April 24: US-based Bodhala, a data-intelligence and legal technology platform, has secured USD10 million in an investment round led by Edison Partners, a Princeton, NJ-based growth capital firm.
The company will use the funds for product expansion and sales and market acceleration as it transforms and modernises the purchasing of outside counsel services.
Bodhala applies data science, machine learning and AI-driven insights to help companies analyse, interpret and optimise legal spending, UK’s Private Equity Wire reported.
The company experienced 300-pls per cent growth in both revenue and headcount in 2019 and is on pace to do the same in 2020. Bodhala also saw significant client growth in the last 12 months across each of its key verticals including financial services, healthcare services, insurance, energy and private equity.
“Analysts estimate AI-driven legal technology will be a USD37 billion business by 2026, and the Bodhala SaaS platform delivers the insights general counsel and claims officers need to make meaningful decisions about their budgets, while still producing equal or better legal outcomes,” said Daniel Herscovici, partner, Edison Partners, who led the investment.
Herscovici who will join Bodhala’s board of directors.
“Bodhala is at the centre of a rapidly changing legal system marked by the emergence of legal operations as a profession, the changing economic models of law firms, and the rise of new technologies. Relationships are no longer the sole proxy for evaluating the value that a law firm brings to its clients. We’re creating a clear win for everyone involved in our modern legal system, from corporate legal departments to law firms to alternative service providers,” said Raj Goyle, co-founder and CEO of Bodhala.