Spellbook Secures $10.9 Million in Funding

by Kay Aloha Villamor in May 25th, 2023

Spellbook, a Toronto and Saint John’s, Canada-based legal software company, announced that it secured $10.9 million in funding and formal rebrand from Rally to Spellbook.

The round was led by Moxxie Ventures, with participation from Thomson Reuters Ventures, Inovia Capital, The LegalTech Fund, Bling Capital, N49P, Concrete Ventures, Good News Ventures, Venture Newfoundland & Labrador and others.

This capital will power Spellbook’s mission to expedite the banalest parts of legal work through AI while supporting hiring, R&D, and expansion.

Spellbook leverages OpenAI’s GPT-4 and other fine-tuned large language models to enable legal practitioners to draft and review contracts up to four times faster. 

“Spellbook is focused on empowering lawyers with AI tools that effortlessly assist them throughout their normal course of work,” said Scott Stevenson, co-founder, and CEO of Spellbook. “It’s clear that AI will fundamentally transform every industry, and the explosive demand we’ve seen for Spellbook made it obvious that our approach has caught on. This round of funding is further proof of our thesis – we’re excited to give lawyers more time to focus on thoughtful work and avoid drudgery, all while reducing errors and increasing accuracy.”

Today, more than 600 legal teams are actively utilizing Spellbook, and an additional 53,000 customers have signed up for the waitlist globally. With this round of funding, Spellbook grows in its ability to provide automated legal assistance to customers around the world.

Company: Dialog Enterprises Inc.

Raised: $10.9M

Round: Unknown 

Funding Month: May 2023

Lead Investors: Moxxie Ventures

Additional Investors: Thomson Reuters Ventures, Inovia Capital, The LegalTech Fund, Bling Capital, N49P, Concrete Ventures, Good News Ventures, and Venture Newfoundland & Labrador

Company Website: https://www.spellbook.legal/

Software Category: Legal Software

About the Company: Spellbook is a legal software company that launched the first generative AI contract drafting tool in September 2022. The technology, powered by large language models like OpenAI’s GPT-4, is optimized using legal datasets for superior contracting performance. More than 600 customers across the legal industry use Spellbook to support their lawyers with the resources to make more accurate and efficient legal decisions when drafting contracts and supporting documents.

Source: https://www.businesswire.com/news/home/20230524005233/en/Spellbook-Secures-10.9M-in-Funding-to-Bring-Assistive-AI-to-Lawyers

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