CPE News (5.25.2023) – Spellbook has raised US $10.9 million in Series A funding led by Moxxie Ventures, with participation from Thomson Reuters Ventures, Inovia Capital, The LegalTech Fund, Bling Capital, N49P, Concrete Ventures, Good News Ventures, Pelorus VC (Venture Newfoundland & Labrador) and others.
Spellbook, formerly known as Rally, has formally rebranded from Rally to Spellbook (not to be confused with Rally Commerce?).
Spellbook said new funding will propel itself forward rapidly. Spellbook will be doubling the size of its team this year, hiring engineers, AI experts, lawyers and product specialists to help onboard its waitlist.
Founded by Scott Stevenson, Matt Mayers and Daniel Di Maria, St. John’s, NL based Spellbook is a legal software company which launched the first generative AI contract drafting tool in September 2022. The technology, powered by large language models like OpenAI’s GPT-4, is optimized using legal datasets for superior contracting performance.
photo credit: Spellbook
Spellbook Secures $10.9M in Funding to Bring Assistive AI to Lawyers
Led by Moxxie Ventures with participation from Thomson Reuters and others, Spellbook uses generative AI to accelerate lawyers, without changing their habits
May 24, 2023 12:30 PM Eastern Daylight Time
TORONTO & ST. JOHN’S, Newfoundland–(BUSINESS WIRE)–Spellbook, the AI copilot for lawyers, today announced $10.9M in funding led by Moxxie Ventures, with participation from Thomson Reuters Ventures, Inovia Capital, The LegalTech Fund, Bling Capital, N49P, Concrete Ventures, Good News Ventures, Venture Newfoundland & Labrador and others, as well as a formal rebrand from Rally to Spellbook. This capital will power Spellbook’s mission to expedite the most banal parts of legal work through AI, while supporting hiring, R&D and expansion.
Spellbook leverages OpenAI’s GPT-4 and other fine-tuned large language models to enable legal practitioners to draft and review contracts up to four times faster. With this increased efficiency, lawyers are able to serve an estimated 30% higher client load. Meeting lawyers where they are, Spellbook integrates with Microsoft Word, freeing up lawyers from mundane, tedious tasks to focus on what matters most – providing effective legal representation and achieving the best possible outcome for their clients.
“Spellbook is focused on empowering lawyers with AI tools that effortlessly assist them throughout their normal course of work,” said Scott Stevenson, co-founder and CEO of Spellbook. “It’s clear that AI will fundamentally transform every industry, and the explosive demand we’ve seen for Spellbook made it obvious that our approach has caught on. This round of funding is further proof of our thesis – we’re excited to give lawyers more time to focus on thoughtful work and avoid drudgery, all while reducing errors and increasing accuracy.”
“As a lawyer, I found that the career wasn’t as gratifying as I had envisioned, as I frequently spent long hours on tedious drafting tasks,” said Daniel Di Maria, co-founder and COO of Spellbook. “Spellbook’s technology gives lawyers an ever-present AI copilot to help them make everyday decisions while requiring almost no habit change. They can practice the way they always have, but now with an AI partner to help them think and write faster.”
“We think that chat-based interfaces like ChatGPT are just the tip of the iceberg,” said Matt Mayers, co-founder and Chief Experience Officer at Spellbook. “We think of Spellbook like a tailwind for the lawyer, swooping in to help them with their work before they even know they need a hand. This keeps the lawyer in the driver’s seat, but helps them move much faster.”
“At Thomson Reuters Ventures we’re committed to investing in technology to help accelerate innovation in the applications of generative AI. We’re excited to invest in Spellbook and support its work driving productivity in the legal sector. Thomson Reuters plans to explore the application of Spellbook’s generative AI technology to our industry leading, authoritative content to deliver customer value,” said Tamara Steffens, Managing Director at Thomson Reuters Ventures.
“Spellbook delivers a platform that fundamentally transforms and accelerates processes for over 600 legal teams globally. They impressed us with their speed to market and explosive growth, in addition to their leadership in legal workflow automation with their Rally platform,” said Alex Roetter, General Partner at Moxxie Ventures. “We’re excited about what generative AI will mean for legal and how Spellbook is meeting this moment, shipping features, onboarding customers and delivering value at a relentless pace.”
Today, more than 600 legal teams are actively utilizing Spellbook, and an additional 53,000 customers have signed up for the waitlist globally. With this round of funding, Spellbook grows in its ability to provide automated legal assistance to customers around the world.
Spellbook was originally launched by Rally in 2022. The rest of Rally’s product suite will remain active and be combined with Spellbook’s AI to create a holistic, AI-driven legal management platform. For more information, please visit www.spellbook.legal or www.rallylegal.com.
Spellbook is a legal software company which launched the first generative AI contract drafting tool in September 2022. The technology, powered by large language models like OpenAI’s GPT-4, is optimized using legal datasets for superior contracting performance. More than 600 customers across the legal industry use Spellbook to support their lawyers with the resources to make more accurate and efficient legal decisions when drafting contracts and supporting documents.