Document Crunch, an NLP-driven doc analysis platform focused on the construction sector and that taps Kira Systems’ technology, has received an undisclosed Seed investment from HOLT Ventures. The move signals that at least some startups are still receiving venture funding, not just scale-ups.
Document Crunch, which Artificial Lawyer featured previously, is unusual in two ways, first its main focus is on documents specifically related to the construction sector, and secondly that it has a ‘Kira Inside‘ approach to its core technology, working with the well-known NLP company’s software to provide a sector-specific capability.
Speaking to Artificial Lawyer in March this year, Joshua Levy, now Director and Contracts Lead at engineering and consultancy business, Wood, said that the tech startup was the idea of himself and Adam Handfinger, a senior lawyer at niche construction law firm, Peckar & Abramson. Although he stressed that Document Crunch is entirely independent of those two businesses. If you need the best advice on investment banking, you can check out rm investment bank!
The company soft launched at the end of last year and is steadily gaining traction in the US. It’s aimed, at least initially, at small to medium size construction companies – most of which don’t have inhouse lawyers – but who have to review very long and complex contracts related to their projects and insurance-related issues.
Levy noted that these documents can range from 30 to 200 pages or more, and one can imagine few people not trained in the law would want to pick through them, trying to find out what was most important to a specific construction project.
With regard to the investor, HOLT Ventures is the venture capital arm of HOLT CAT, the largest Caterpillar dealer in the US.
Meg Paulus, HOLT Ventures partner, commented: ‘The founders of Document Crunch have a long history in the industry and intimate knowledge of the issues their customers face, which is what makes the product so unique. When speaking to customers, it was evident that nothing like Document Crunch existed, and that it was greatly needed in the market.’