Supio, a startup that makes use of AI to automate knowledge assortment and evaluation for authorized groups, has raised $60 million in a funding spherical led by Sapphire Ventures with participation from Mayfield and Thomson Reuters Ventures.
The brand new capital, which brings Supio’s whole raised to $91 million, shall be put towards development, hiring, and go-to-market efforts, co-founder and CEO Jerry Zhou instructed iinfoai. Supio plans to develop its Seattle HQ and open a brand new workplace because it roughly doubles its 100-person employees.
Supio is among the many startups vying for patrons and mindshare within the AI authorized tech house. Whereas there’s skepticism about simply how nicely AI can carry out sure authorized duties, regulation corporations are underneath aggressive strain to embrace it — lest they danger falling behind. Based on one survey, AI adoption within the authorized career almost tripled from 11% in 2023 to 30% in 2024.
The thought for Supio took place after Zhou and Kyle Lam, Zhou’s childhood buddy and a co-worker at tax compliance software program agency Avalara, left Avalara to construct their very own enterprise. Zhou says that they noticed a possibility to “remodel how folks work with paperwork.”
“Daily, attorneys and paralegals spend 1000’s of hours manually reviewing medical data, police stories, and professional opinions,” Zhou stated. “Supio’s core product serves these customers by giving them a deep understanding of their complicated, unstructured knowledge.”
Supio, which focuses on private harm regulation, presents an AI-powered platform that connects to regulation corporations’ current file programs to help with case administration. Zhou claims that Supio employs “human verification” to fight AI-introduced errors and guarantee cheap accuracy.
“We focus deeply on specialised [AI] mannequin and high quality management on the doc and knowledge layer,” Zhou stated. “Our authorized AI helps over 114 case sorts and that quantity is rising in partnership with our clients.”
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Supio has had fairly a profitable yr, in accordance with Zhou. Annual recurring income has grown 4x, as has the dimensions of Supio’s buyer base. The corporate’s purchasers now embody Hughes & Coleman, Daniel Stark, Thomas Legislation Places of work, Whitley Legislation, and different private harm and mass tort regulation corporations.
To assist this (and future) growth, Supio lately appointed heads of gross sales, buyer success, and advertising and promoting.
“AI has created a serious inflection level for the authorized business as an entire,” Zhou stated. “Each agency throughout each sub-vertical of regulation is considering how they should reinvent themselves for the AI period. If Excel reworked finance 30 years in the past, AI will do the identical for authorized data staff.”
