Seed investment led by Index Ventures, with participation from General Catalyst and Skyscanner CEO Gareth Williams, to transform the legal industry with its AI-powered legal assistant platform.

Wordsmith, the AI-powered legal assistant platform, has raised $5 million to transform the legal industry and unleash a new generation of hyper-skilled legal professionals.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240620906882/en/

Left to right are Wordsmith co-founders Robbie Falkenthal (COO), Ross McNairn (CEO), and Volodymyr Giginiak (CTO) (Photo: Business Wire)

The seed funding was led by Index Ventures, with participation from General Catalyst and angel investors including Skyscanner founder Gareth Williams. The investment is a sign of how applied AI is rapidly augmenting and enabling professional services – a shift as profound as the transition to digital devices and word processing 40 years ago.

“AI is not about replacing professionals. It's about making them better at their jobs,” explains Wordsmith CEO Ross McNairn. “Just as the word processor didn't replace writers, but instead made them more productive, Wordsmith is ushering in a new era of AI-assisted professional services.”

Wordsmith is solving a critical problem faced by in-house legal teams: the overwhelming volume of routine tasks that leave lawyers struggling to keep up with the demands of the business. From confirming policy details to contract analysis and complex financing, the demand for human judgment and the consequences of oversight are high – yet many of the outputs are repeatable and templated. Wordsmith customers get 90% of the through-put of a world-class lawyer and a 99% cost reduction versus going to a law firm, all within 60 seconds.

Hannah Seal, the partner at Index Ventures who led the investment, says: “Wordsmith is at the vanguard of a fundamental shift in how professional services are delivered. It’s not about replacement but augmentation. By harnessing the power of generative AI, they're not only transforming the legal industry, but also paving the way for a future in which AI-assisted professionals can provide better, faster, and more affordable services to their clients.”

Wordsmith was founded in 2023 by Ross McNairn, Volodymyr Giginiak and Robbie Falkenthal. After training as a lawyer, McNairn sold his first startup to Skyscanner in 2016 and most recently was Chief Product and Technology Officer at Travelperk. CTO Giginiak, one of the first engineers at Meta in London who worked for a decade in key roles at Facebook and Instagram, was helping to implement anti-drone technology for the Ukrainian army before joining Wordsmith. Robbie Falkenthal, COO, is a qualified lawyer who has previously held senior roles at KPMG and Travelperk.

For additional information regarding Wordsmith visit https://www.wordsmith.ai/ and follow on LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240620906882/en/

ross@wordsmith.ai

Logo

Images

Tags

More Like This

Wordsmith AI Raises $25M Series A from Index Ventures to Deploy Fleets of Legal AI Agents and Power the Rise of Legal Engineers

Wordsmith Appoints Lucy Tyrrell as General Counsel Amidst Rapid Growth and Expansion

Analyze Contracts Like a Lawyer - Wordsmith’s First Pass Unlocks Legal Insight for Everyone

Grammarly Joins World Economic Forum’s Innovator Community

Spellbook Introduces First AI Agent for Law

WordLift and Breadcrumbs Teams Join Forces to Accelerate Growth in the AI-Driven SEO space

Axiom Announces AI-Enabled Contracting Solution, Proven to Improve Efficiency of Contract-Related Legal Tasks by up to 60%

Mark Lawyer Joins RWS’s Executive Team as President of Regulated Industries & Linguistic AI