Wordsmith raises $5m to empower lawyers to scale with AI
June 20 2024 - 8:17AM
Business Wire
- Seed investment led by Index Ventures, with participation from
General Catalyst and Skyscanner CEO Gareth Williams, to transform
the legal industry with its AI-powered legal assistant
platform.
Wordsmith, the AI-powered legal assistant platform, has raised
$5 million to transform the legal industry and unleash a new
generation of hyper-skilled legal professionals.
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the full release here:
https://www.businesswire.com/news/home/20240620906882/en/
Left to right are Wordsmith co-founders
Robbie Falkenthal (COO), Ross McNairn (CEO), and Volodymyr Giginiak
(CTO) (Photo: Business Wire)
The seed funding was led by Index Ventures, with participation
from General Catalyst and angel investors including Skyscanner
founder Gareth Williams. The investment is a sign of how applied AI
is rapidly augmenting and enabling professional services – a shift
as profound as the transition to digital devices and word
processing 40 years ago.
“AI is not about replacing professionals. It's about making them
better at their jobs,” explains Wordsmith CEO Ross McNairn. “Just
as the word processor didn't replace writers, but instead made them
more productive, Wordsmith is ushering in a new era of AI-assisted
professional services.”
Wordsmith is solving a critical problem faced by in-house legal
teams: the overwhelming volume of routine tasks that leave lawyers
struggling to keep up with the demands of the business. From
confirming policy details to contract analysis and complex
financing, the demand for human judgment and the consequences of
oversight are high – yet many of the outputs are repeatable and
templated. Wordsmith customers get 90% of the through-put of a
world-class lawyer and a 99% cost reduction versus going to a law
firm, all within 60 seconds.
Hannah Seal, the partner at Index Ventures who led the
investment, says: “Wordsmith is at the vanguard of a fundamental
shift in how professional services are delivered. It’s not about
replacement but augmentation. By harnessing the power of generative
AI, they're not only transforming the legal industry, but also
paving the way for a future in which AI-assisted professionals can
provide better, faster, and more affordable services to their
clients.”
Wordsmith was founded in 2023 by Ross McNairn, Volodymyr
Giginiak and Robbie Falkenthal. After training as a lawyer, McNairn
sold his first startup to Skyscanner in 2016 and most recently was
Chief Product and Technology Officer at Travelperk. CTO Giginiak,
one of the first engineers at Meta in London who worked for a
decade in key roles at Facebook and Instagram, was helping to
implement anti-drone technology for the Ukrainian army before
joining Wordsmith. Robbie Falkenthal, COO, is a qualified lawyer
who has previously held senior roles at KPMG and Travelperk.
For additional information regarding Wordsmith visit
https://www.wordsmith.ai/ and follow on LinkedIn.
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ross@wordsmith.ai