Inhouse-focused Eudia just raised around $105m in a series A round – yet few have heard of it. As it comes out of stealth mode, founder and CEO Omar Haroun tells Artificial Lawyer about major growth plans, potential M&A deals, and about custom-made agentic AI tools with great data links.
‘We have been doing this for the last 18 months,’ Haroun explains, who previously started Text IQ, which was bought by Relativity, where he also held a senior role.
But, what is Eudia all about? The website tells us little, AL notes. Haroun replies that this is by design, as they’ve been engaging with inhouse teams on a one-to-one basis until now. In fact, he says that one reason to come out of stealth is because they need to hire a lot more staff after the fund raise and that’s harder to do when you’re under the market’s radar.
Makes sense, but what does Eudia do?
It’s fair to say that Haroun is intentionally not going to give all the details. But, this is what he will share.
‘It has been a luxury to do this after the arrival of ChatGPT. Even though legal tech has made progress [until now] it’s mostly scratching the surface,’ he says.
He notes that workflows are still mostly manual, perhaps outside of eDiscovery, and no matter what type of work one looks at there are the same problems.
Haroun then notes that if you had a platform with AI agents, and that could engage effectively with the data spread across an inhouse team, and the business, then you can do a lot.
‘If you review an MSA, [there is useful data that can be applied] in Salesforce, SAP, BOX, in Outlook, in people’s heads. There is a lot of pain as the data and knowledge is distributed,’ he notes.
Then he hints at what Eudia is aiming at. ‘If you could download the data, the knowledge, and then combine that with agentic AI…..If you could spin up a custom solution, but it doesn’t take months, just days….’ he muses out loud.
‘For me agents are about automating the tasks that need a multi-step approach. Turning plans into actions and then retaining that plan, and then connecting to data APIs,’ he adds, then notes that they could potentially engage with other agents in a business as well. ‘We are one player in an ecosystem.’
And now the picture is starting to clear. It looks like Eudia is offering Fortune 500 legal teams a platform for building super-connected AI agents, customised to specific needs.
So, what now?
‘Our approach is laser-focused on Fortune 500 companies. You need to pick your market,’ he says.
And where is the money going? He explains that client demand is not the main area of focus, as that has been ‘de-risked’ already. But they are hiring lots of engineers. They want to be at about 100 people by May.
Also….he adds: ‘One use of the capital is M&A.’
AL asks him about General Catalyst, one of their major investors.
‘They have the courage to take on an industry. They did the same in healthcare, and this is very similar, i.e. there are perverse economic incentives in the US, in that the more people are sick the better [for that business model].’
‘We need an Hippocratic AI,’ he adds, i.e. that we won’t make things worse with tech.
And finally, why ‘augmented intelligence’? The answer there is simple: ‘Because we acknowledge humans are adding value.’
So, there you go. Expect to hear a lot more about Eudia in the months to come. And perhaps even some purchases to add to what Eudia is doing. We’ll have to wait and see.
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(Main image is of the co-founders, including ; Ashish Agrawal, a pioneering AI leader with two decades of experience at Amazon, Apple, Google and AI startups like Cresta; and David Van Reyk, formerly a Private Equity investor at CVC Capital Partners. Omar is in the middle.)