UK-based Legislate raises $3.6 million in a funding round for the simplification of its AI contract creation solution.
The round was led by London-based Parkwalk Advisors alongside participation from Oxford Capital and several high-profile angel investors.
Up until this point, the company’s primary goal was to develop a solution for companies and scaleups. They plan to utilize the additional funds to boost UK sales and prepare for global expansion in 2023.
“Securing additional funding allows us to sustain innovation in this industry, and we are thrilled about it. Our technology is in a very strong position going into 2023 thanks to the granting of our second patent last year. We’re making it simpler for companies of all sizes to rapidly create and manage complex contracts in a manner that enables them to extract and aggregate data later. As we concentrate on improving our sales capacity, we’re excited about what we can accomplish this year, said Charles Brecque, founder and CEO of Legislate.
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“Legislate has created a distinct answer to scale-able contracting for SMEs and mid-market companies. They are in a strong situation to capture a sizeable chunk of the market, in our opinion. Parkwalk Advisors’ Claire Pardo believes that prioritizing machine-readable contracts has immense potential to transform the sector.
“We are honored to support Charles and the team in their goal to revolutionize contract creation and administration through technology. You can participate in the future of machine-readable contracts by purchasing Legislate. According to Stephen Hampson, Investment Director at Oxford Capital, “their patented Knowledge Graph system distinguishes them from other technologies and makes it simple for people without legal training to access contracts made by attorneys and manage them effectively.
Charles Brecque established Legislate in 2020 intending to streamline complex contractual procedures. By providing customizable templates, small businesses, landlords, and letting agents can reduce the time spent on contract creation. Attorneys have approved these templates, which will enable small companies to save about three hours per contract.
Legislate automates the complete contract creation process and collects data to reveal insights using its own AI-based knowledge graph technology. Anyone in the industry can use it to explore a vast database of contracts for information. The technology used by Lgislate makes sure that contracts are first made machine-readable. Additionally, it enables business users to quickly and easily compare, make, query, and sign each contract without the aid of outside counsel.
In addition, the business received a second US patent in 2022 for semantic document creation. Customers mainly use Legislate for contracts relating to hiring, consulting, internal agreements, and business terms.