Nvidia has laid another brick in its AI empire. The company’s corporate VC fund, NVentures, reportedly backed Legora, the company’s first legal AI investment.
The Swedish-born legal tech startup, which uses AI to help lawyers work more efficiently, is competing with US player Harvey.
NVentures joins Atlassian and other new financial investors on Legora’s cap table as part of a $50 million Series D extension, one month after Legora’s $550 million Series D extension.
During that time, the Y Combinator alum surpassed $100 million in annual recurring revenue (ARR). This is a milestone that contributed to its new $5.6 billion post-money valuation.
This puts Regola’s valuation just a little closer to Harvey’s, which reached $11 billion when Sequoia tripled its investment last month. Andreessen Horowitz, Cotu, Conviction Partners, Elad Gil, Matt Miller’s Evantic and Kleiner Perkins also participated in this round.
Legora is also backed by high-profile VCs, but is more focused on the big names it has secured as clients, including Bird & Bird, Cleary Gottlieb, and Linklaters. The company says its platform, which launched just 18 months ago, is currently used by more than 1,000 law firms and in-house legal teams across 50 markets.
Harvey is competitive in that area, too. The company claims to have 100,000 lawyers in 1,300 organizations as clients, ranging from global law firms like Henggeler Muller and Latham & Watkins to corporate legal teams at companies like T-Mobile and Bridgewater.
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With global leadership as the ultimate goal, the Harvey vs. Regola rivalry intends to play on each other’s home turf. Legora has opened multiple offices around the world, with a particular focus on expansion in the United States. Harvey, on the other hand, is expanding into Europe.
With enough money available on both sides, the battle shifted to mindshare. Not long after Winston Weinberg’s company Harvey signed a brand partnership with actor Gabriel Mahat, who plays a lawyer on the TV series “Suits,” Regola launched an ad campaign starring movie star Jude Law with the slogan “Law just got more glamorous.”
Both companies may be right to bet big on marketing. Rivalries aside, these are built on large language models created by AI giants that could very well be competitors. When Anthropic launched its legal plugin for Claude a while back, the stock prices of several publicly traded legal software companies fell.
Regola CEO Max Junestrand said he was not worried.
“While the basic model is rapidly improving, the real value lies in how we apply it,” he said in a statement. It also shows how the startup is instilling FOMO in its target audience, stating that “legal teams that effectively incorporate AI today will shape the evolution of the industry.”
NVentures’ investment also signals that Regola may have a deep enough moat to protect itself from model makers and larger rivals.
But Nvidia is also known for hedging its bets. After all, Nvidia invested in both Anthropic and OpenAI before deciding enough was enough.
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