US startup Ravel Law raises $8.1M to build research tool for lawyers -report
Legal tech startup Ravel Law has secured $8.1 million today in a funding round led by North Bridge Venture Partners and New Enterprise Associates (NEA). Work-Bench and The Experiment Fund also participated in the said round, according to an exclusive report by VentureBeat.
Patrick Chung of NEA will become part of the startup's board. Jonathan Heiliger, a partner at North Bridge and former vice president of Facebook's technology operations, will also join the board of directors, the report detailed.
Ravel Law is a unique data visualization tool that will help lawyers search through a large pile of information. According to co-founder Daniel Lewis, lawyers typically spend 30% of their time researching, which is usually billed to the client. The founders built the tool to help lawyers spend more time trying to win the case rather than going through tons of documents, the report explained.
The Palo Alto-based startup will most likely be a good deal for small firms and solo practitioners who need more traction to compete with bigger firms. This new technology can help expedite their legal processes, the report noted.
Ravel Law is still studying pricing models, which will depend on the size of the firm, VentureBeat reported.
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