Nextlaw Ventures the sister company of NextLaw Labs, the legal tech development group of global law firm Dentons has announced an investment in Doxly, a legal process automation startup with a focus on transactions.
This investment marks Nextlaw Labs’ third addition to its portfolio, following investments in ROSS Intelligence Inc and Apperio, a UK-based startup that helps with fee transparency. NextLaw Labs and Dentons have also worked with UK-based legal AI company RAVN to develop a ‘Brexit Bot’ to help clients understand the regulatory impact on their businesses of the UK leaving the EU.
The Doxly investment went through Nextlaw Labs’s sister company and investment fund, Nextlaw Ventures, and also involved software investors High Alpha Capital and Hyde Park Venture Partners.
According to crunchbase.com the startup has received $2.75m in total seed funding so far this year, with $500,000 in July 2016, and this month $2.25m from NextLaw Ventures and the two other funds, High Alpha and Hyde Park.
Doxly’s founder and CEO is Haley Altman, who most recently was a partner at Indianapolis law firm Ice Miller, as well as previously having had a two and a half year stint as an associate at Wilson Sonsini Goodrich and Rosati between 2008 and 2010.
At Ice Miller, Altman’s practice concentrated on corporate and securities law and in the representation of emerging growth companies and venture capital firms.
It is expected that Doxly will use the new capital to scale up its technology platform and hire in staff to support product development, engineering, sales and marketing.
Doxly’s aim is to simplify complex corporate legal transactions, such as M&A, into automated and manageable process steps.
Examples of this at work would include: closing and signature collection through automated workflows; intelligent diligence; closing checklists; and document-level collaboration.
The company will also begin implementing its transaction management platform with Dentons in the coming months.