Steno Raises $49m, Hits $150m Total Funding

Steno, the court reporting and litigation support company, has raised $49m in an all equity C round, following $46m raised in 2024. The round was led by Savano Capital Partners with continued participation from First Round Capital, The Legal Tech Fund, and other strategic investors.

Since it started back in 2018, the Los Angeles company has now raised $150m in total, which includes both equity and debt financing.

The new injection of capital will ‘allow Steno to triple investments in [its] expansion and the development of the next evolution of its litigation technology suite’.

It added that there are ‘thousands of firms now utilizing Steno every month’, and ‘the funding will be used to enter new markets and significantly increase penetration within the AmLaw 200’. I.e. larger law firms.

The company – as with others in this space – started with a focus on court reporting, and developed a services team, but then evolved as AI offered new opportunities to quickly analyse that material, with now the company’s platform growing outward with LLM-based features. Key to this has been Transcript Genius, its AI-driven analysis tool.

Or, as Greg Hong, CEO of Steno, commented: ‘When we released Transcript Genius, our revolutionary AI-powered transcript analysis tool, it was a game-changer for the industry, driving unprecedented user retention by solving real workflow friction. Today’s investment allows us to release a vastly improved, differentiated offering that stays ahead of anything else in the market.’

‘Because we operate as both a world-class services provider and a tech company, we have a unique advantage: we live inside litigation workflows every day. That hybrid position allows us to build AI capabilities that software-only companies simply cannot replicate.’

Prabhdeep Singh, COO of Steno, added: ‘Today’s investment marks a major milestone in Steno’s journey as we work to combine personalized service with the latest technology. We’ve already redefined transcript analysis with Transcript Genius, launched the first modern marketplace for court reporting professionals to manage their careers, and made remote litigation easier with Steno Connect.

‘Now, we’re finding new ways for lawyers to work with testimony and case data. Our goal is to expand beyond simple automation, providing a unified platform where data-informed AI and expert litigation support work together to solve the complex challenges law firms face daily.’

Is this a big deal?

AI has clearly changed many parts of the legal tech world, and the field of testimony and depositions has been especially turbo-charged with the acute language understanding provided by genAI. Steno has been quick to adapt to what LLMs can offer and, given the funding they’ve now received, are planning to leverage this for maximum growth.

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More about Steno here.

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Legal Innovators California Conference – June 10 and 11

If you’re in the US and looking for the next major event to join after Legal Week, then see you in California this June!

Legal Innovators California, the landmark West Coast legal tech event, will take place on June 10 and 11, in the heart of the Bay Area, the home to many of the world’s leading AI businesses – and plenty of legal tech pioneers as well! More information and tickets here.