Legal AI startup Norm Ai hits $1.2 billion valuation after $120 million funding
FILE PHOTO: AI (Artificial Intelligence) letters and robot hand miniature in this illustration taken, June 23, 2023. REUTERS/Dado Ruvic/Illustration//File Photo
(This July 7 story has been repeated without any changes to the text.)
July 7 - Norm Ai said on Tuesday it had raised $120 million in a Series C funding round led by Khosla Ventures, valuing the legal AI startup at $1.2 billion.
New York-based Norm Ai is among a growing number of startups developing AI tools for legal and regulatory work, as businesses and law firms increasingly adopt AI to improve productivity and reduce costs.
Here are some details:
• The company has raised more than $260 million since it was founded in 2023.
• Investors in the funding round also included asset manager Blackstone, Bain Capital Ventures, Craft Ventures, Coatue and Vanguard.
• Investor interest in legal AI startups such as Norm Ai and Harvey has grown as businesses seek to automate legal and compliance work using generative AI.
• Norm Ai said clients representing more than $30 trillion in assets under management use its legal AI platform.
• The startup said it would use the proceeds to accelerate hiring, expand practice area coverage and advance supervisory AI agents for regulated enterprise deployments.
