TLDR: LegalOn Technologies, a leader in AI-driven legal software, has successfully closed a $50 million Series E funding round, spearheaded by Goldman Sachs Growth Equity, elevating its total funding to $200 million. Concurrently, the company announced a strategic collaboration with OpenAI, aiming to leverage cutting-edge AI models and joint engineering efforts to develop advanced legal AI agents, further transforming contract review and legal operations.
LegalOn Technologies, a prominent global provider of AI-driven software for contract review and matter management, has announced the successful closure of a $50 million Series E funding round. This latest investment, led by Goldman Sachs Growth Equity, brings the company’s total funding to an impressive $200 million since its inception in 2017. The round also saw continued support from existing investor World Innovation Lab (WiL), alongside new participation from significant Japanese financial institutions including Mori Hamada, Mizuho Bank, and Shoko Chukin.
In a parallel announcement, LegalOn revealed a strategic collaboration with OpenAI, the innovative force behind ChatGPT. This partnership grants LegalOn access to OpenAI’s most advanced models and will see engineers from both companies working collaboratively to develop sophisticated legal AI agents. The objective is to accelerate product development and enhance the capabilities of AI in legal workflows.
LegalOn plans to allocate the newly acquired capital towards scaling its agentic AI product development, as well as bolstering its sales and marketing initiatives. The company’s mission is centered on building solutions that empower in-house legal teams to operate with greater speed, mitigate risks, and drive substantial business impact.
Nozomu Tsunoda, co-founder and group CEO of LegalOn, emphasized the significance of the OpenAI partnership, stating, ‘Collaborating with OpenAI puts us at the forefront of innovation and accelerates our mission to transform legal work with trustworthy AI, enabling us to bring even more advanced tools that meet the high standards our customers expect.’ Daniel Lewis, Global CEO of LegalOn, added, ‘We raised the round because we feel like we’re at a really exciting inflection point in our business and in the general legal technology market. We see the products that we’re building, and generative AI in general, making a measurable and significant impact for legal teams that we’re serving.’
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Founded in Japan in 2017 under the name LegalForce Inc., the company rebranded to LegalOn in 2022. With its global headquarters now in California, LegalOn Technologies employs over 600 professionals, continuing its trajectory of innovation in the legal technology sector.
