprecedented growth since its 2022 debut as the first AI contract drafting tool. Spellbook has seen a 300% surge in its customer base, now aiding over 1,700 law firms. Revenue soared tenfold in 2023, while monthly contract interactions reached 86,000.
Spellbook aims to expand to 30,000 law firms globally, introducing advanced features like AI mimicking lawyer styles and enhancing contract accuracy.
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