AI legislation startup Norm on Tuesday said it has raised $120 million in a Collection C funding spherical led by Khosla Ventures, valuing the virtually three-year-old startup at $1.2 billion.
Norm has constructed an AI-native legislation agency, referred to as Norm Regulation, that makes use of the corporate’s personal AI brokers, employs human attorneys to oversee them, and gives authorized providers to enterprise shoppers. It’s additionally constructing AI brokers that may supervise different AI brokers as they go about their duties.
The corporate costs based mostly on outcomes reasonably than billing its shoppers hourly, in distinction to the remainder of the trade.
Norm is likely one of the many authorized AI startups which have popped up prior to now few years, comparable to Harvey and Legora, seeking to capitalize on the necessity to automate tedious work.
Different buyers in Norm’s Collection C embrace Bain, Craft Ventures, Coatue, Vanguard, New York Life, TIAA, Tony James (former president and COO of Blackstone), Jeff Hammes (former chairman of Kirkland & Ellis), and Fenwick LLP. The recent capital will probably be used to assist construct out the product, and rent extra attorneys.
The corporate has raised greater than $260 million in funding to this point.
