Zinger Key Points
- Google Ventures invested in legal AI company Genie AI through a Series A round.
- Legal is a sector that could see strong growth from artificial intelligence reducing workforce hours needed for documents.
- Get Monthly Picks of Market's Fastest Movers
Editor’s Note: The headline and article have been corrected to clarify that Google Ventures is leading a Series A funding round in Genie AI.
Google Ventures, the venture capital arm of Alphabet Inc GOOG GOOGL, is leading a Series A funding round in Genie AI, the world's leading AI legal editor, adding to the technology giant's investments in the artificial intelligence sector.
What Happened: Google Ventures was joined by Vinod Khosla’s venture capital firm Khosla Ventures in a $17.8 million Series A round of Genie AI. With the latest funding round, Genie AI has raised $20 million.
Genie AI said the latest funding will help the company improve its "agentic legal editor." Unlike other large language models (LLMs), Genie drafts personalized, professionally formatted multi-page agreements "across all major global jurisdictions," the company said.
The process from Genie AI takes minutes compared to what used to take weeks to complete.
The company was founded by Rafie Faruq and Nitish Mutha.
One of Genie's goals is to enable legal teams to be the solution, not the problem. According to the company, attorneys can save an average of five hours per week by drafting and reviewing documents on Genie.
"Attorneys are seen by many as the ‘no' people," Faruq said. "Genie is the most risk-aware way to draft today, giving attorneys that extra layer of comfort. The faster we can mitigate the risk, the faster we can turn around documents."
Growth Ahead: Genie reported over 100,000 companies have drafted or reviewed documents to date with the company, including 11 FTSE 100 companies, 20 Global200 law firms, two of the four largest supermarket chains in the United Kingdom and several of the top U.S. banks.
The company said it has drafted contracts in over 120 jurisdictions including the United Kingdom, United States, India, Australia, South Africa, Singapore, France and Germany.
A study from Zion Market Research cited by the company predicts the legal AI software industry will grow to $5 billion by 2030.
"Genie is changing the way businesses all over the world transact," Google Ventures Partner Vidu Shanmugarajah said. "By combining AI with a feature rich editor, Genie allows users to work with contracts in a way that was not possible before."
Khosla Ventures Partner Kanu Gulati said legal is one of the areas that will benefit from artificial intelligence in the future.
"Genie AI's technology, progress to date and vision going forward made this a compelling investment for us," Gulati said.
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Photo courtesy of Genie AI.
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