A authorized tech start-up which works with among the world's largest regulation corporations to assist extra environment friendly drafting of contracts has struck a multimillion pound funding cope with Octopus Ventures, the distinguished early-stage investor.

Sky News understands that Definely, which was based in 2020, will announce this week that it has raised $7m (£5.9m) in funding from a gaggle of buyers led by Octopus Ventures.

Definely, which employs 60 individuals, works with main international regulation corporations reminiscent of A&O Shearman and Slaughter & May to generate substantial time financial savings for legal professionals.

The firm was based by Feargus MacDaeid - who's registered as legally blind - and Nnamdi Emelifeonwu, two legal professionals who labored collectively on the Magic Circle regulation agency Freshfields Bruckhaus Deringer.

It needs to make use of the brand new funding, which will likely be introduced extra extensively on Wednesday, to broaden to the US in addition to to supply retention plans to key workers.

The firm can be aiming to diversify the merchandise it affords to different authorized {and professional} workflows.

Among London-based Definely's shoppers outdoors the authorized sector are Deloitte, the accountancy agency, and P&O Cruises.

Mr Emelifeonwu, Definely's founder, stated: "In the ever-evolving landscape of law and technology, our commitment lies in harnessing the power of innovation to redefine excellence.

"With GenAI as our ally, we're poised to pioneer a brand new customary of proficiency in authorized options, seamlessly navigating complexities throughout various industries."

Among the opposite start-ups Octopus Ventures has backed are Elvie, the femtech merchandise firm, and Olio, the meals waste app.

Content Source: information.sky.com