Oct 25 (Reuters) – The legal artificial intelligence market is getting more crowded as new startups continue to woo investors. The latest entrant, Eve, launched on Wednesday with $14 million in seed funding led by venture capital firms Lightspeed Venture Partners and Menlo Ventures.
Eve says it offers a “personalized” AI legal assistant to help automate and save time on tasks like document review and legal research.
Jay Madheswaran, the San Francisco-based company’s CEO and co-founder, said Eve’s enterprise software comes with a set of “skills” for certain tasks, which law firm customers can then customize.
Madheswaran has previously held roles as a partner at Lightspeed and head of product engineering at cybersecurity software company Rubrik.
Eve co-founders Matt Noe and David Zeng also worked at Rubrik. Madheswaran said the now 15-person team has worked on Eve for a few years.
No clear leader has emerged so far in the evolving legal AI market, which has generated enthusiasm from investors as lawyers at law firms and companies explore ways the emerging technology can speed up their work.
LegalMation, a company focused on AI litigation tools, on Wednesday announced a $15 million Series A round led by Aquiline Technology Growth.
EvenUp and Paxton AI are among other legal AI startups that have recently raised capital.
Another competitor, Harvey AI, has publicly partnered with two big law firms, Allen & Overy and Macfarlanes, as well as accounting giant PricewaterhouseCoopers. The company, which builds custom large language models for law firms, is backed by investors including Sequoia Capital and the OpenAI Startup Fund.
Law firms are also building their own proprietary ChatGPT-like chatbots, in part to make sure internal and client information remains secure.
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Reporting by Sara Merken
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