London-HQed Apperio is announcing a $7 million growth round to cement a US market foothold for its legal analytics software that's able to analyse legal HR data to calculate how much the client is likely to spend.
Apperio's UX monitors legal spending by in-house legal teams in companies and other organisations. This allows counsels to rein in legal activity before spends get excessive.
The dashboard-led platform connects clients to a single dashboard detailing the state of play on billing charges, invoices and itemised legal agendas.
It integrates directly with the legal industry's time recording systems. Typically this enables clients to receive live data on external counsel work commissioned by in-house lawyers, as this is likely to generate additional costs depending on billing time and also the kind of legal work being performed.
Apperio's team claims this makes its predictive analysis more granular up to the point it can predict spending patterns several weeks before the issuance of formal invoices.
Apperio's customer base includes more than 60 in-house legal teams - counsels who handle legal matters on behalf of companies and other large organisations.
Its clients include the internal counsel at UK-based Network Rail and the Stockholm VC EQT Ventures.
The $7 million round brings Apperio's funding total to $19.9 million and is led by the European tech VC formerly known as Draper Esprit: Molten Ventures.
Existing Apperio investors Notion Capital, IQ Capital, and Nextlaw Ventures also took part alongside two new participants, Volution and Hambro Perks, also supplied funds with the latter supplying venture debt.
In addition to seeking growth in the US, Apperio is also lining up new product features in response to customer feedback.
Nicholas d'Adhemar, CEO at Apperio, said: "We’re deeply grateful to our investors whose commitment has enabled Apperio to think differently about this enduring problem of transparency in the business of law.
"We’re looking forward to their continued collaboration in this next chapter as we build out our legal spend management software and strive to strengthen the relationship between corporate counsel and their law firms.”
Richard Marsh, Molten Ventures chief portfolio officer, added: "Over the past year, product development has expanded Apperio’s remit from legal expenditure into other major professional services relationships, including accounting and audit.
"This has significantly grown the value potential for customers and the globally addressable market for the company.”