Tracxn - Legal Tech Startup Landscape

Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Legal Tech - May 2019
Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
2
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Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
3
Feed Summary
Investment Trend Summary
Exit Outlook Summary
BlueBox
Summary of Key Markets
Notable Companies in the Sector
Recent News

Note: Mega Companies includes IPO’d companies, Mega Acquisitions and Unicorn. Data is taken from Tracxn Platform as on May 3, 2019.
Legal Tech Feed Summary
4
Legal Tech > Feed Summary
Technology solutions for Law firms and Corporate Legal Departments
• Inclusions: Legal Practice Management, eDiscovery,
Lawyers' Marketplace, Dispute resolution platforms, legal
contract management, legal research, and Intellectual
Property Management
• Exclusions: Legal firms and Managed Service Providers
• Excludes funding information of Chinese companies
Feed in Numbers
Overview
$3.8B
Funding
25
Mega
Companies
5062442
FundedCovered on
Tracxn
9
Unicorns
15
Soonicorns
89
Minicorns
11
IPO’d Cos
161
Late Stage Cos
39
139
Acquisitions
258
DeadPooled
1
Acquihired
Series A+ Cos
Wolters Kluwer
(1836, The Hague)
DocuSign
(2003, San Francisco, $522M)
Thomson Reuters
(2008, New York City)
Top Companies

Investment Trend Summary
Summary of Funding Activity in Legal Tech
5
$200M - Series D
Onit (2009, Houston, $221M)
$38M - Series D
PatSnap (2007, Singapore, $100M)
$100M - PE
Exterro (2004, Portland)
$38M - Series C
Red Points (2011, Barcelona, $64.2M)
$83M - Series E
Disco (2012, Houston, $135M)
$30.5M - Seed
Geld Fur Flug (2017, Wiesbaden, $30.5M)
$50M - Series D
Icertis (2009, Seattle, $96M)
$30M - Series B
Seal Software (2010, San Francisco, $50.6M)
$50M - Series A
Kira Systems (2011, Toronto, $50M)
$28.4M - Series B
Incopro (2012, London, $28.4M)
Top Geos of InvestmentEntrepreneurial Activity Global Funding Trend
*YTD *YTD
Legal Tech > Feed Summary > Investment Trend Summary
Seed Seed Capital (#4), Right Side Capital Management (#4), Seedcamp
(#3)
Series A/B
Eight Roads Ventures (#2), Insight Venture Partners (#2), Menlo
Ventures (#2)
Series C+
K1 Investment Management (#2), GV (#1), The Stephens Group
(#1)
Incubators
500 Startups (#15), Y Combinator (#12), Plug and Play Tech
Center (#9)
Other Notable
Investors
Nextlaw Labs (#7), Kima Ventures (#4), Banco Sabadell (#2)
Debt Investors
Silicon Valley Bank (#3), The Carlyle Group (#3), Mercia
Technologies(#3)
Most Active InvestorsRecent Investments
268
420
281
174
68
8
2014 2015 2016 2017 2018 2019*
Y-o-Y # of Companies Founded 67 81 86 95 84 29
$3.2B
$420M
$107M
$53.4M
$29.8M
US
Europe
Canada
SEA
Israel
$ Funding
$462M
$363M
$770M
$269M $254M
$702M
$1.1B
70
2014 2015 2016 2017 2018 2019*
$ Funding # Rounds

Summary of exit outlook in Legal Tech
Exit Outlook Summary
66
Most Active AcquirersTop Investors in Exits
Kleiner Perkins 3
DocuSign (2003, San Francisco, $522M)
LegalZoom (2001, Glendale, $266M)
Intel Capital 2
Relativity Technologies (1997, Raleigh,
$136M)
Silicon Valley Bank 2
SpringCM (2005, Chicago, $128M)
Recommind (2000, San Francisco, $24M)
Iconiq Capital 2
$136M)
Sapphire Ventures 2
May 2018 RPX Corporation Acq by HGGC for $555M
Aug 2017
CPA Global Acq by Leonard Green and Partners for
$3.1B
Oct 2016 Kroll Ontrack Acq by LDiscovery for $410M
Jul 2016 Epiq Systems Acq by Omers for $1B
Oct 2015 Aderant Acq by Roper Technologies for $675M
May 2012 Ariba Acq by SAP for $4.3B
Legal Tech > Feed Summary > Exit Outlook Summary
Wolters Kluwer 5
TyMetrix (May 2014), Smartlaw (Sep 2014), Effacts B.V. (Jul
2015)
Thomson
Reuters
3
Serengeti Law (Oct 2010), MarkMonitor (Jul 2012),
Business Integrity (Oct 2015)
LexisNexis 3
Verilaw Technologies (May 2004), Ravellaw (Jun 2017), Lex
Machina (Nov 2015)
Internet Brands 3 Total Attorneys (Feb 2015), Avvo (Jan 2018), Nolo (May 2011)
Mitratech 3
CaseTrack (Aug 2015), Viewabill (Mar 2016), Bridgeway
Software (Jul 2015)
Recent IPOs Top Acquisitions
Omtool Aug 1997
Provides document management workflows so…
IPO MCap: $103M
Epiq Systems Apr 1997
eDiscovery Services and Suite
IPO MCap: -
FTI Technology May 1996
FTI Technology: Software & Solutions for…
IPO MCap: -
Thomson Reuters Nov 1995
Enterprise solutions for financial, risk,…
IPO MCap: -
RPX Corporation May 2011
Patent Risk Solutions
IPO MCap: $714M
VIQ Solutions Mar 2005
Transcription management solutions for mu…
IPO MCap: -
Loislaw Sep 1999
Legal and related information to lawyers…
IPO MCap: $293M
Ariba Jun 1999
e-Procurement, invoicing, and B2B collabo…
IPO MCap: $983M

Marketmap: Legal Tech
SUITE
LEGAL DOCUMENTS/FORMS
SUITE
AFTER-LIFE PLANNING
PRACTICE & CONTRACT
PRACTICE MANAGEMENT
CONTRACT MANAGEMENT
CASE & MATTER MANAGEMENT
BILLING & SPEND ANALYTICS
CREATION
ANALYSIS
LITIGATION
RESEARCH
eDISCOVERY
SEARCH ENGINE
ANALYTICS
LEGAL RESEARCH ASSISTANT*
MARKETPLACE
INTELLECTUAL PROPERTY
SUITE
BRAND PROTECTION &
ANTI-COUNTERFEIT
PATENT ANALYTICS
Overview
Companies 2442
Funded 506 Series A+ 161
Funding $3.8B Last 2 yrs $1.4B
Most Active Investors
Seed Seed Capital (4)
Series A/B Eight Roads Ventures (2)
Series C+ K1 Investment Management (2)
Others Nextlaw Labs (7)
Incubators 500 Startups (15)
Top Cities
Bay Area 152 Cos $1.1B
Houston 22 Cos $370M
Feed in Numbers
Unicorns 9 Soonicorns 15
Minicorns 89 Editor Picks 185
Acquihired 1 Deadpooled 258
Top Companies
Thomson Reuters (2008, New York City)
Wolters Kluwer (1836, The Hague)
Exits
IPOs 11 Ariba, RPX Corporation
Acquisitions 139 Ariba, CPA Global
Top Acquirers Wolters Kluwer, Thomson
Reuters
Legal Tech > Feed Summary > BlueBox
* Upcoming Business Model
FACTSHEET
Funding data excludes Debt, Grants & Post-IPO rounds.
Excludes all details for Chinese companies.
7

Key Sub Sectors in Legal Tech Sector
Summary of Key Markets
8
Top Markets of Investment Activity
# Cos on
Platform
Last 2 Years
$ Invested # Round
Legal Contract Management >
Contract Analytics & Due Dilligence 62 $152M 21
Intellectual Property (IP) Management >
Brand Protection & Anti-Counterfeit 57 $131M 13
eDiscovery > SaaS >
Review & Analytics 44 $240M 8
Intellectual Property (IP) Management >
Patent Analytics & Management 89 $56.8M 13
Contract Creation 68 $48.5M 9
Legal Contract Management > Contract
Creation >
e-Signature
108 $39.3M 8
Contract Lifecycle Management 100 $91.6M 7
Legal Research >
Analytics 73 $23.4M 9
Legal Practice Management >
Spend Analytics 15 $31.7M 5
Legal Practice Management >
Case & Matter Management 156 $22.2M 7
Sub Sectors
# Cos
Tracked
#
Funded
Total
Funding
Legal Contract Management
Companies offering contract lifecycle management
platform which spans across contract...
353 101 $1.2B
eDiscovery
Companies offering a platform to manage emails,
documents, and media files for litigation...
138 53 $768M
Intellectual Property (IP) Management
Companies offering solutions for IP management
including filing, tracking, analytics,...
227 66 $456M
Legal Forms
Companies offering online DIY legal form services for
individuals, SMBs, and Enterprises...
211 51 $412M
Enterprise Legal Management(Suite)
Companies offering legal suite solutions for end-to-
end enterprise legal practice management,...
22 6 $257M
Legal Practice Management
Companies offering legal practice management
platform for end to end client intake to...
627 73 $241M
Lawyer's Marketplace
Companies offering legal services marketplace for
connecting consumers, businesses, attorneys...
465 66 $218M
Legal Tech > Feed Summary > Summary of Key Markets

List of Notable Companies in Legal Tech
Notable Companies in the Sector
9
Note: *(Founded Year, Location, Total Funding)
Legal Tech > Feed Summary > Notable Companies in the Sector
Public
Loislaw
(1987, New York City)*
Omtool
(1991, Andover)
LegalZoom
(2001, Glendale, $266M)
Thomson Reuters
(2008, New York City)
Wolters Kluwer
(1836, The Hague)
VIQ Solutions
(2004, Mississauga)
FTI Technology
(1982, Washington D.C.)
Stratify
(1999, Mountain View)
Acquired
Ariba
(1996, Sunnyvale)
CPA Global
(1969, Saint Helier, $20.6M)
Epiq Systems
(1988, Kansas City)
Aderant
(1978, Atlanta)
RPX Corporation
(2008, San Francisco)
Kroll Ontrack
(1985, Minneapolis)
NetNames
(1995, London)
Inventus
(1991, Chicago)
HelloSign
SpringCM
(2005, Chicago, $128M)
Acquired
Recommind
Iris
(2007, Olathe)
Encore Discovery
Solutions
(2003, Phoenix)
Unicorns
DocuSign
Onit
(2009, Houston, $221M)
Relativity Technologies
(1997, Raleigh, $136M)
LexisNexis
(1973, Albany)

List of Notable Companies by Market in Legal Tech
Notable Companies by Market (1/7)
11
Legal Tech > Feed Summary > Notable Companies by Market
Business productivity and project management
Apps
Unicorn. Stage: Series D
K1 Investment Management, Silicon Valley Bank,
Level Equity and 4 Other Investors
Mitratech (1987, Austin, $20.5M)
Enterprise Legal Management solution
Soonicorn. Stage: Acquired
Vista Equity Partners, Noble Rock, TA Associates
Management
LexisNexis (1973, Albany)
Enterprise Legal Management.
Unicorn. Stage: Acquired
Enterprise solutions for financial, risk, legal, tax and
accounting
Unicorn. Stage: Public
One Equity Partners
Suites for Legal office management and accounting
firms
MMF Capital
Suite
Clio (2008, Burnaby)
Cloud-based legal practice management solutions
for SMBs
Bessemer Venture Partners, Acton Capital Partners,
Point Nine Capital and 1 Other Investors
Aderant (1978, Atlanta)
Legal Business management software
Stage: Acquired
Prospect Street Ventures

12
Document Assembly & Automation
Omtool (1991, Andover)
Provides document management workflows
solutions
Stage: Acquired
Summit Partners
eDiscovery
MSP + SaaS
Lighthouse eDiscovery (1995, Seattle,
$36.8M)
eDiscovery services and technology
Soonicorn. Stage: Series A
CIT, Spire Capital, Columbia Pacific Advisors
SaaS based Legal hold software for ediscovery
Stage: Acquired
Sapphire Ventures, Kennet Partners, Silicon Valley
Bank and 3 Other Investors
AccessData (1987, Lindon, $20M)
Digital forensics and e-discovery solutions.
Ron Mika, Matt Marsh, Silicon Valley Bank and 1
Other Investors
Encore Discovery Solutions (2003, Phoenix)
Encore Discovery Solutions
Stage: Acquired
Baird Capital
MSP + SaaS
Epiq Systems (1988, Kansas City)
Stage: Acquired
VantEdge Partners, ValueAct Capital
FTI Technology (1982, Washington D.C.)
FTI Technology: Software & Solutions for E-
discovery
Stage: Public
Inventus (1991, Chicago)
Document review platform
Stage: Acquired
Iron Creek Partners, Quabbin Capital
Iris (2007, Olathe)
Legal Services
Stage: Acquired
Kroll Ontrack (1985, Minneapolis)
Data recovery and discovery management
Stage: Acquired
TA Associates Management

13
eDiscovery
MSP + SaaS
Stratify (1999, Mountain View)
eDiscovery document review
Stage: Public
In-Q-Tel, Mobius Venture Capital
SaaS
$136M)
eDiscovery ERDM process management
Iconiq Capital, Intel Capital, Tall Oaks Capital
Partners and 3 Other Investors
SaaS based eDiscovery for litigation boutiques and
AmLaw 200
Soonicorn. Stage: Series E
Georgian Partners, Bessemer Venture Partners,
LiveOak Venture Partners and 2 Other Investors
Legal Research
Legal Search Engine
Loislaw (1987, New York City)
Legal and related information to lawyers and law
firms
Stage: Acquired
Capital Resource Partners

14
Contract Lifecycle Management
Cloud Enterprise Content and Contract Mangement
Crestline Investors, Foundation Capital, North
Bridge and 9 Other Investors
Cloud based contract management solutions
Soonicorn. Stage: Series D
Meritech Capital Partners, B Capital Group, Ignition
Ariba (1996, Sunnyvale)
e-Procurement, invoicing, and B2B collaboration
software
Intel, The Beekman Group, TCV and 3 Other
Investors
Contract Creation
Digital Transaction Management Tool
Unicorn. Stage: Series F
Hercules Capital, Intel Capital, Dell Technologies
and 59 Other Investors
HelloSign (2011, San Francisco, $16M)
eSignatures on Mobile
Stage: Acquired
Foundry Group, Zach Coelius, Greylock Partners
Contract Analytics & Due Dilligence
Contract analysis: Clause extraction and review
Soonicorn. Stage: Series B
DocuSign, Toba Capital, Tern and 3 Other Investors

15
Suite
Anaqua (2004, Boston, $25M)
Asset management (IAM) software solution
Bessemer Venture Partners, Lead Edge Capital, The
Cambria Group
CPA Global (1969, Saint Helier, $20.6M)
IP Management
Epiris, ICG, Fisher Lynch Capital and 1 Other
Investors
Patent Analytics & Management
Provides a search platform and intelligence for
patents
Soonicorn. Stage: Series D
Sequoia Capital, Shunwei Capital, Qualgro GP and 3
Other Investors
RPX Corporation (2008, San Francisco)
Stage: Acquired
Index Ventures, Charles River Ventures, Kleiner
Perkins
Brand Protection & Anti-Counterfeit
Brand protection and anti piracy solution
Soonicorn. Stage: Series C
Summit Partners, Northzone, Eight Roads Ventures
AppDetex (2011, Boise, $17.6M)
Mobile brand protection services
First Analysis, Origin Ventures, EPIC Venture Fund
NetNames (1995, London)
Online brand protection & domain name
management
Stage: Acquired

16
Legal Forms
Suite
LegalZoom (2001, Glendale, $266M)
Legal Document Services
Permira investment, IVP, Kleiner Perkins and 9
Other Investors
Rocket Lawyer (2008, San Francisco, $65.4M)
Online legal services
Sallfort Privatbank, GV, Industry Ventures and 8
Other Investors
Consultation
Avvo (2006, Seattle, $132M)
Legal marketplace, lawyer's directory, Q&A forum
and legal marketing
TCV, Coatue, Vulcan Capital and 3 Other Investors
Courtroom Solutions
Transcription Workflow Management Software
VIQ Solutions (2004, Mississauga)
Transcription management solutions for multiple
inddustries
Stage: Public
Crown Capital Partners, Tera Capital, Senahill
Partners

17
Productivity Tools for Lawyers
Dye & Durham Corp. (1874, New Westminster,
$25M)
Software tool to improve productivity of law firms

Recent News in Legal Tech Sector
Recent News
18
Legal Tech > Feed Summary > Recent News
May 2019 TrialLine Poised to be 2019's Breakout Legal Software, PR Newswire
May 2019
Concord Posts Record Growth and Introduces New Pricing Model,
Business Wire
May 2019
NearZero Discovery Strengthens its Partnership with Venio
Systems, Adding VenioOne OnDemand and Becoming a Venio
Reseller, PRWeb
May 2019
FADEL Announces “the Big Reveal” of its New Solution –
Introducing Content Eye for Digital Content Tracking & Compliance,
PRWeb
May 2019
Reuters and IBM Partner to Offer Regulatory Intelligence Solution,
Finance Magnates
May 2019
Exterro Expands Global Presence with European Team,
GlobeNewswire
May 2019
Wolters Kluwer Health Earns 2018 NorthFace ScoreBoard Awards
for Excellence in World-Class Customer Care, Business Wire
May 2019
Wolters Kluwer Announces Newest Webinars in ftwilliam.com
Series for Retirement Service Professionals, PR Newswire
May 2019
IBM, Thomson Reuters Introduce Powerful New AI and Data
Combination to Simplify How Financial Institutions Tackle
Regulatory Compliance Challenges, WebWire
Apr 2019
AssureSign to Adopt Short Codes for eSignature Text Messaging
Feature, ePRNews
Apr 2019 Vendasta adds MyCorporation to Marketplace, PR Newswire
Key Recent News Key Recent News
Apr 2019
UPDATE -- VIQ Solutions Announces New CFO, Cements Strong
Executive Leadership Team Following Record Pro forma Revenue
Growth in 2018, GlobeNewswire
Apr 2019
Everplans and Symmetry Financial Group Announce Partnership, PR
Newswire
Apr 2019
Vakilsearch looks to raise over $5 m in Series B funding, Business
Line
Apr 2019 Trint Launches Multi-User Editing Tool, tvtechnology.com
Apr 2019
Wolters Kluwer Accelerates Healthcare Data Mapping with Artificial
Intelligence to Bridge Data Silos, Business Wire
Apr 2019 Miller Barondess Selects DISCO as Ediscovery Partner, Business Wire
Apr 2019
Two Shields Investments plc Acquisition of shares in BrandShield,
directorstalkinterviews.com
Apr 2019
BlackStone Discovery Appoints eDiscovery Veteran as Regional
Director, PRWeb
Apr 2019
Contract Logix Selected by MedStar Mobile Healthcare to Automate
Contract Management, PRWeb
Apr 2019
ContractRoom Selected by HD Supply Facilities Maintenance for
Contract Lifecycle Management, Newswire
Apr 2019
UK-based piracy tracking startup MUSO secures £3.5 million from
Harwell Capital, Tech.eu
Apr 2019
Sisvel Grants a Patent License to Nokia under the Sisvel DSL
Patents, Business Wire

Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
19
Funding Trends
Median Deal Size and Trend
New Entrants in Funding Club
Distribution of companies by Funding Range
Funding Funnel of the Sector
Top Investments and Investors
Investors in Unicorn club

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Investments ($M) and number of rounds in Legal Tech; 2012-2019
Global Funding Trends (1/2)
21
Note: Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Legal Tech > Investment Trends > Global Funding Trends
#Rounds
$Funding
3 Year CAGR
6 Year CAGR 1% # of Rounds24% $ Funding
16% # of Rounds
3% $ Funding
$462M
$193M $196M
$363M
$770M
$269M $254M
$702M
$1.1B
0
10
20
30
40
50
60
70
80
90
100
$0k
$200M
$400M
$600M
$800M
$1.B
$1.2B
2012 2013 2014 2015 2016 2017 2018 2019*
$ Funding Predicted $ Funding # Rounds Predicted # Rounds

19 46 38 50 49 65 30 9
11
18 24
18 26 25
49
17
4 12 5 13 11
5
5
3
2012 2013 2014 2015 2016 2017 2018 2019 YTD
Seed Early Stage Late Stage
34
29
Total # of Rounds
$16M $16M $20M $37M $32M $51M $65M $12M
$94M
$71M
$67M $61M
$121M
$128M
$429M
$129M
$83M $109M $276M
$671M
$117M $75M $208M $321M
2012 2013 2014 2015 2016 2017 2018 2019 YTD
Seed Early Stage Late Stage
22
Note: Mega Rounds = rounds with size > $20M. Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Stage-wise Number of RoundsStage-wise $ Invested
New Entrants in Funded Club
Global Funding Trends (2/2)
Investments ($M) and number of rounds in Legal Tech; 2012-2019
Legal Tech > Investment Trends > Global Funding Trends
52
34
44
39
45
38
9
261$2.4M
$1.7M
$0.0M
$0.5M
$1.0M
$1.5M
$2.0M
$2.5M
$3.0M
$3.5M
0
50
100
150
200
250
300
2013 2014 2015 2016 2017 2018 2019 YTD Total
Entrants in Funding Club Avg. Ticket Size
$2.4M $1.5M $1.2M $1.2M $0.9M $3.2M $1.1M $1.7M
$344M
$114M
$73M
$258M
$619M
$50M
$75M
$442M
$826M
10
0
2
4
6
8
10
12
14
0
100000000
200000000
300000000
400000000
500000000
600000000
700000000
800000000
900000000
2012 2013 2014 2015 2016 2017 2018 2019 YTD
$ Funding Predicted $ Funding # of Rounds Predicted # Rounds
Mega Rounds
3 3 3 6 1 3 12 4
$193M
$462M
Total $ Invested

Legal Tech > Investment Trends > Funding Trends by Geography
Investments ($M) and number of rounds in Legal Tech
Funding Trends by Geography
Funding Trends by Geography Top Cities of Funding
City $ Funding # Rounds
Bay Area 1.1B 137
Houston 370M 14
Seattle 311M 30
Glendale 266M 2
Austin 162M 26
Chicago 140M 23
Raleigh 136M 4
London 130M 33
Portland 117M 7
New York City 95.7M 51
Total Funding
306
153
14
16
8
17
2
13
# Rounds
$3.2B
$420M
$107M
$53.4M
$29.8M
$26.2M
$20.6M
$6.3M
US
Europe
Canada
SEA
Israel
India
Channel
Islands
Australia
Note: Excludes funding information of China companies

Trend of Average Deal Size ($M)
$0.9
$0.4 $0.7 $1.0 $1.0 $1.0
$2.4
2012 2013 2014 2015 2016 2017 2018
Legal Tech > Investment Trends > Median Deal Size and Trend
Median and Average Deal Size in $M (per Stage) in Legal Tech; 2012-2018
Median Deal Size and Trend
Note: Excludes funding information of Chinese companies. *Graph not to scale
Median Deal Size and Range
$10K* $30.5M
$21K $50M
$2.2M $30M
$395K $233M
$18.6M
$12M
$4M
$600K
Series C+
Series B
Series A
Seed
Stage
$20.8
$5.9 $7.1
$13.0 $9.8
$19.4
$20.7
$9.9
$68.9 $61.0
$16.7 $25.0
$52.0
$4.6 $4.7
$2.7
$5.4 $4.5 $4.9 $5.9

Note: 238 companies with undisclosed funding amount are not included
25
<$1M
$1-10M
$10-50M
$50-100M
$100M+
Funding Range
90
116
58
7
8
No. of Companies
Legal Tech > Investment Trends > Distribution of companies by Funding Range
No. of companies by funding range in Legal Tech; as of May 2019
Distribution of companies by Funding Range
$30M
$415M
$1.3B
$429M
$1.6B
$ Investment

Stage No. of Companies
Funding
Funnel
100%
21%
7%
3%
2%
26
Note: Numbers in the brackets show the count of companies
Time to raise
next round
39
74
161
506
2442
Series C+
Series B
Series A
Funded
Founded
Next
Round
100M+
Valuation
Exits
Acqui-
Hired
Dead
Pooled
Others
21% 2%
(39)
1%
(24)
0%
(1)
11%
(257)
69%
(1678)
32% 8%
(38)
5%
(23)
- 7%
(36)
61%
(309)
46% 14%
(23)
5%
(8)
- 1%
(1)
53%
(86)
53% 30%
(22)
9%
(7)
- - 47%
(35)
- 46%
(18)
10%
(4)
- - 26%
(10)
Legal Tech > Investment Trends > Funding Funnel
Number of companies progressing to subsequent funding stages in Legal Tech
Funding Funnel
18 Months
24 Months
47 Months
Investment backedBootstrapped
15
9
85
11
54
Soonicorns
Unicorns
Acquisitions
IPOs

Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+, PE)
Legal Tech > Investment Trends > Notable Investments in last 24 months
Major funding rounds by Stage in Legal Tech; May 2017-May 2019
Notable Investments in last 24 months (1/7)
LATE STAGE
$200M - Series D Jan 2019
Business productivity and project management Apps
K1 Investment Management
$100M - PE May 2018
Legal GRC ,E discovery and data hold
Leeds Equity Partners
$83M - Series E Jan 2019
AmLaw 200
LiveOak Venture Partners, The Stephens Group,
Comerica
$50M - Series D Feb 2018
Cloud based contract management solutions
Meritech Capital Partners, B Capital Group, Ignition
Partners, Greycroft Partners, Eight Roads Ventures,
PSP Partners, Cross Creek
LATE STAGE
$38M - Series D Jun 2018
Provides a search platform and intelligence for
patents
Sequoia Capital, Shunwei Capital, Qualgro GP
$38M - Series C Apr 2019
Summit Partners, Northzone, Eight Roads Ventures,
Banco Sabadell, Mangrove Capital Partners
$25M - PE Oct 2017
$25M)
$20M - Series C Jan 2018
AmLaw 200
Bessemer Venture Partners, LiveOak Venture
Partners, The Stephens Group
LATE STAGE
Series C May 2017
Zapproved (2008, Portland, $17.2M)
SaaS based Ediscovery
Vista Equity Partners

EARLY STAGE
$50M - Series A Sep 2018
Contract automation
Insight Venture Partners
$30M - Series B Jun 2018
Toba Capital
$28.4M - Series B May 2018
IP and brand protection services
Highland Europe
$25M - Series B Oct 2018
Concord (2015, San Francisco, $48.5M)
e-signature and contract management solution
Tenaya Capital, Charles River Ventures, Alven
$25M - Series B Jun 2018
Everlaw (2010, Berkeley, $34.6M)
Ediscovery and litigation
Menlo Ventures, Andreessen Horowitz
EARLY STAGE
$25M - Series B Feb 2018
Logikcull (2004, San Francisco, $42.5M)
eDiscovery
New Enterprise Associates, OpenView, Storm
Ventures
$23M - Series B Jan 2019
Ironclad (2014, San Francisco, $33.4M)
Provider of legal services
Sequoia Capital, Accel, Y Combinator
$20M - Series B May 2018
Notarize (2015, Boston, $31M)
Online Notary service
Polaris Partners, Lennar, Second Century Ventures,
Realogy, Fifth Wall Ventures, Founders Fund,
National Association of Realtors
$18M - Series B Nov 2018
4iQ (2016, San Francisco, $32M)
Big data analytics & machine learning based threat
intelligence platform
C5 Capital, ForgePoint Capital, Adara Ventures,
Benhamou Global Ventures
EARLY STAGE
$15M - Series B Mar 2019
DocuSign
$12M - Series B May 2018
Eight Roads Ventures, Northzone, Mangrove Capital
Partners
Northzone, Mangrove Capital Partners, Banc
Sabadell
$12M - Series B Apr 2018
LawGeex (2014, Tel Aviv, $22.3M)
Automated Contract analyzer
Aleph Venture Capital, Lool Ventures
$12M - Series B Mar 2018
UpCounsel (2012, San Francisco, $26M)
Online workplace for legal services

EARLY STAGE
$11.6M - Series A Jun 2018
Doctrine (2016, Paris, $13.8M)
Big Data for legal research analytics
Xаvier Niel, Otium
$10.3M - Series B Apr 2019
Casetext (2013, Palo Alto, $31.1M)
AI-based legal research assistant
$10M - Series B Feb 2019
Luminance AI (2015, Cambridge, $27.3M)
AI for legal due diligence
Talis Capital, Invoke Capital, Slaughter and May
$10M - Series A Dec 2017
Charles River Ventures, Alven
EARLY STAGE
$10M - Series A Nov 2017
Talis Capital, Invoke Capital, Slaughter and May
$10M - Series A Aug 2018
Apperio (2012, London, $15M)
Legal spend management
Draper Esprit, IQ Capital, Notion
$9.7M - Series A Jan 2019
Farewill (2015, London, $10.3M)
End of life planning
Augmentum, Saatchinvest, dmg ventures, Taavet
Hinrikus, Kindred Capital, VentureFounders, Tracy
Terrill, JamJar Investments
$9.1M - Series B Jan 2019
Peppermint (2010, Nottingham, $22.7M)
Scottish Equity Partners, Accel-KKR
EARLY STAGE
$8.7M - Series A Oct 2017
ROSS Intelligence (2014, San Francisco, $8.8M)
Legal Research technology
Inovia Capital, Comcast Ventures Catalyst, Y
Combinator, Real Ventures, Nextlaw Labs, Nicolas
Pinto, Continuity Capital, Comcast Ventures
$8.4M - Series A Apr 2019
Brightflag (2014, Dublin, $11.4M)
Spend analytics on legal invoices.
Sands Capital Ventures, Frontline Ventures, Tribal
Ventures, Enterprise Ireland
$8.3M - Series A Jan 2019
Filevine (2014, Provo, $20M)
Custom case management for law firms
Signal Peak, Peak Ventures, Jonathan Ord
$8M - Series A Aug 2017
Ironclad (2014, San Francisco, $33.4M)
Provider of legal services
Accel

EARLY STAGE
$7.9M - Series A Feb 2019
Signaturit (2013, Barcelona, $12.4M)
Online electronic signature
360 Capital Partners, Bonsai Partners, Banco
Sabadell, Faraday Venture Partners, Nero Ventures,
Bbooster
$7.8M - Series A Mar 2019
Boundless (2017, Seattle, $11.3M)
Green card and Immigration management solution
Foundry Group, Trilogy Equity Partners, PSL, Two
Sigma Ventures, Founders' Co-op, Industry
Ventures, Forefront Venture Partners
Blue J Legal (2015, Toronto, $7.4M)
AI-based software for lawyers, HR and tax
professionals to manage law issues
Relay Ventures, LDV Partners, BDC Capital, Mistral
Ventures
$7M - Series A Sep 2018
EARLY STAGE
$5M - Series A May 2017
LegalRaasta (2015, Delhi, $6M)
Online legal services provider
Impanix Capital
$4.8M - Series A Mar 2019
LinkSquares (2015, Somerville, $7M)
Contract Management tool using NLP and machine
learning
Hyperplane Venture Capital, MassMutual Ventures
$4.4M - Series A Oct 2018
Lexoo (2014, London, $5.7M)
Marketplace for posting legal jobs and hiring
solicitors at fixed fee.
Earlybird Venture Capital, Forward Partners, Ned
Staple
IPwe (2017, Dover, $4M)
Blockchain-based patent registry system
EARLY STAGE
$4M - Series A Jan 2018
CloudLex (2015, New York City, $7.7M)
Project and case management for Trial Lawyers and
Law firms
Aligned Partners Venture Services, Axis Capital
Partners
$4M - Series A Apr 2018
$3.7M - Series A Apr 2018
Litify (2016, New York City, $8.7M)
Law firm practice managaement
Esquire Bank
$3.7M - Series A May 2017
Alven, Streamlined Ventures, Cota Capital, Tien Tzuo

EARLY STAGE
$3.6M - Series A Jun 2017
Signaturit (2013, Barcelona, $12.4M)
Online electronic signature
Banco Sabadell, Nero Ventures, Faraday Venture
Partners
$3.5M - Series B Oct 2017
TrademarkNow (2012, Helsinki, $7.7M)
Trademark search and Analytics
Karma Ventures, Balderton Capital
$3.2M - Series A Feb 2018
TurboPatent (2010, Seattle, $9.7M)
Patent Analytics & Management platform
LegalSifter (2013, Pittsburgh, $6.1M)
ML to read legal docs
$3M - Series A Oct 2017
NexLP (2013, Chicago, $5.1M)
Insights from unstructured data using NLP and
Machine Learning
Method Capital, Dundee Venture Capital
EARLY STAGE
TurboPatent (2010, Seattle, $9.7M)
Patent Analytics & Management platform
$1.8M - Series A Jul 2018
LawPath (2013, Sydney, $3.7M)
Legal forms and lawyer marketplace.
LegalZoom
$1.7M - Series A Aug 2017
Apperio (2012, London, $15M)
Legal spend management
Nextlaw Labs, Notion, IQ Capital, Burford Capital,
Jason Stockwood, Adam Knight, Michael Mowlem,
Vittorio Nuti, John Harley, Nicholas Macfarlane,
Chris Slater, James Whitworth, Alexander Walsh,
George Anson, Andy Phillipps, Spencer Miller,
Christian Foeckler, Charlotte Mason
$84.9k - Series A Jul 2017
Tern
EARLY STAGE
Series A May 2018
Contract automation
Bowmans
Series A Oct 2017
Online Notary service
National Association of Realtors
Series A Jan 2019
IPwe (2017, Dover, $4M)
Blockchain-based patent registry system
Raptor Group
Series A Mar 2019
Legalstart (2013, Paris)
DIY legal document and template management
services
ISAI Gestion

SEED STAGE
$30.5M - Seed Mar 2018
Online platform for receiving refunds on canceled
flight tickets
$4.7M - Seed Feb 2019
Evisort (2016, San Carlos, $4.7M)
AI-based document management and contract
management solutions
Village Global, Amity Ventures, Serra Ventures
$2.4M - Seed Dec 2017
Heretik (2017, Chicago, $3M)
Legal contracts reviewing platform
Corazon Capital, Chicago Ventures
$2.2M - Seed Jun 2017
learning
Rob May, Ari Buchler, Dave Balter, Phil Beauregard,
Steve McKenzie, Jere Doyle, Sam Clemens, Charlie
Stephenson, Lawrence Field, Regent
SEED STAGE
$2.2M - Seed Sep 2018
Oneflow (2012, Stockholm, $2.2M)
Contract creation, authoring and e-signature
solutions
Spintop Ventures
$2M - Seed Jun 2017
SnapDragon Monitoring (2015, Edinburgh,
$2M)
Solutions to manage Brand protection, IP
monitoring and counterfeits
Mercia Technologies
$1.5M - Seed Nov 2017
Brightflag (2014, Dublin, $11.4M)
Spend analytics on legal invoices.
Frontline Ventures, Tribal.vc
$1.5M - Seed Feb 2019
Spotdraft (2017, Gurgaon, $2M)
Cloud-based AI-enabled contract creator and invoice
sending platform.
Peeyush Ranjan, Girish Mathrubootham, 021 Capital,
Indus Khaitan
SEED STAGE
$1M - Seed Feb 2019
reDock (2016, Ottawa, $1M)
AI powered proposal automation tools for bids
Anges Quebec, Panache Ventures, Scale UP Ventures,
Hustle Fund
$780k - Seed Jul 2017
$600k - Seed Jul 2017
$543k - Seed Aug 2017
Doxly (2016, Indianapolis, $3.6M)
Legal transaction management platform
$536k - Seed Oct 2017
Spotdraft (2017, Gurgaon, $2M)
Cloud-based AI-enabled contract creator and invoice
sending platform.
Hunch Ventures, Spiral Ventures, 500 Startups,
Singapore Angel Network, Satyen V Kothari

SEED STAGE
$385k - Seed Dec 2017
eBrevia (2011, Stamford, $2.4M)
Machine learning to automate contract review in due
diligence, lease abstraction, contract mgmt, & doc
drafting.
$345k - Seed Jun 2017
Kopjra (2014, Bologna, $510k)
digital rights management
Club Digital
$330k - Seed Aug 2018
Doxly (2016, Indianapolis, $3.6M)
Legal transaction management platform
$200k - Seed Feb 2019
ImageProtect (2013, San Clemente, $200k)
Online Image tracking
$120k - Seed Feb 2018
Oathello (2016, Dublin, $120k)
On demand lawyers and notary services
Techstars
SEED STAGE
$76.9k - Angel Oct 2017
Surukam Analytics (2014, Chennai, $76.9k)
NLP and machine learning solution tool
Dulquer Salmaan

Legal Tech > Investment Trends > Notable Investments in last 24 months in China
Notable Investments in last 24 months in China
LATE STAGE
$52.3M - Series C Aug 2018
BestSign (2014, Hangzhou, $74M)
Electronic signature platform
Matrix Partners China, DCM Ventures, Morningside
venture Capital, Tiger Global Management

Most Active Investors (VC, PE) by Stage in Legal Tech; Last 5 years (May 2014-May 2019)
Most Active VC & PE Investors
35
Legal Tech > Investment Trends > Most Active VC & PE Investors
SEED STAGE
Seed Capital(4 Investments)
Archii, Swiftcourt, LegalDesk
1
Right Side Capital Management(4
Investments)
Vector Legal Method, Paladin, Legalinc
2
Seedcamp(3 Investments)
Libryo, Legal Robot, Juro
3
Crosslink Capital (2 Investments)
Fairclaim, UpCounsel
4
Foley Ventures(2 Investments)
Esquify, Page Vault
5
Greycroft Partners (2 Investments)
ZenBusiness, Fairclaim
6
Revolution(2 Investments)
ZenBusiness, Trust and Will
7
Slow Ventures(2 Investments)
ZenBusiness, Fixed
8
Structure Capital (2 Investments)
Fixed, Fixed
9
Sandalphon Capital(2 Investments)
Lawgix, Page Vault
10
EARLY STAGE
Eight Roads Ventures (2 Investments)
Red Points, Icertis
1
Insight Venture Partners (2 Investments)
Kira Systems, Templafy
2
Menlo Ventures (2 Investments)
Everlaw, UpCounsel
3
Signal Peak(2 Investments)
Filevine, PactSafe
4
Foundry Group
HelloSign
5
Charles River Ventures
Concord
6
Alven
Concord
7
Ignition Partners
Icertis
8
Sequoia Capital
Ironclad
9
New Enterprise Associates
Logikcull
10
LATE STAGE
K1 Investment Management(2
Investments)
Zapproved, Onit
1
GV
DocuSign
2
The Stephens Group
Disco
3
Sequoia Capital
PatSnap
4
Shunwei Capital
PatSnap
5
Qualgro GP
PatSnap
6
Telstra Ventures
DocuSign
7
B Capital Group
Icertis
8
Intel Capital
DocuSign
9
Summit Partners
Red Points
10

Legal Tech > Investment Trends > Most Active Ecosystem Investors
Top Ecosystem Investors in Legal Tech; Last 5 years (May 2014-May 2019)
Most Active Ecosystem Investors
INCUBATOR/ACCELERATOR
500 Startups(15 Investments)
Lang, Spotdraft, Visabot
1
Y Combinator(12 Investments)
CognitionIP, Lawyaw, jEugene
2
Plug and Play Tech Center(9 Investments)
Clearlaw, Hyperlex, Tomorrow
3
Techstars(9 Investments)
Legalpad, Trust and Will, Vector Legal Method
4
NDRC(4 Investments)
Oathello, Brightflag, TrialView
5
PreSeed Ventures(3 Investments)
Archii, LegalDesk, Templafy
6
NFX(3 Investments)
Reach, Headnote, Court Buddy
7
Boost VC(2 Investments)
Visabot, Bitproof
8
Acceleprise(2 Investments)
Legalinc, PactSafe
9
Vectr Ventures(2 Investments)
Binded, Scrive
10
OTHER NOTABLE INVESTORS
Nextlaw Labs(7 Investments)
Qualmet, Libryo, Doxly
1
Kima Ventures(4 Investments)
Doctrine, Headnote, Modria
2
Banco Sabadell(2 Investments)
Red Points, Signaturit
3
Bpifrance(2 Investments)
Yousign, Captain Contrat
4
Morgan Stanley(2 Investments)
HighQ, Rocket Lawyer
5
Iconiq Capital(2 Investments)
Relativity Technologies, DocuSign
6
Microsoft Ventures(2 Investments)
ClearContract, Kelsen
7
LegalZoom(2 Investments)
Legalbase, LawPath
8
Scottish Equity Partners
Peppermint
9
Sallfort Privatbank
Rocket Lawyer
10
DEBT INVESTORS
Silicon Valley Bank(3 Investments)
Court Buddy, Recommind, Onit
1
The Carlyle Group(3 Investments)
KLDiscovery, LDiscovery, DTI
2
Mercia Technologies(3 Investments)
SnapDragon Monitoring, The Link App, Datalaw
3
Wellington Financial(2 Investments)
SpringCM, Exari
4
Western Technology Investment(2
Investments)
Trust and Will, Lex Machina
5
Abacus Finance Group(2 Investments)
RenewData, LDiscovery
6
Hercules Capital
DocuSign
7
The North West Fund
Datalaw
8
Horizon Technology Finance
SpringCM
9
Providence Equity Partners
Abacus Data Systems
10

Legal Tech > Investment Trends > Investors in Unicorn club
Investors in Unicorn Club (1/3)

Legal Tech > Investment Trends > Unicorn Investors in the Sector
Unicorn Investors in the Sector

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
41
BlueBox
Key Sub Sectors
Detailed Sector Taxonomy
Top Markets of Investment Activity
Top Markets of Early Stage Investors
Market Deep Dive

Some more Sector Reports you might want to check out
Join 4000+ people taking sharper decisions with Tracxn
SCM Software
Mar 2019
Mining Tech
Mar 2019
MarketingTech
Mar 2019

Marketmap: Legal Tech
43
Legal Tech > Market Details > BlueBox

Key Sub Sectors (1/2)
44
Key Sub Sectors in Legal Tech
Market Top Companies
# Cos
Tracked
#
Funded
Total
Funding
Companies offering contract lifecycle management platform which spans across contract
creation, review, tracking and management
SpringCM (2005, Chicago, Acquired)
353 101 $1.2B
eDiscovery
Companies offering a platform to manage emails, documents, and media files for litigation
process throughout Electronic Discovery Reference Model (EDR...
Acquired)
138 53 $768M
Companies offering solutions for IP management including filing, tracking, analytics, anti-
counterfeit management etc.
File & Serve Xpress (2012, Irving,
Acquired)
227 66 $456M
Legal Forms
Companies offering online DIY legal form services for individuals, SMBs, and Enterprises
LegalZoom (2001, Glendale, Public)
Rocket Lawyer (2008, San Francisco,
$65.4M)
211 51 $412M
Companies offering legal suite solutions for end-to-end enterprise legal practice management,
contract management, eDiscovery, contract, Intellectual ...
Mitratech (1987, Austin, Acquired)
22 6 $257M
Companies offering legal practice management platform for end to end client intake to
invoicing with features to manage cases, clients, documents, bil...
Total Attorneys (2002, Chicago, Acquired)
HighQ (2001, London, $50M)
627 73 $241M
Companies offering legal services marketplace for connecting consumers, businesses,
attorneys and lawyers
Avvo (2006, Seattle, Acquired)
465 66 $218M
Legal Research
Companies offering legal database resources & analytics to help lawyers to make data-driven
decisions about case strategy and tactics for analyzing a ...
Lex Machina (2009, Menlo Park, Acquired)
Casetext (2013, Palo Alto, $31.1M)
182 44 $122M
Legal Tech > Market Details > Key Sub Sectors

Key Sub Sectors (2/2)
45
Key Sub Sectors in Legal Tech
Market Top Companies
# Cos
Tracked
#
Funded
Total
Funding
Dispute Resolution
Companies offering out-of-court dispute resolution platform for small claim cases
Modria (2011, San Jose, Acquired)
85 24 $82.3M
Companies offering productivity tools/applications to lawyers
Dye & Durham Corp. (1874, New
Westminster, Acquired)
Manzama (2010, Bend, $1.3M)
33 3 $26.3M
Legal Tech > Market Details > Key Sub Sectors

Detailed Sector Taxonomy (1/7)
46
Legal Tech > Market Details > Detailed Sector Taxonomy

47

48

49

50

51

52

Rank Market
Last 2 Years
$ Invested # Round Top Funded Company
1
(+3)
Legal Contract Management > Contract Analytics & Due Dilligence
Companies offering an AI based platform for reviewing, parsing and tagging documents
(Companies covered 62 | Funded 28 | Total Funding $222M)
$152M
(+$127M)
21
(+11)
Kira Systems
(2011, Toronto, $50M)
2
(+5)
Intellectual Property (IP) Management > Brand Protection & Anti-Counterfeit
Companies offering brand protection & anti-counterfeit management solutions related to core IP
$131M
(+$107M)
13
(+7)
Red Points
(2011, Barcelona, $64.2M)
3
(+3)
eDiscovery > SaaS > Review & Analytics
Companies offering SaaS based eDiscovery review & analytics platform
$240M
(+$202M)
8
(+2)
Exterro
(2004, Portland)
4
(+5)
Intellectual Property (IP) Management > Patent Analytics & Management
Companies offering tools for patent analytics and management
$56.8M
(+$44.6M)
13
(+6)
PatSnap
(2007, Singapore, $100M)
5
(+3)
Legal Contract Management > Contract Creation
Companies designing templates for creating contract forms
(Companies covered 68 | Funded 18 | Total Funding $64.9M)
$48.5M
(+$35.3M)
9
(+1)
Concord
(2015, San Francisco, $48.5M)
6
(-5)
Legal Contract Management > Contract Creation > e-Signature
Companies offering contract digital signature management solutions to convert them into legally
binding documents
$39.3M
(-$254M)
8
(-2)
HelloSign
(2011, San Francisco, Acquired)
7
(-5)
Legal Contract Management > Contract Lifecycle Management
Companies offering an end-to-end contract management platform
$91.6M
(-$7.7M)
7
(-4)
Icertis
(2009, Seattle, $96M)
53
Note: The numbers in the bracket represent the change in a 2 year period.
Top Markets of Investment Activity (1/2)
Top Markets by Funding in Legal Tech in last 2 years (May 2017 - April 2019)
Legal Tech > Market Details > Top Markets of Investment Activity

Top Markets of Investment Activity (2/2)
Legal Tech > Market Details > Top Markets of Investment Activity

Rank Market # Investments Key Investments
1
Legal Contract Management > Contract Lifecycle Management
Companies offering an end-to-end contract management platform
(Companies created 100 | Funded 24 | Total Funding $352M )
2 Ironclad (2014, San Francisco, $33.4M)
2
eDiscovery > SaaS
Companies offering SaaS based eDiscovery solutions
(Companies created 12 | Funded 5 | Total Funding $62.4M )
1 Logikcull (2004, San Francisco, $42.5M)
3
Legal Contract Management > Contract Creation > e-Signature
Companies offering contract digital signature management solutions to convert them into legally binding
documents
(Companies created 108 | Funded 24 | Total Funding $589M )
1 HelloSign (2011, San Francisco, $16M)
4
Lawyer's Marketplace > Listing & Booking > Standard Services
Companies offering an online platform for booking legal services with standard packages. Includes both
fixed and reverse auction based pricing management
(Companies created 62 | Funded 15 | Total Funding $10.5M )
1 Court Buddy (2014, Palo Alto, $7.2M)
Note: Investors considered - Sequoia Capital, Accel Partners, Andreessen Horowitz, NEA, Greylock Partners, General Catalyst Partners, Benchmark Capital, KPCB, Khosla Ventures, Redpoint Ventures, Founders Fund, SV Angel, Index Ventures, Bessemer
Venture Partners, Lightspeed Venture Partners, Venrock, Draper Fisher Jurvetson, Institutional Venture Partners, Intel Capital, Battery Ventures
55
Top Markets of Early Stage Investors
Top Markets where Early Stage Investors are investing in last 2 years (May 2017 - April 2019)
Legal Tech > Market Details > Top Markets of Early Stage Investors

Incubators Y Combinator (#1)
Seed Nextlaw Labs (#1), Seedcamp (#1)
Series A/B Foundry Group (#1), Insight Venture Partners (#1)
Series C+
eBrevia Dec - 2018
Acq by DFIN for $19.5M
$15M - Series B
Seal Software (2010, San Francisco,
$50.6M)
$4.8M - Series A
$1M - Seed
$4.7M - Seed
$10M - Series B
Luminance AI (2015, Cambridge,
$27.3M)
$3M - Series A
$50M - Series A
$80.7k - Seed
Vaultedge (2015, Bangalore, $80.7k)
$30M - Series B
Seal Software (2010, San Francisco,
$50.6M)
$4.7M - Series A
Contract Wrangler (2016, San Mateo,
$4.7M)
Apr 2019
Security lapse at contract startup Evisort exposed sensitive
data, TechCrunch
Apr 2019
ayfie Announces Strategic Partnership With Top Law Firm
Thommessen, PR Newswire
Mar 2019
DocuSign invests $15 million in AI contract discovery startup
Seal Software to bolster its agreement cloud offering,
TechStartups.com
Mar 2019
Litera Microsystems Announces Kira Systems as First
Content Provider in Litera Connect Program, Legal IT
Professionals
Mar 2019
LinkSquares, the AI Startup Tackling Contract Analytics,
Raises $4.8M in Financing, Business Wire
Mar 2019
Alpha Modus Signs with ayfie to Launch Mortgage Analytics
with the Power of ayfie AI, AiThority
Mar 2019
RGU Creates Legal Tech Module With Dell, Kira and
Addleshaw Goddard, Digit
Feb 2019
Axiom, fourth-largest B2B human cloud platform, looks to
IPO, Staffing Industry Analysts
Feb 2019
Knowable and Axiom Managed Solutions Spun Off from
Axiom, Citybizlist
Feb 2019
AI-Powered Contract Management Platform Evisort
Announces $4.5 Million Seed, Forbes
Feb 2019
Luminance completes funding round at $100m valuation,
Fintech Finance
Jan 2019
Putting a Seal on 2018 as preparation for growth, Enterprise
Times
News
3
1
10
28
62
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Legal Contract Management > Contract Analytics & Due Dilligence: Market Factsheet
56
Exits
Recent InvestmentsCompanies offering an AI based
platform for reviewing, parsing
and tagging documents
Seal Software
(2010, San Francisco, $50.6M)
Kira Systems
(2011, Toronto, $50M)
Axiom
(2000, New York City, $28M)
Luminance AI
(2015, Cambridge, $27.3M)
LawGeex
(2014, Tel Aviv, $22.3M)
Top Companies
#1 Top Markets of Investment Activity
Legal Tech > Market Details > Market: Contract Analytics & Due Dilligence
Companies Created 62 | Funded 28 | Total Funding $222M
0
10
20
30
$0k
$100M
$200M
$300M
2014 2015 2016 2017 2018
Predicted Funding YoY Funding
Rounds Predicted Rounds
YoY Funding and Rounds
Market: Contract Analytics & Due Dilligence

Legal Contract Management > Contract Analytics & Due Dilligence: Top Companies
Market: Contract Analytics & Due Dilligence (1/2)
Analyst’s Pick
DocuSign, Toba Capital, Tern and 3 Other Investors
Contract automation
Minicorn. Stage: Series A
Insight Venture Partners, Bowmans
Axiom (2000, New York City, $28M)
Contract analysis and legal services
Editor's Pick. Stage: Series A
Carrick Capital Partners, Benchmark, Section
Minicorn. Stage: Series B
Talis Capital, Invoke Capital, Slaughter and May,
Vision
Analyst’s Pick
LawGeex (2014, Tel Aviv, $22.3M)
Automated Contract analyzer
Aleph Venture Capital, Lool Ventures, LionBird and
2 Other Investors
learning
Hyperplane Venture Capital, MassMutual Ventures,
Rob May and 9 Other Investors
ML to read legal docs
Birchmere Labs, Carnegie Mellon University,
Quaker Capital Investments, Birchmere Ventures
Leverton (2012, Berlin, $5.5M)
Intelligent Information Extraction
Analyst’s Pick
AI-based document management and contract
management solutions
Minicorn. Stage: Seed
Village Global, Amity Ventures, Serra Ventures
Corazon Capital, Chicago Ventures, Service Provider
Capital
eBrevia (2011, Stamford, $2.4M)
Machine learning to automate contract review in
due diligence, lease abstraction, contract mgmt, &
doc drafting.
Minicorn. Stage: Acquired
Connecticut Innovations, Rothenberg Ventures
AI powered proposal automation tools for bids
Anges Quebec, Panache Ventures, Scale UP
Ventures and 3 Other Investors

Legal Contract Management > Contract Analytics & Due Dilligence: Top Companies
Market: Contract Analytics & Due Dilligence (2/2)
Analyst’s Pick
Counselytics (2013, New York City, $850k)
contract review using Machine Learning
Minicorn. Stage: Acquired
Great Oaks Venture Capital, Compound
Lawyaw (2016, San Francisco, $120k)
AI enbaled solutions for legal document drafting
Editor's Pick. Stage: Seed
Y Combinator, Ataria Ventures, Revel Partners
Surukam Analytics (2014, Chennai, $76.9k)
NLP and machine learning solution tool
Dulquer Salmaan, Speciale Invest, Microsoft
Accelerator
Beagle (2014, Toronto)
AI using NLP for Contract Automation
Nextlaw Labs, GTAN, Concrete Venture Capital and
2 Other Investors
Crux IQ (2016, Chennai)
Intelligent contract analytics
Minicorn. Stage: Unfunded
Analyst’s Pick
Ayfie (2016, New York City)
Text analytics and enterprise search platform
Editor's Pick. Stage: Funded
Weslake Ventures
Legal Robot (2015, San Francisco)
AI for contract review
Seedcamp, Half Court Ventures
LexaTexer (2013, Berlin)
Predictive analytics solutions for multiple
industries
Editor's Pick. Stage: Unfunded
rfrnz (2017, Munich)
Contract analysis using Artificial intelligence
technologies
Techfounders

Note: Overall Rating is a combination of Funding and Team rating, along with Execution, Size and Growth metrics
59
Legal Contract Management > Contract Analytics & Due Dilligence: Leaderboard
Better than Market Average
Market: Contract Analytics & Due Dilligence
Overall
Rating
Company
Name
Year Location Stage
Funding
($M)
Funding
Rounds
Team
Rating
Execution Quality Size Metrics 6M Growth Metrics
App
Rating
App UI
Web
UI
Social
Followers
Mobile
Downloads
Mobile
Reviews
News
Mentions
Mobile
Reviews
Social
Followers
Δ % Δ %
5.0
Luminance
AI
2015 Cambridge Series B $27.3M 5 - - - - 1.9k - - 20 - - 359 24%
5.0 LawGeex 2014 Tel Aviv Series B $22.3M 4 - - - - 2.5k - - 6 - - 465 23%
4.9 Kira Systems 2011 Toronto Series A $50M 2 - - - 4 3.8k - - 17 - - 344 10%
4.9
Seal
Software
2010
San
Francisco
Series B $50.6M 6 - - - - 971 - - 18 - - 73 8%
4.7 Axiom 2000
New York
City
Series A $28M 1 - - - 4 4.9k - - 15 - - 171 4%
4.3 eBrevia 2011 Stamford Acquired $2.4M 6 - - - - 1.4k - - 5 - - 43 3%
4.2 LegalSifter 2013 Pittsburgh Series A $6.1M 4 - - - - 753 - - 4 - - 25 3%
4.1 Heretik 2017 Chicago Seed $3M 2 - - - 4 304 - - 1 - - 69 29%
4.1 LinkSquares 2015 Somerville Series A $7M 2 - - - - 331 - - 2 - - 9 3%
3.4
Contract
Wrangler
2016 San Mateo Series A $4.7M 1 - - - 4 37 - - - - - 8 28%
3.3 reDock 2016 Ottawa Seed $1M 1 - - - 4 233 - - 1 - - 19 9%
3.3 Evisort 2016 San Carlos Seed $4.7M 1 5 - - 3 119 - - 2 - - - -
3.1 Lawyaw 2016
San
Francisco
Seed $120k 1 - - - 4 1.3k - - 1 - - 1 -
3.1 Apogee Legal 2015 Charlotte Acquired - - 5 - - 4 58 - - 1 - - 3 5%
3.0 Hyperlex 2017 Paris Seed $1.2M 1 3 - - 3 331 - - - - - 126 61%

Incubators Vectr Ventures (#1), Mistletoe (#1)
Seed Mercia Technologies (#1), Trident Capital (#1)
Series A/B Foundation Capital (#1), Eight Roads Ventures (#1)
Series C+ Summit Partners (#1), Banco Sabadell (#1)
Yellow Brand Protection
Nov - 2018
Acq by Corsearch
BrandProtect May - 2018
Acq by LLR Partners
Cyveillance Dec - 2015
Acq by LookingGlass
Topple Track Jun - 2015
Acq by Symphonic Distribution
Web IP Apr - 2014
Acq by NetNames
CitizenHawk Sep - 2013
Acq by Wolters Kluwer
$4.5M - Series A
MUSO (2009, London, $7.7M)
$38M - Series C
$200k - Seed
ImageProtect (2013, San Clemente,
$200k)
$10M - Series B
$18M - Series B
$28.4M - Series B
Apr 2019
UK-based piracy tracking startup MUSO secures £3.5 million
from Harwell Capital, Tech.eu
Apr 2019
Game of Thrones' premiere was pirated nearly 55 million
times in one day, Engadget
Apr 2019
Red Points closes $38M Series C for its ‘antivirus’ SaaS for
brands, TechCrunch
Mar 2019
Image Protect Completes Exclusive Integration of Idris Erba
Celebrity Portfolio Onto Fotofy Platform, ADVFN
Mar 2019
Muso finds piracy site traffic down in 2018, including a dip in
stream-ripping, RAIN News
Mar 2019
AppDetex Secures $10 Million in Series B Funding to Fuel
Growth, Business Wire
Mar 2019
4iQ 2019 Identity Breach Report Discovers the Long Tail of
Small Breaches, Data Shows 424 Percent Increase in New
Breaches in 2018, iCrowdNewswire
Mar 2019
4iQ 2019 Identity Breach Report Discovers the Long Tail of
Small Breaches, Data Shows 424 Percent Increase in New
Breaches in 2018, PR Newswire
Jan 2019
New LA base for London-headquartered IP protection
company Incopro, Bdaily
Dec 2018
Know Future Growth of Global Brand Protection Software
Market to 2025: Major Key Players - Custodian Solutions,
BrandShield, BrandProtect, Brandverity, AppDetex, Digital
Journal
Nov 2018
Audax-backed Corsearch Completes Yellow Acquisition,
Citybizlist
Nov 2018
Baxter Denney Joins Red Points as Chief Marketing Officer,
AiThority
News
9
2
12
24
57
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Intellectual Property (IP) Management > Brand Protection & Anti-Counterfeit: Market Factsheet
60
Exits
Recent InvestmentsCompanies offering brand
protection & anti-counterfeit
management solutions related to
core IP
Red Points
(2011, Barcelona, $64.2M)
4iQ
Incopro
(2012, London, $28.4M)
AppDetex
(2011, Boise, $17.6M)
Cyveillance
(1997, Reston, $14M)
Top Companies
Legal Tech > Market Details > Market: Brand Protection & Anti-Counterfeit
0
5
10
15
$0k
$100M
$200M
2014 2015 2016 2017 2018
Market: Brand Protection & Anti-Counterfeit

Intellectual Property (IP) Management > Brand Protection & Anti-Counterfeit: Top Companies
Analyst’s Pick
Soonicorn. Stage: Series C
Summit Partners, Northzone, Eight Roads Ventures
Big data analytics & machine learning based threat
intelligence platform
C5 Capital, ForgePoint Capital, Adara Ventures and
3 Other Investors
MarkMonitor (1999, San Francisco, $12M)
Online brand & reputation monitoring & protection
for enterprise
Editor's Pick. Stage: Acquired
Focus Ventures, Foundation Capital, IVP and 2
Other Investors
Analyst’s Pick
SnapDragon Monitoring (2015, Edinburgh,
$2M)
Solutions to manage Brand protection, IP
monitoring and counterfeits
Mercia Technologies
Kopjra (2014, Bologna, $510k)
digital rights management
Club Digital, TIM Ventures, Club Italia Investimenti
2, Custodi di Successo
ImageProtect (2013, San Clemente, $200k)
Online Image tracking
Adversarial (2014, San Francisco)
Enterprise threat protection platform
Bouju (2012, Los Angeles)
Enterprise brand protection
Minicorn. Stage: Funded
Plug and Play Tech Center, Skywood Capital, BAM
Ventures
Analyst’s Pick
Counterfeit.Technology (2014, Trevose)
Software for copyrights protection
Protect.ly (2015, Edinburgh)
Anti-piracy DMCA service to protect products from
online piracy!
IP Shark (2014, San Francisco)
Online brand protection and IP management
software
IPHawk (2017, Thane)
Cloud-hosted AI-enabled IP protection platform
TiE Smashup
Proofstack (2014, Istanbul)
Copyright service with qualified timestamp and
blockchain authentication

62
Intellectual Property (IP) Management > Brand Protection & Anti-Counterfeit: Leaderboard
Overall
Rating
Company
Name
Year Location Stage
Funding
($M)
Funding
Rounds
Team
Rating
App
Rating
App UI
Web
UI
Social
Followers
Mobile
Downloads
Mobile
Reviews
News
Mentions
Mobile
Reviews
Social
Followers
Δ % Δ %
5.0 Red Points 2011 Barcelona Series C $64.2M 4 - - - 5 3.5k - - 6 - - - -
4.6
MarkMonito
r
1999
San
Francisco
Acquired $12M 1 - - - - 3.2k 300 - 12 - - 89 3%
4.5 AppDetex 2011 Boise Series B $17.6M 4 - - - - 166 - - 5 - - 19 13%
4.2 Incopro 2012 London Series B $28.4M 1 - - - 3 264 - - 4 - - 86 48%
3.9 4iQ 2016
San
Francisco
Series B $32M 2 5 - - - - - - 9 - - - -
3.6 MUSO 2009 London Series A $7.7M 2 - - - - 1.1k - - 8 - - -13 -1%
3.5 BrandShield 2010
Ramat
Hasharon
Series A $2.5M 2 3 - - - 220 - - 3 - - 6 3%
3.5
ImageProtec
t
2013
San
Clemente
Seed $200k 1 - - - - 11.3k - - 13 - - - -
3.5
SnapDragon
Monitoring
2015 Edinburgh Seed $2M 1 4 - - 4 784 - - 3 - - - -
3.2 Binded 2016
San
Francisco
Seed $1.5M 1 - - - 5 2k - - 1 - - -74 -4%
3.2
Yellow
Brand
Protection
2010 Varberg Acquired - - - - - 4 962 - - 2 - - 33 4%
3.0
Global IP
Action
2015 Pfaeffikon Seed - 1 - - - - 525 - - - - - 21 4%

Incubators Techstars (#1)
Seed Ulu Ventures (#1), K9 Ventures (#1)
Series A/B
Bessemer Venture Partners (#1), LiveOak Venture Partners
(#1)
Series C+ The Stephens Group (#1), In-Q-Tel (#1)
Esquify Dec - 2018
Acq by Xact Data Discovery
Content Analyst Mar - 2016
Acq by kCura
Equivio Jan - 2015
Acq by Microsoft
LeteralData Jul - 2012
Acq by Xerox for $30M
CaseCentral Feb - 2012
Acq by Guidance Software for $17.1M
Relativity Technologies Dec - 2008
Acq by Micro Focus for $9.7M
$83M - Series E
$25M - Series B
$100M - PE
$5M - Seed
Onna (2015, San Francisco, $8M)
$20M - Series C
$3M - Series A
$3M - Seed
May 2019
NearZero Discovery Strengthens its Partnership with Venio
Systems, Adding VenioOne OnDemand and Becoming a
Venio Reseller, PRWeb
May 2019
Exterro Expands Global Presence with European Team,
GlobeNewswire
Apr 2019
Miller Barondess Selects DISCO as Ediscovery Partner,
Business Wire
Apr 2019
Morgan Lewis Furthers Its AI Client Offerings with NexLP's
Story Engine, AiThority
Mar 2019 DISCO Raises $83M, Global Legal Chronicle
Feb 2019 Austin in January: Cash rich and maturing, TechCrunch
Jan 2019
Relativity to Celebrate Historic Growth of RelativityOne and
a New Way to Better Understand the People in Your
Discovery Case at Legaltech 2019, PR Newswire
Jan 2019
Cicayda Unveils Production Capabilities for its Cloud
Platform, ReadITQuik
Jan 2019
Increasing Demand from Each Sector to Semantic
Knowledge Discovery Software Market with kCura, MAANA,
OntoText, Cambridge Sematics, Collexis Holdings, and
Nervana. System, Digital Journal
Dec 2018
Compliance Monitoring enters AI age at ING with Intelligent
Voice and Relativity Trace, Legal IT Professionals
Nov 2018
Global Wafer Mounters Market Overview 2018-2025- Top
Manufacturer DISCO, TAKATORI Corporation, GTI, AE,
POWATEC, Truthweek
Nov 2018 DISCO Selected By Private Credit Manager, TexasTechPulse
News
6
4
7
14
44
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
eDiscovery > SaaS > Review & Analytics: Market Factsheet
63
Exits
Recent InvestmentsCompanies offering SaaS based
eDiscovery review & analytics
platform
Relativity Technologies
(1997, Raleigh, $136M)
Disco
(2012, Houston, $135M)
Everlaw
(2010, Berkeley, $34.6M)
Brainspace
(2005, Dallas, $16M)
Onna
Top Companies
Legal Tech > Market Details > Market: Review & Analytics
0
5
10
15
$0k
$200M
$400M
2014 2015 2016 2017 2018
Market: Review & Analytics

eDiscovery > SaaS > Review & Analytics: Top Companies
Analyst’s Pick
$136M)
Iconiq Capital, Intel Capital, Tall Oaks Capital
AmLaw 200
LiveOak Venture Partners and 2 Other Investors
Ediscovery and litigation
Menlo Ventures, Andreessen Horowitz, K9 Ventures
Analyst’s Pick
Brainspace (2005, Dallas, $16M)
Discovery and collective intelligence tools for
Enterprise
Minicorn. Stage: Series C
In-Q-Tel, Medina Capital, Green Park and Golf
Ventures, Zon Capital
SaaS based eDiscovery
Nauta Capital, Wonder Ventures
Cicayda (2012, Nashville, $5.8M)
Cloud-based legal hold software
Insights from unstructured data using NLP and
Machine Learning
Method Capital, Dundee Venture Capital, Techstars,
Right Side Capital Management
Analyst’s Pick
TextIQ (2014, New York City, $3M)
Natural language powered Legal solutions for
enterprise
Floodgate Fund, Pathbreaker Ventures
Atlasense (2015, Los Angeles)
AI based eDiscovery for Law firms
Evichat (2016, Toronto)
eDiscovery for mobile
Intraspexion (2015, Sequim)
Develops deep learning enabled application to
predict internal litigation risks

65
eDiscovery > SaaS > Review & Analytics: Leaderboard
Overall
Rating
Company
Name
Year Location Stage
Funding
($M)
Funding
Rounds
Team
Rating
App
Rating
App UI
Web
UI
Social
Followers
Mobile
Downloads
Mobile
Reviews
News
Mentions
Mobile
Reviews
Social
Followers
Δ % Δ %
5.0 Disco 2012 Houston Series E $135M 5 - - - - 680 - - 24 - - 59 10%
4.8 Everlaw 2010 Berkeley Series B $34.6M 4 - - - - 3.8k - - 6 - - 96 3%
4.6 Brainspace 2005 Dallas Series C $16M 4 - - - - 2k - - 8 - - 45 2%
4.4 Onna 2015
San
Francisco
Seed $8M 2 - - - 5 148 - - 3 - - 26 21%
4.3 Cicayda 2012 Nashville Series B $5.8M 4 - - - - 1.1k - - 5 - - 19 2%
4.1 Exterro 2004 Portland Series A - 2 - - - - 3k - - 16 - - 53 2%
3.9 Esquify 2014 Chicago Acquired $1.3M 1 - - - - 393 - - 2 - - 20 5%
3.9
Relativity
Technologies
1997 Raleigh Acquired $136M 4 - - - - - - - 35 - - - -
3.9 TextIQ 2014
New York
City
Seed $3M 1 - - - - 67 - - 3 - - 16 31%
3.2 NexLP 2013 Chicago Series A $5.1M 3 - - - - - - - 5 - - - -
2.5 eDepoze 2012 Irvine Seed $2.8M 1 - - - - 3.9k - - - - - -67 -2%
2.5 NextPoint 2001 Chicago Funded - - - - - - 1.2k - - 1 - - 53 5%
2.1 Evichat 2016 Toronto Unfunded - - - - - - 1.1k - - - - - 138 16%
2.0 CaseCentral 1994
San
Francisco
Acquired - - - - - - 682 - - - - - 3 -
1.8
Venio
Systems
2009 Fairfax Unfunded - - - - - - 616 - - 9 - - 2 -

Legal Tech > Market Details > Market: Patent Analytics & Management
Market: Patent Analytics & Management

Legal Tech > Market Details > Market: Contract Creation
Companies Created 68 | Funded 18 | Total Funding $64.9M
Market: Contract Creation

Legal Tech > Market Details > Market: e-Signature
Market: e-Signature

Market: e-Signature

Legal Tech > Market Details > Market: Contract Lifecycle Management
Market: Contract Lifecycle Management

Legal Tech > Market Details > Market: Analytics
Market: Analytics

Market: Analytics

Legal Tech > Market Details > Market: Spend Analytics
Market: Spend Analytics

Legal Tech > Market Details > Market: Case & Matter Management
Market: Case & Matter Management

Legal Tech > Market Details > Market: Suite
Market: Suite

Market: Suite

#2 Top Markets of Early Stage Investors
Legal Tech > Market Details > Market: SaaS
Market: SaaS

Market: SaaS

Legal Tech > Market Details > Market: Standard Services
Market: Standard Services

Public Companies
Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
99
Notable Acquisitions
Top Acquirers
Acqui-hires

Public companies (1/2)
101
Performance indicators of public companies in Legal Tech
IPO Date Company
IPO
Mcap
Exchange
Ticker
May 2011
$714M NASDAQ:RPXC
Mar 2005
VIQ Solutions (2004, Mississauga)
Transcription management solutions for multiple inddustries
CVE:VQS
Sep 1999
Loislaw (1987, New York City)
Legal and related information to lawyers and law firms
$293M NASDAQ:LOIS
Jun 1999
e-Procurement, invoicing, and B2B collaboration software
$983M NASDAQ:ARBA
Aug 1997
Omtool (1991, Andover)
Provides document management workflows solutions
$103M NASDAQ:OMTL
Apr 1997
EPIQ
May 1996
FTI Technology (1982, Washington D.C.)
FTI Technology: Software & Solutions for E-discovery
FCN
Nov 1995
Enterprise solutions for financial, risk, legal, tax and accounting
NYSE:TRI
Stratify (1999, Mountain View)
eDiscovery document review
Suites for Legal office management and accounting firms
AMS:WKL
Legal Tech > Exit Outlook > Public Companies

Public companies (2/2)
102
Performance indicators of public companies in Legal Tech
IPO Date Company
IPO
Mcap
Exchange
Ticker
LegalZoom (2001, Glendale)
Legal Document Services
WSE:LGZ
Legal Tech > Exit Outlook > Public Companies

Notable Acquisitions (1/4)
103
Notable Acquisitions in Legal Tech
Legal Tech > Exit Outlook > Notable Acquisitions
2019 YTD
Acquirer: Astorg Partners
Anaqua (2004, Boston, $25M)
Asset management (IAM) software solution
Acquirer: BDC
Firmex (2006, Toronto, $3.4M)
Virtual Data Room Provider and secure document
sharing
Acquirer: OpenText Deal: $75M
Catalyst (2000, Denver, $31M)
eDiscovery provider
Acquirer: Dropbox Deal: $230M
HelloSign (2011, San Francisco, $16M)
eSignatures on Mobile
2018
Acquirer: DocuSign Deal: $220M
Cloud Enterprise Content and Contract Mangement
Acquirer: HGGC Deal: $555M
Acquirer: CloudNine
LexisNexis (1973, Albany)
Enterprise Legal Management.
Acquirer: Internet Brands
Avvo (2006, Seattle, $132M)
Legal marketplace, lawyer's directory, Q&A forum
and legal marketing
2017
Acquirer: Leonard Green and Partners
Deal: $3.1B
CPA Global (1969, Saint Helier, $20.6M)
IP Management
Acquirer: Anaqua
Lecorpio (2006, Fremont, $25M)
IP Management
Acquirer: HgCapital
Mitratech (1987, Austin, $20.5M)
Enterprise Legal Management solution

104
2016
Acquirer: Strait Lane Capital Partners
File & Serve Xpress (2012, Irving, $28.3M)
Online document exchange services and payment
solutions for legal professionals
Acquirer: LDiscovery Deal: $410M
Kroll Ontrack (1985, Minneapolis)
Data recovery and discovery management
Acquirer: Omers Deal: $1B
Acquirer: OpenText Deal: $163M
SaaS based Legal hold software for ediscovery
Acquirer:
$25M)
2015
Acquirer: RPX Corporation Deal: $232M
Inventus (1991, Chicago)
Document review platform
Acquirer: Roper Technologies
Deal: $675M
Aderant (1978, Atlanta)
Legal Business management software
Acquirer: Life Science Institute
Deal: $21.8M
Clio (2008, Burnaby)
Cloud-based legal practice management solutions
for SMBs
Acquirer: Epiq Systems Deal: $134M
Iris (2007, Olathe)
Legal Services
2014
Acquirer: KLDiscovery Deal: $70M
RenewData (2001, Austin, $41.4M)
eDiscovery service provider

105
2012
Acquirer: IBM
StoredIQ (2001, Austin, $41.8M)
eDiscovery and Information Management
Acquirer: TransPerfect
Digital Reef (2003, Boxborough, $20M)
Early case assessment for eDiscovery solutions
Acquirer: SAP Deal: $4.3B
e-Procurement, invoicing, and B2B collaboration
software
2011
Acquirer: HgCapital Deal: $236M
NetNames (1995, London)
Online brand protection & domain name
management
Acquirer: Epiq Systems Deal: $100M
Encore Discovery Solutions (2003, Phoenix)
Encore Discovery Solutions
2010
Acquirer: IBM
PSS Systems (2004, Mountain View, $47M)
legal holds and retention practices

106
2009
Acquirer: Broadridge Financial Solutions
AccessData (1987, Lindon, $20M)
Digital forensics and e-discovery solutions.
Before 2008
Acquirer: Micro Focus Deal: $9.7M
$136M)
Acquirer: Versata
Nextance (2000, Austin, $52.4M)
Enterprise contract management software

Most Active Acquirers
107
Legal Tech > Exit Outlook > Most Active Acquirers

Acqui-hires
108
List of Acqui-hires in Legal Tech
Excludes all details for Chinese companies
Date Target
Feb-16 LawFarm Acq by Lawr.co
Legal Tech > Exit Outlook > Acqui-hires
View all 1 Acqui-hired companies on Tracxn Platform

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
109
Details on VC & PE Investors
Seed Stage
Early Stage
Late Stage
Details on Top Ecosystem Players

Legal Tech > Investors > Index of Most Active VC & PE Investors
Index of Top Investors (VC, PE) by Stage in Legal Tech; Last 5 years (May 2014 - Apr 2019)
Index of Most Active VC & PE Investors
SEED STAGE
Right Side Capital Management (4 Investments)
Seed Capital (4 Investments)
Seedcamp (3 Investments)
Greycroft Partners (2 Investments)
Crosslink Capital (2 Investments)
Revolution (2 Investments)
Foley Ventures (2 Investments)
Slow Ventures (2 Investments)
Structure Capital (2 Investments)
Sandalphon Capital (2 Investments)
Ulu Ventures
Sequoia Capital
Polaris Partners
Foundry Group
Founders Fund
EARLY STAGE
Eight Roads Ventures (2 Investments)
Insight Venture Partners (2 Investments)
Menlo Ventures (2 Investments)
Signal Peak (2 Investments)
Ignition Partners
Bessemer Venture Partners
Sequoia Capital
Polaris Partners
Greycroft Partners
Foundry Group
New Enterprise Associates
Accel
Charles River Ventures
Founders Fund
Alven
LATE STAGE
K1 Investment Management (2 Investments)
Sequoia Capital
GV
Shunwei Capital
Intel Capital
Summit Partners
Cross Creek
The Stephens Group
Qualgro GP
Bain Capital Ventures
In-Q-Tel
TCV
Telstra Ventures
Sands Capital Ventures
B Capital Group

Right Side Capital Management
112
Portfolio in Legal Tech | Exits | Funds Link | Website | LinkedIn | Twitter
Legal Tech > Investors > Right Side Capital Management
People
Investments
[Minicorn] NexLP (2013, Chicago, $5.1M, Series A)
Insights from unstructured data using NLP and Machine Learning
Legal Tech Notable Portfolio
[Soonicorn] ClassPass (2011, New York City, $308M, Series D)
Membership programs for fitness classes across multiple gyms
[Soonicorn] DataRobot (2012, Boston, $225M, Series D)
Automated machine learning platform for data science applications
[Soonicorn] Leanplum (2012, San Francisco, $145M, Series D)
Mobile A/B testing, personalization & analytics platform
[Soonicorn] DigitalOcean (2011, New York City, $134M, Series
B)
Cloud computing platform to build, deploy and scale cloud applications
[Soonicorn] Threat Stack (2012, Boston, $72.2M, Series C)
Intrusion detection platform for cloud, hybrid-cloud, and on-premise
environments
[Soonicorn] Distil Networks (2011, Arlington, $65M, Series C)
Content protection network and anti bot solution
[Soonicorn] Synack (2013, Menlo Park, $55.3M, Series C)
Crowdsourced Vulnerability Discovery
[Soonicorn] ScaleFactor Partners (2013, Austin, $47.9M,
Series B)
Back office automation solutions
[Soonicorn] DataCamp (2004, New York City, $32.5M, Series B)
Online courses in data sciences
[Minicorn] Amino Apps (2011, New York City, $72.4M, Series C)
Online communities enabler
[Minicorn] Bluecore (2013, New York City, $63.2M, Series C)
Automated personalized trigger-based email marketing
Other Notable Portfolio
Top Exits
Recent News on Fund & Portfolio
Dave Lambert
Co-Founder &
Managing Director
Kevin Dick
Co-Founder &
Managing Director
Geographical Spread Stage of Entry
Apr 2019
Morgan Lewis Furthers Its AI Client Offerings with
NexLP's Story Engine, AiThority
Jan 2019
Reveal Data and NexLP Combine Technology Stack to
Provide All-In-One AI Solution, PR Newswire
Jan 2019
ProSearch Harnesses the Power of Artificial Intelligence
with NexLP Partnership, PRWeb
Oct 2018
Wilson Sonsini Goodrich & Rosati Leads with
Commitment to Pro Bono, PR Newswire
Sep 2018
PactSafe Launches Chat-to-Sign, Converting Live
Conversations Into Legally Binding Contracts, Business
Wire
Jul 2018
PactSafe Secures $5.5M Series A to Scale High-Velocity
Contracting Solution, Business Wire
Jan 2018 NexLP Welcomes Damon Goduto as New SVP, PRWeb
Jan 2018
Vector Legal Method Announces Release of Litigation
Management Platform, kansascitybreakingnews.com
May 2017 PactSafe Unveils the Contract Execution Platform, PRWeb
Nov 2015
Venture Capital Access Online | Venture Capital News,
VCA Online
None
1
3
2014 2015 2016 2017 2018 2019
Follow On New Investments
3
-
-
-
4
Undisclosed
Series C+
Series B
Series A
Seed7
-
-
-
-
US

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