Lexroom.ai, a startup that simplifies legal research, has closed a pre-seed round worth 500 thousand euros, led by institutional investors Vento Ventures, and FNDX as advisor for the X-Equity club deal. Several Italian and non-Italian angel investors also took part in the operation, including Joe Zadeh, Aoife McCardle, Raffaele Vitale, Francesco Zaccariello, Francesco Signorato, as well as lawyers and sector professionals such as the Di Terlizzi law firm, Avv. Matteo Frigerio, the lawyer. Jacopo Liguori, the employment consultant Luca Furfaro and the family office CFO. A first strategic round dedicated to product development, team expansion and consolidating initial traction to prepare for the seed round in the coming months.
“We are at the beginning of the AI revolution in legal tech,” Paolo Fois, co-founder and CEO of Lexroom, tells us. “Artificial intelligence will bring not only digitalisation, but also efficiency in the profession. We want to innovate the ways of searching for legal sources. We believe that the best use that can be made of AI is to put it at the service of lawyers and jurists, to simplify their work and save precious time.”
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What Lexroom.ai does
Founded in Milan in May 2023 from an idea of its founders Martina Domenicali (25 years old), Andrea Lonza (30 years old) and Paolo Fois (28 years old), Lexroom has developed a platform for legal research, already in partnership with law firms , which allows you to ask legal questions in natural language and generate a semi-finished opinion in response that cites the legal sources that were used. The first version of the product allows you to save on average 73% of time compared to a traditional search“time that lawyers can dedicate to other value-added activities for their profession”, specify the founders.
In essence: you enter the platform and ask the artificial intelligence a real legal question in natural language, also specifying the context. The AI responds by placing the relevant legal sources on the left, while on the right it indicates an outline of the answer to the question. This is a draft opinion. The objective is to provide the jurist with a superpower, to facilitate work and above all shorten time.
Born within Vento Venturesa venture builder launched by the Exor holding company, in just a few months of activity the startup already boasts several leading firms and corporate legal departments as clients, with a growth program for the next few months that takes advantage of the increase in investments in technologies AI in the sector.
“We met in the venture building program of Vento Ventures – adds CEO Fois -, now six months after the foundation of the company our legal research platform already has more than ten active clients among first-profile law firms and legal departments of the company. In these first months of 2024 we will strengthen the team with three new entries and we will invest in the development of our AI algorithms.”
“Our mission is to build superpowers for the legal professional who sees time as his most valuable asset. The market is extremely receptive and customers not only want this innovation, but are ready to contribute to its construction. Our value lies in wanting to build a reliable AI and to do so we carefully select the database of reference legal sources with our clients and cite them as references every time an opinion is generated.” concludes Martina Domenicali, Co-founder and CSO.