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Tuesday, June 18, 2024

Swedish startup bags $10.5M seed funding to advance AI integration in legal work

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Stockholm-based legaltech startup Leya has successfully secured $10.5 million in a seed funding round led by Benchmark, with additional investments from Hummingbird, SV Angel, and Y-Combinator. Leya develops an AI assistant that integrates into lawyers’ workflows to handle routine knowledge tasks, providing precise legal data and references, and allowing legal professionals to focus on strategic, creative, and complex problem-solving activities. This significant investment will fuel Leya’s mission to transform the legal industry through advanced AI technology.

Leya is pioneering an AI assistant designed specifically for lawyers, integrating seamlessly into their workflows to enhance productivity and accuracy. The company envisions AI not merely as a supplementary tool but as a reliable partner that handles routine knowledge tasks, allowing lawyers to concentrate on strategic, creative, and complex problem-solving activities.

The AI system developed by Leya accesses files and documents directly where they are stored, combining them with legal data from over 15 jurisdictions. It provides detailed, sentence-level citations and references, ensuring that every output—whether for due diligence reviews, conversations, or document editing—is both precise and dependable.

The blend of top AI engineers and experienced lawyers from prestigious firms globally has been instrumental in developing Leya’s technology. This collaboration enables the creation of products that meet the specific needs of legal professionals, fostering innovation and enhancing user satisfaction.

“We founded Leya to give lawyers the tools they deserve, and now we have the backing to continue that mission,” said the Leya team. “Our AI system is taking care of simple knowledge work, freeing lawyers to focus on what they do best—higher-level strategy, creativity, and problem-solving.”

With this new funding, Leya plans to scale its team, strengthen its partnerships, and continue to build the future of legal work. The company is poised to redefine the legal landscape, providing lawyers with an AI assistant that enhances efficiency and ensures the highest standards of accuracy and trustworthiness in legal processes.

Click to read more funding news.

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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