Reynen Court, the legal tech product implementation platform, has raised an additional $4.3m in funding. The new investors that joined the round include venture capital funds Bryce Catalyst and Forefront Venture Partners. Existing investors participating in the new round include global, early-stage VC Ventech and international law firms Clifford Chance and Latham & Watkins.
Since its inception, a consortium of twenty of the largest global law firms has actively supported the company’s development. More recently, a second consortium of twenty-two of the most important banks and global corporations came together to collaborate with Reynen Court and its law firm consortium. More than one-hundred and fifty third-party application vendors are participating on the Reynen Court platform or working towards participation pursuant to signed agreements, they added.
Cary Burch, President and CEO of Bryce Catalyst and former SVP and Chief Innovation Officer at Thomson Reuters, said: ‘The legal industry is facing an onslaught of new software applications and most of these have been designed and built to leverage cloud-computing.
‘Due to security and data protection policies, however, it is extremely costly and time consuming for large legal organizations to vet and secure permission to use new SaaS solutions. By making it easy for law firms and law departments to adopt and run third-party software applications in private cloud infrastructure under their own control, we believe Reynen Court is strongly positioned to play a central role in the transformation of the legal industry that is well underway.’
Reynen Court founder and CEO, Andrew Klein, added: ‘We are excited to welcome our new shareholders and thrilled to see our initial investors reaffirm their commitment to our ambitious vision.’
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