US-based artificial intelligence (AI)-focused legal software developer Ross Intelligence closed an $8.7m series A round yesterday featuring Comcast Ventures, the corporate venturing arm of mass media group Comcast.
Venture capital firm iNovia Capital led the round, which included Real Ventures, angel investor Nicolas Pinto and accelerators Y Combinator and NextLaw Labs. Comcast Ventures contributed through its Catalyst Fund, which targets investments in startups led by underrepresented minorities.
Founded in 2015, Ross has developed a software platform that uses AI to help legal teams search case law in order to find relevant details. Research that may have taken days or weeks with previous search software can be completed in hours using machine learning technology to improve keyword searches.
Ross currently offers products for bankruptcy and intellectual property law, and plans to use the funding to expand into other practice areas, with labour and employment law being the first priority.
The capital will also be used to accelerate product growth, launch new lines outside of legal research and expand the company’s sales and marketing teams.
Ross raised $4.3m in a 2015 seed round led by iNovia Capital with contributions from Y Combinator, Real Ventures, NextLaw Labs, investment firm Hedgewood, private equity group Ace and Company, accelerator The Family and angel investor Diego Basch.
Andrew Arruda, co-founder and CEO of Ross, said: “This latest financing gives us the ability to continue our aggressive expansion, add great talent to our growing world class team, innovate rapidly and deliver on our vision into the future.”
– Image courtesy of Ross Intelligence Inc.