Legislate has raised $3.6m (£3m) in seed funding for its software that scans a company’s contract database using knowledge graph technology.
Knowledge graphs are a way to visually display the information contained within a database. The legal tech startup’s platform also provides tools to automate due diligence checks.
Charles Brecque, founder of Legislate, said: “For enterprise scale, keeping track of the terms of hundreds or thousands of contracts is a challenge.
“Searching for basic information like contract start and end dates, or nuances in terms of confidentiality across entire contract databases is painfully manual or impossible.”
Legislate’s seed round was led by spinout investor Parkwalk Advisors, along with Oxford Capital and angel investors.
Legislate will spend its seed funding to expand its offering overseas and double its UK sales. Last year, Legislate received its second US patent for semantic document generation.
“Investing in Legislate is investing in the future of machine-readable contracts,” said Stephen Hampson, chief investment officer at Oxford Capital.
“Their proprietary Knowledge Graph system sets them apart from other technologies and makes it easy for people without legal training to access and effectively manage contracts created by lawyers.”
The legal tech startup’s new capital builds on its previous funding round of £1m in 2021.
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