Supio, a startup that makes use of AI to automate information assortment and evaluation for authorized groups, has raised $60 million in a funding spherical led by Sapphire Ventures with participation from Mayfield and Thomson Reuters Ventures.
The new capital, which brings Supio’s complete raised to $91 million, might be put towards development, hiring, and go-to-market efforts, co-founder and CEO Jerry Zhou informed TechCrunch. Supio plans to increase its Seattle HQ and open a brand new workplace because it roughly doubles its 100-person workers.
Supio is among the many startups vying for patrons and mindshare within the AI legaltech house. While there’s skepticism about simply how nicely AI can carry out sure authorized duties, legislation corporations are beneath aggressive stress to embrace it — lest they danger falling behind. According to 1 survey, AI adoption within the authorized career almost tripled from 11% in 2023 to 30% in 2024.
The concept for Supio happened after Zhou and Lam, Zhou’s childhood buddy and a co-worker at tax compliance software program agency Avalara, left Avalara to construct their very own enterprise. Zhou says that they noticed a possibility to “rework how individuals work with paperwork.”
“Every day, attorneys and paralegals spend 1000’s of hours manually reviewing medical information, police studies, and knowledgeable opinions,” Zhou mentioned. “Supio’s core product serves these customers by giving them a deep understanding of their complicated, unstructured information.”
Supio, which focuses on private damage legislation, gives an AI-powered platform that connects to legislation corporations’ present file programs to help with case administration. Zhou claims that Supio employs “human verification” to fight AI-introduced errors and guarantee affordable accuracy.
“We focus deeply on specialised [AI] mannequin and high quality management on the doc and information layer,” Zhou mentioned. “Our authorized AI helps over 114 case sorts and that quantity is rising in partnership with our clients.”
Supio has had fairly a profitable 12 months, in accordance with Zhou. Annual recurring income has grown 4x, as has the dimensions of Supio’s buyer base. The firm’s purchasers now embrace Huges & Coleman, Daniel Stark, Thomas Law Offices, Whitley Law, and different private damage and mass tort legislation corporations.
To assist this (and future) growth, Supio not too long ago appointed heads of gross sales, buyer success, and advertising and marketing and promoting.
“AI has created a significant inflection level for the authorized business as an entire,” Zhou mentioned. “Every agency throughout each sub-vertical of legislation is considering how they should reinvent themselves for the AI period. If Excel reworked finance 30 years in the past, AI will do the identical for authorized data employees.”
