Onna Technologies, a Barcelona-based legal tech startup, has raised $5 million led by Nauta Capital.
Onna has built software for legal departments to quickly access contracts, non-disclosure agreements, correspondence, and files through one central platform, enabled by a smart search function using neural networks. Its two main use cases are Knowledge Discovery and eDiscovery collections with customers including Facebook and Twilio.
The new funds will be invested in further developments in its AI features and its growth strategy by making new hires in senior roles and expanding its partner network.
Data proliferation has created challenges for enterprises in managing and searching for huge amounts of data while remaining in regulatory compliance, explained Salim Elkhou, CEO of Onna and founder of legal tech company E-STET, which was acquired by EY in 2015.
“We wanted to create a scalable product that served both the users, and the company to quickly access all the knowledge they have access to, whether it was an email they received in Gmail, or a contract clause saved in Confluence. Onna’s mission is to connect all the knowledge within an organization,” he said.