Supio has made a splash in the legal world with the power of AI, raising $60 million.
Supio, a startup that collects and analyzes legal data using AI technology, has raised major funding of $60 million (about Rs 500 crore). Sapphire Ventures was the lead investor in this funding round, while Mayfield and Thomson Reuters Ventures also participated in it.”
With this new funding, Supio has raised a total of $91 million so far. The company’s co-founder and CEO Jerry Zhou said that this money will be used to expand the company, make new recruitments and increase market reach. Supio will expand its Seattle headquarters and also open a new office. Along with this, the company is planning to almost double its team of 100 employees.
Supio is a company that makes the work of lawyers and legal teams easier through AI technology. This startup focuses specifically on Personal Injury Law and provides an AI-platform that helps in case management by connecting to the file system of law firms.
According to Jerry Zhou, “Every day lawyers and their assistants read files such as medical reports, police reports and expert opinions manually for thousands of hours. Supio’s AI now makes this work faster, more accurate and easier.”
Supio’s system also has a ‘human verification‘ feature, so that errors made by AI can be corrected in time and the quality of data is maintained. The company claims that their AI supports more than 114 types of cases and this figure is constantly increasing in collaboration with customers.
Supio has shown tremendous growth in the last one year. The company’s Annual Recurring Revenue (ARR) has increased 4 times and the number of customers has also increased fourfold. Supio is now working with many well-known law firms like Huges & Coleman, Daniel Stark, Thomas Law Offices, etc.
The company has recently appointed new heads for sales, customer success, and marketing to handle the company’s rapid expansion in the coming times.
CEO Zhou said, “AI has brought a big change in the legal profession. Just like Excel changed the finance industry 30 years ago, AI is now going to change the world of lawyers and legal experts.”
