A UK-based contract platform specialising in artificial intelligence (AI) has secured £13.3 million in a recent funding round, aiming to recruit lawyers and enhance its offerings.
Genie AI, known for its AI-driven contract drafting, editing, and reviewing capabilities, has announced a significant investment aimed at bolstering its human expertise. Despite not currently employing any lawyers, the company plans to allocate part of the new funds towards hiring up to five legal professionals.
Rafie Faruq, Chief Executive and Co-founder of Genie AI, acknowledged the existing trust issues surrounding AI platforms. He emphasised the importance of quality, accuracy, and customisation in AI-generated agreements, highlighting the need for reliable and secure technology that meets users’ specific needs.
According to Mr Faruq, Genie AI intends to focus primarily on in-house legal departments and smaller legal firms, which may be more open to adopting innovative technologies and less constrained by data security concerns. He pointed out that large law firms are hesitant to integrate AI into their operations, investing only a small fraction of their revenue into such advancements.
The recent funding round saw approximately 70% of contributions from Google Ventures. Mr Faruq and his team had previously secured £1.2 million in seed funding alongside an £800,000 government grant in 2019. To date, Genie AI has been utilised by over 100,000 companies across more than 120 jurisdictions, with 13% comprising legal entities.
Having recently introduced three subscription tiers, the platform’s subscriber base grew by 39% last month alone, with over 30% comprising legal professionals. Genie AI’s staff, currently numbering 18, is expected to expand to around 40 within the next six months. The firm also plans to use the newly acquired funds to develop more autonomous AI capabilities, anticipated for release early next year.
The proprietary legal editor developed by Genie AI is a cornerstone of their offering, allowing for comprehensive workflow management beyond simple text generation. Vidu Shanmugarajah, a partner at Google Ventures, expressed confidence in Genie AI’s impact on how businesses manage contracts, noting the platform’s early success and growth trajectory.
The recent funding infusion marks a pivotal moment for Genie AI as it seeks to expand its team and further innovate its AI capabilities. By prioritising trust and quality, the platform is poised to reshape contract management processes across various sectors.
