Omnilex, a Swiss legal research startup, has raised a $4.5m Seed round led by Founderful. It taps free legal data and provides a ‘reasoning environment’ that includes ‘AI-generated legal commentary’ to create new value for lawyers.
The company explained that it combines ‘laws, court decisions, and commentary…in one reasoning environment, enabling legal professionals to work faster and deeper on complex legal questions’.
Interestingly they note on their website that ‘thanks to precise results, the need for paid databases is reduced by up to 80%, without compromise in legal depth.’
AL asked them about this and they explained: ‘Switzerland, Germany are live [in terms of legal areas], the US and several more countries are in testing right now. The data is free resources and our proprietary [generated data], with which we aim to replace legal literature.’
They noted that they had doubled ARR in the past three months and have been adopted by over 120 organizations, including Bayer Pharma, the Swiss Federal Chancellery, and other leading legal teams across the DACH region.
Sounds promising, but what makes them believe they can stand out in a market well-served already for legal research? They told this site that: ‘Omnilex’s breakthrough is the creation of AI-generated legal commentary: an intelligent system that automatically annotates, interprets, and connects laws and court decisions in different jurisdictions.’ They added that they’ve developed over 200,000 legal annotations so far.
Marco Henri, Co-Founder and CEO of Omnilex, commented: ‘Legal commentary exists to help legal professionals understand and apply the law. There will be a future where AI will help create, maintain and connect legal commentary.
‘The most complex cases end up on lawyers’ desks, and generic AI models can’t help them solve these. We’ve created an AI system that can, thanks to creating the world’s first AI-generated legal commentary.’
Is this a big deal? Tapping free public resources and improving them with AI-driven commentary looks like a smart approach. That said, it may run into stiff competition in the US and UK, but it certainly appears that in Europe they are doing very well, and very quickly. Some of the larger legal data companies may well pay attention to what they’re doing.
Let’s see where they get to. Congrats on the funding.
Other investors included Plug and Play, Tiny Supercomputer Investment Company (TSIC), and Angel Invest.
More info here.
—
Legal Innovators New York Conference is next week!
The Legal Innovators New York conference is next week, November 19 and 20, with the event taking place in Midtown inside Latham & Watkins’ office.
The event is over two days, Day One: law firms, and Day Two: inhouse – and you are very welcome to take part in both to hear the latest insights about our increasingly AI-driven legal world and network with some of the most innovative law firms, ALSPs, tech companies, and corporates in America and beyond.
To take the speedy boarding route to Legal Innovators New York, on Nov 19 and 20, then please sign up here – which is free to attend for those at law firms and inhouse.
See you there!
—
Discover more from Artificial Lawyer
Subscribe to get the latest posts sent to your email.