BRYTER, the no-code automation platform, has bagged a $16m Series A investment led by top enterprise software VC firms, Dawn Capital, and Accel, which has also been an investor in RPA leader UiPath. The legal tech company, which is based in Germany, but is now rapidly building outward on a global scale, has so far gained $25m in funding.
Michael Grupp, Founder and CEO (pictured above centre) told Artificial Lawyer what the large funding round meant to him: ‘It is a great milestone and a great achievement of many people, and with a lot of dedication involved – so I would be lying if I’d say that I would not be very happy about the fundraise. It really allows us to bring our idea of intuitive, but powerful, software to the global market. On a more personal level I feel very grateful for this sign of trust that allows us to focus on our work – especially in these times of uncertainty.’
The capital will be used to accelerate BRYTER’s international expansion, particularly in the US, and boost adoption across its growing global customer base, the no-code company said. The US is the largest software market in the world, valued at $500bn.
With regard to the massive potential of the US legal market, Grupp told Artificial Lawyer: ‘We had US customers early on with a number of law firms buying the software from their US headquarters. We always thought of BRYTER as an international company and an international team with a global market. Going to the US is a logical step and one that we had envisioned from the start – and for enterprise software the most important market.’
The company has grown fast since starting in 2018, and has tapped into the legal market’s desire to automate workflows and process tasks without the need for complex coding skills.
Clients include: McDonald’s, Telefónica, PwC, KPMG and Deloitte in Europe, as well as banks, healthcare and industrial enterprises – and of course law firms, including BakerMcKenzie, Hogan Lovells, Ashurst, Simmons & Simmons, and Gleiss Lutz, among others.
Is this a big deal? Yes. To go from a standing start to $16m funding in two years, especially in what has not been the easiest of markets recently, is impressive and suggests a clear market demand for no-code platforms.
But, let’s hear what the investors think:
Evgenia Plotnikova, Partner at Dawn Capital, said: ‘The software industry was built around automating business processes. Year after year, the biggest, enterprise-wide pain points are prioritised and IT works through the list, never getting close to the long, long tail.
‘To drive automation at scale throughout the modern enterprise, IT needs to transform ‘citizens’ into developers. BRYTER makes that step easy and seamless: any professional can now build software tools, tackling the most challenging processes and decisions. BRYTER was founded just two years ago and has already made rapid progress.’
Luca Bocchio, Partner at Accel, added: ‘We’ve been impressed with the impact BRYTER has already had, in such a short space in time, in unleashing the potential for business experts to participate in digital transformation without the need for specific programming skills.’
Main Pic: Michael Huebl (CPO), Michael Grupp (CEO), Micha Manuel Bues (COO)