LegalFly is a legal specific Artificial Intelligence (AI) workspace. They seek to save your legal teams significant time, reduce your reliance on external lawyers and democratize legal knowledge, giving everyone in your organization instant access to high quality legal services. Andrew Daniels sat with Account Executive, Harry Day, to learn more about how LegalFly is impacting the industry.
What is LegalFly’s client focus?
We were born out of the legal industry and have since expanded into the financial industry, but we've recently found some traction in the insurance industry. We have found value by supporting insurance companies with AI-assisted search to bring forward relevant clauses, reviewing insurance policies for legal compliance and to ensure they meet internal standards.
What does your product do?
LegalFly allows professionals to leverage the latest capabilities in generative AI whilst ensuring that all confidential data stays confidential. We have built a number of specific workflows for professionals to use out of the box, such as document review, due diligence and compliance tools and drafting. But, we support our customers and help them develop their own agents and workflows to suit their generative AI needs.
How much capital have you raised?
LegalFly has raised €17.5 million across a series A and Seed Round.
Was the company born from within or outside the industry?
The four founders have all come from outside the industry but have a background delivering AI projects at Tinder.
What growth metrics have you accomplished over the last 12 months?
We've gone from four founders to a team of 31. We have offices in Belgium, London and New York. We support nine jurisdictions including North America, UK and the Benelux Region.
Within your domain, what is the current challenge that the industry is facing?
The biggest challenges are the regulations that are coming in. There seems to be a suite of digital regulations that are all going to indirectly impact legal, finance and insurance. We’re seeing digital market acts, digital service acts, DORA and privacy acts. They are all coming into effect or have recently taken effect. For our customers, we are building playbooks to help ensure compliance with the upcoming playbooks.
How does LegalFly take a unique approach to providing value?
Our biggest differentiator is that we put privacy first and adopt a Learning Language Model (LLM) agnostic approach. We ensure all sensitive and confidential information is anonymised before using any LLM to ensure your sensitive data stays confidential. We work with the leading LLMs to ensure our clients always have access to the latest developments and best performing model. We see these as tenants to being a responsible AI provider.
Along with securely accessing the foundational LLMs, we have built a suite of workflows for our web platform, and we have recently launched our Word plugin to bring the features into Word through the Microsoft Store.
What inspired the team to start this company?
With a strong background in delivering large AI projects involving sensitive data, it made sense to see which other industries these skills could be applicable to. With the legal industry being one of the slower industries to adopt technological changes, they thought it made sense to disrupt the legal Industry.
Can you share any goals for the next 12 months?
We have just launched Version 2 of our platform, a code base rewrite to shape the platform for enterprises. Next on the roadmap includes an Outlook and Teams integration. With regard to new features, we are launching an agent builder, so our customers can build their own workflows. Finally, we want to be an end-to-end solution and plan to integrate a document execution feature, so contracts can be drafted, negotiated and executed with LegalFly.
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