Revenue management platform ayora, announced today that it has secured $1.6 million in a Pre-Seed round.
Founded in 2022, the company developed the world’s first AI-powered platform that helps busy professionals improve revenue decision-making and streamline associated tasks.
ayora estimates that legal professionals worldwide lose up to 20 per cent of revenue annually due to inadequate revenue management practices.
Many revenue management tasks handled by lawyers, including fee decisioning, project management and resourcing, and cross-selling remain labour-intensive and poorly supported by existing technologies.
Therefore lawyers either de-prioritise those tasks at the expense of client work, or spend too much time on non-chargeable revenue management work, in each case leading to major value leakage for their firms. Lawyers report they spend around a third of their time on non-billable work.
ayora translates disparate data into actionable insights, ranging from pre-drafting client correspondence to budget monitoring and suggesting optimal billing schedules.
Timesheet, billing and collection datasets, alongside the observation of the day-to-day revenue management activities inside the platform generate insights for firms to optimise revenues.
J12 leads the funding with participation from Twin Path Ventures and a group of angel investors including Farah Ballands (former CEO of Estera and Appleby partner), Roger Siddle (former Chairman of Lawyers on Demand, UK Managing Partner at Bain) and Abhijat Saraswat (CRO of Lupl, former Senior Director at Litera).
According to Stefan Ciesla, co-founder and CEO, ayora:
“Blue chip lawyers’ time is extremely valuable, and yet too much of it is taken up by manual tasks such as WIP list analysis, scope tracking and budget monitoring, and the associated routine client comms.
We believe that in 2024, machines are perfectly equipped to handle those tasks whilst keeping the lawyer firmly in the loop; they also benefit from the insights gleaned from law firms’ vast historic time and billing datasets that are ordinarily not discernible to humans. ”
Bo Mattsson, Partner at J12 shared:
“We are thrilled to back ayora. They are an exceptional team solving mission-critical revenue conversion problems for their customers in a radically different way.
ayora's unique technology transforms continuous revenue-level improvement processes within law firms by translating disparate data signals into highly personalised, highly actionable insights that can be deployed at scale.
What's more, their product generates rich metadata which is in turn used to improve future insights, creating a virtuous cycle that results in law firms producing higher revenues over time. We are excited about the applications of ayora's tech both within the BigLaw industry and beyond.”
With the new capital, ayora will accelerate engineering recruitment and begin its commercial expansion starting with the BigLaw market, building on its recent partnership with major City law firm Mischon de Reya.
Lead image: ayora. Photo: uncredited.
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