A member of the growing ecosystem of Oxford startups and spinouts, legaltech startup Legislate has secured a £1 million raise.
Investors include Parkwalk Advisors via their Opportunities EIS fund, Perivoli Innovations and undisclosed private individuals. This round follows a £150,000 pre-seed round, raised from private investors and closed in January 2020.
Legislate Technologies is addressing the problem of, what should be rather simple legal documents, such as NDAs or tenancy agreements. The type of agreements and low frequency need that would be cost prohibitive to justify legal council, but still documents that can be held up in a court of law, should things go south between parties.
The startup’s proprietary AI-based knowledge graph streamlines the entire process of contract creation and aggregates data to unlock insights. The outcome is a fully fleshed out, fair agreement that aims to save both sides time and money, and one that can be enforced.
While Legislate is targeting the smaller customer, they point out that larger property rental firms and landlords with multiple properties cna use their offering to aggregate rental statistics. As it stands right now, this data is often manually compiled and stored in legacy spreadsheets, a process, as we all know, is prone to human error.
Likewise, Legislate’s NDA and employment agreements are aimed at SME by helping them comprehend and model a variety of contracting scenarios; the impact of pay increases, for example.
Charles Brecque, CEO and founder of Legislate Technologies, said: “Since launching our closed-beta service in June 2020, we have organically doubled our user base every month,” comments Legislate Technologies CEO founder Charles Brecque.
“Simple legal documents, such as NDAs and tenancy agreements, can be surprisingly frustrating and time-consuming to create, negotiate, and manage, wasting valuable time for landlords and small businesses who don’t have in-house or retained legal support. We saw an opportunity to apply knowledge graph technology to the problem and create a streamlined contracting experience.”