NextLaw Labs, LLC, a legal tech business accelerator, has made an investment in FileFacets Corporation, a data analytics and content migration software platform. Financial terms were not disclosed.
Nextlaw Labs is an autonomous, wholly owned subsidiary of Dentons with physical and virtual locations in technology centers worldwide. The investment was made through Nextlaw Labs’ investment fund, Nextlaw Ventures, in FileFacets’ oversubscribed Series A financing.
In November 2016, FileFacets closed a $4 million Series A financing led by Celtic House Venture Partners with participation from Wesley Clover International, Green Century Investment Ltd. and a group of private investors.
FileFacets provides an efficient way for law firms to identify case files across multiple repositories, offices and locations to facilitate the discovery process and share information between co-counsels. FileFacets’ cloud-based data analytics and content migration platform streamlines the process of identifying, collecting, and analyzing millions of unstructured files from multiple locations and moves them into structured file locations in a secure, automated, and documented manner.
“Data organization is critical to the success of any legal business and a major pain point for law firms is finding and sorting relevant information across the wide array of sources that are available in today’s digital environment,” said Dan Jansen, CEO of Nextlaw Labs, “We are excited to be investing in a cutting-edge solution that addresses this issue head on, saving lawyers hours of digging through electronic files and conducting legal research by categorizing and prioritizing relevant content with FileFacets.”
“FileFacets was developed to solve for the specific challenges faced by the legal industry,” said Chris Perram, CEO at FileFacets, “The onus of evaluating and processing thousands, often millions of files is a daunting task for any corporation. The FileFacets platform automates the categorization of data and the attribution of file metadata, enabling law firms to gather and process the necessary content in hours instead of weeks or even months.”
“We’re very pleased to be working with Nextlaw Labs and welcome their participation in FileFacets A round,” added David Adderley, partner at Celtic House Venture Partners, “Not only do they understand the problem space within the legal vertical, their endorsement of the FileFacets technology platform speaks directly to the confidence we share in Chris and his team.”
FileFacets is Nextlaw Labs’ third investment in the Canadian market since its launch in May 2015.
Nexlaw Labs’ other Canadian portfolio companies include ROSS Intelligence, a developer that leverages IBM Watson-powered cognitive computing to refine expert legal research; Beagle, a startup that is using artificial intelligence to automate legal contract review.
photo credit: FileFacets