Robert Ambrogi Blog
When it rains it pours for investment in legal technology. Just last week, I reported on a $50 million investment in artificial intelligence company Kira Systems. Now comes news that Atrium — the combination law firm and legal technology company — has raised $65 million in a round that includes some of the biggest names in venture capital, with Andreessen Horowitz leading the round and General Catalyst, YC Continuity Fund, and Sound Ventures as co-investors.
As I wrote when Atrium launched last year, it was started by Silicon Valley serial entrepreneur Justin Kan, who raised an initial $10 million round of funding for a startup that he said would “revolutionize legal services.” What he launched was part law firm, under the name Atrium LLP, and part technology company, under the name Atrium LTS, with the two symbiotically connected.
The idea was that Atrium would provide corporate clients with a compelling alternative to traditional large firms, with Atrium’s lawyers focusing exclusively on practicing law, while Atrium LTS (the LTS is for Legal Technology Services) would handle all operations for the firm, even including marketing, and develop and operate software to streamline the firm’s workflows.
“Since launching Atrium 14 months ago we have made great strides,” Kan said in a blog post announcing the funding. “We’ve helped over 250 clients raise a total of over $500 million in primary financings, and have built the A-team into over 110 great employees who are motivated to change this industry.”
As part of today’s announcement, Kan also revealed that Atrium has acquired Tetra, a company that uses artificial intelligence to take notes on phone calls.
In their column at Above the Law this morning, Ed Sohn and Joe Borstein have an interview with Kan, who provides more details on the funding, the technology Atrium is building, and his views on the legal market in general.