Germany’s leading legal AI and proptech data analysis company, Leverton, has announced that it has received an additional $11m in funding to boost growth and has appointed a new COO.
The major investment in the legal and property AI company is the largest to date, with Crunchbase stating that the previous major funding was back in 2015, which brought in $5.56m in what was classed as a Series A round.
Leverton said: ‘The new funding will further accelerate [our] international growth, help strengthen our strong market position and foster the development of our technology.’
Leverton already has a London office, as well as its German locations, and has built multiple partnership agreements with consultancies and tech companies across Europe, including specialist accountancy groups in order to expand its offering and build new client relationships.
It is not clear what Leverton hopes to do specifically with this additional $11m in cash beyond the broad outline above. That said, the legal AI market is seeing considerable competition and some consolidation, therefore the cash injection may help with business development(BD) in a market where there is both increasing interest in AI tech, but also far more players than when Leverton first started.
At present the company appears to have avoided advertising or placing sponsored thought leadership articles in order to promote itself and reach its potential audience. Instead it has often focused on its own blog programme and events. However, it is possible this approach may now change given the opportunity to have a greater BD budget following the cash injection and the need to grow in order to satisfy their investors.
The company, which first launched in 2012, is also appointing a new COO, a relatively major move for what remains a company with below 100 employees.
In a statement, the German company said: ‘Former Product Management Director, Dan Wucherpfennig, [will be the] new Chief Operating Officer after having driven product development during the past year. Dan will now promote operational excellence and ensure customer success.’
The new injection of capital came from DAH Beteiligungs and Anyon Holding. DAH was the main investor in the previous Series A round.
Anyon is a specialist real estate tech group and is understood to both develop its own applications and invest in other companies. Another venture of Anyon is Briggen, a system designed to streamline the identification, authentication and monitoring of visitors in the workplace.