Paxton, an artificial intelligence platform serving the legal industry, has raised $22 million in Series A funding, bringing its total funding to $28 million, it said today. The round was led by Unusual Ventures, with participation from Kyber Knight, 25Madison, and WVV Capital. The Oregon-based company offers AI-powered legal assistant tools for legal research, document […]
Paxton, an artificial intelligence platform serving the legal industry, has raised $22 million in Series A funding, bringing its total funding to $28 million, it said today. The round was led by Unusual Ventures, with participation from Kyber Knight, 25Madison, and WVV Capital.
The Oregon-based company offers AI-powered legal assistant tools for legal research, document drafting, and analysis. According to a study it published last July, its platform achieved a 94% non-hallucination rate using a set of legal hallucination benchmarks developed by researchers at Stanford University.
(Paxton was a finalist last year in the ABA Techshow Startup Alley that I oversee.)
The platform’s features include real-time updates on U.S. laws and court rulings, automated document drafting, and mass document analysis capabilities. Notable features of the platform include its confidence indicator and AI Citator, which provide insights into the reliability and validity of cites sources.
Paxton says it has seen 14-fold increase in monthly recurring revenue over the past nine months and eight times increase in customer growth. The company says its client base spans from solo practitioners to major law firms, including several among the nation’s 20 largest firms.
“Our mission is to make advanced legal tools accessible to firms of every size, leveling the playing field across the industry,” said CEO and cofounder Tanguy Chau. The company plans to use the new funding to accelerate product development and expand its market presence.
John Vrionis, managing partner and founder of Unusual Ventures, cited the company’s “relentless focus and tremendous growth” as key factors in the investment decision.
