Sovereign AI pioneer, Noxtua, has raised around €100m in a Series C round that also makes German legal publisher C.H. Beck the new majority shareholder. Austrian legal publisher MANZ has also invested. CMS and Dentons – which initially backed Noxtua – have sold their shares.
Noxtua, commented: ‘These independent legal publishers offer, as strategic partners, new opportunities for long-term planning. The collaboration….supports Noxtua’s ongoing development as well as its pan-European expansion into additional markets.’
They added that Noxtua is ‘entering a new phase and is therefore restructuring its investor base; investors Global Brain Corporation, KDDI Open Innovation Fund, CMS, Dentons, and Dominik Schiener are making room to align with the scale-up’s deepened content- and strategy-focused direction’.
‘The leading law firms CMS and Dentons will continue their close collaboration with Noxtua as key anchor clients in the future; CMS co-initiated Noxtua in 2024 as a Legal AI specifically tailored to the high demands of legal professionals,’ they added.
AL asked the company more about this. They replied: ‘[CMS and Dentons] sold their shares. With this round C.H. Beck and Manz will be the only investors (besides Noxtua’s CEO & Founder Dr. Leif-Nissen Lundbæk who remains shareholder).’
Dr. Leif-Nissen Lundbæk, CEO and founder of Noxtua, commented: ‘We are pleased to be taking the next steps in our expansion together with C.H.BECK and MANZ as investors in our Series C funding round. We are developing Noxtua based on exclusive content from leading legal publishers across the continent, and have already built, among other things, Europe’s largest legal database and Europe’s largest network of independent legal publishers. The joint investment by C.H.BECK and MANZ in Noxtua is therefore also a strong signal to the market.’
Prof. Dr. Klaus Weber, member of the Executive Board at C.H.Beck, added: ‘Combining high-quality data with innovative AI technology is the recipe for success in a rapidly changing market. That is why we at C.H.BECK are proud to be Noxtua’s majority shareholder following its latest financing round. As a publisher with a long-standing tradition, this commitment together with MANZ is also an investment in the future of the law. Noxtua’s vision goes hand in hand with our values as an independent family-owned company with a special responsibility for the legal system in Europe.’
Is this a big deal?
Just when you thought the world of legal publishing had calmed down, here comes Noxtua, Beck and Manz, building a pan-European powerhouse for legal AI and legal data – all underpinned by a very EU-focused AI sovereignty strategy. I.e. this is all about building an AI-powered alternative to the giants in the US and UK.
The move comes as Sweden-based Legora is also seeking to widen its legal research capabilities – with two recent M&A deals.
Just goes to show, legal data + AI = hotness….!
More about Noxtua here.
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