In its continuous effort to establish itself as the leading tool in the legal sector and surpass Harvey, Leya, an AI-based legal technology startup, has raised $25 million, equivalent to 23 million euros, in a Series A funding round. This investment was led by Redpoint Ventures and included participation from existing investors such as Benchmark, Y Combinator, and Wayfinder Ventures, along with the new addition of Alt Capital.
Financial Boost for Expansion and Development
This funding round comes just two months after Leya secured $10.5 million (9.7 million euros) in a previous round led by Chetan Puttagunta of Benchmark, who joined the company's board of directors. With this new financial boost, Leya aims to accelerate the development of its products and growth in the legal sector, highlighted by its recent entry into the UK through an alliance with Bird&Bird and its collaboration with the legal data provider FromCounsel. These partnerships add to other strategic collaborations in Europe, such as agreements with Spanish firms Pérez-Llorca and Araoz & Rueda.
Leya was founded with the mission to free lawyers from manual and repetitive tasks, allowing them to focus on more impactful strategic work. "Our journey has been driven by an unwavering obsession with improving legal productivity," says Max Junestrand, co-founder and CEO of Leya. From its early days at Mannheimer Swartling to its experiences in San Francisco, Junestrand and his team have worked with the vision of transforming the legal field through artificial intelligence. "This funding will allow us to accelerate even faster, as it comes right after our previous round just two months ago," he adds.
Leya's platform integrates seamlessly with documents, templates, and external legal sources, facilitating specific tasks such as document review, search, and drafting. Lawyers can use Leya to fill out transaction checklists, create key term reports, and draft memorandums, among other legal activities that can be automated. By providing intelligent assistance, Leya enables legal professionals to manage their work more quickly and efficiently.
In the previous funding round, Junestrand expressed his confidence that Leya would collaborate with major firms and lawyers in Spain. "I don't want them to waste time on tasks they don't find enjoyable. They didn't study law to review papers but to practice in other ways. With Leya, they can solve this problem: how to minimize risk and expand the business, that's what it's about," said the CEO.
The recent funding round demonstrates the growing interest and confidence of investors in Leya. With this new capital, the startup is well-positioned to continue its expansion and development, reinforcing its presence in the legal market and advancing its goal of dethroning Harvey as the number one tool in the sector.
