AustinBased 60M 40M 235M 785M has become a force to be reckoned with in the legal technology sector. With a focus on artificial intelligence, the company is bringing new technological solutions to the legal industry that will enable it to assist the entire litigation lifecycle. By implementing these solutions, the company hopes to transform the way the legal sector operates.
AustinBased 60M 40M 235M 785M technology company ICON has reached a new milestone, achieving a valuation of $185 million. The round was led by Tiger Global.
Currently, the software firm has over 400 employees in the Austin area. In addition to its offices in Texas, they also have offices in Singapore, India, and London.
Austin-Based Tech Industry
The AustinBased 60M 40M 235M 785M tech industry has been growing rapidly. Apple announced plans to build a $1 billion campus in North Austin last year. It is expected that the new campus will employ around 5,000 people.
Tech companies have been relocating from Silicon Valley and other coastal hubs. However, this influx has brought with it challenges. Among them, the affordability crisis. This has led to a number of techies relocating to cheaper living options.
Some of the top tech companies in the country, such as Google and Facebook, have campuses in Austin. Many are expanding their presence, such as Twitter, which moved its headquarters to the city in 2016.
According to a Brookings report, Austin is a top ten US city for young professionals. Its thriving startup scene is attracting new entrepreneurs.
Full Litigation Lifecycle
Artificial Intelligence (AI)-driven solutions to assist with the full litigation lifecycle can save time and increase profitability. They can be used in contract management, due diligence, electronic discovery and legal research.
AI-driven contract management can reduce inefficient and costly review cycles, improve negotiation outcomes and bolster contract compliance. It performs impact analysis based on regulatory changes and extracts obligations from various agreement types.
Contract Analytics Solution Hyperlex
Contract analytics solution Hyperlex is a good example of how AI can help a company manage its contracts. The tool pulls contracts from databases and extracts relevant information. In addition, it helps identify revenue opportunities and potential risks.
Another AI-driven solution is BlackBoiler, a tool that marks up inbound contracts and extracts relevant information. These tools use client-specific editing models to help lawyers identify and address contract issues.
LawGeex is another tool that can be used to enhance contracting processes. It uses machine learning models to analyze ISDA schedules and unstructured contracts.
Enterprise Legal Technology Space
AustinBased 60M 40M 235M 785M is an AI-powered legal platform that simplifies e-discovery and case management. Disco is a leading innovator in the enterprise legal technology space.
DISCO was founded in 2013 with the vision of helping legal professionals deliver their services more effectively. Using AI and machine learning, DISCO has developed a cloud-native platform for the legal industry.
Fastest Growing E-Discovery Companies
DISCO is now one of the fastest growing e-discovery companies in North America. The company was also named to the 2020 Forbes Cloud 100 and received two consecutive Gold Stevie(r) Awards for Legal Company of the Year.
In addition to its flagship product, DISCO offers an array of legal tools and services. For example, its DISCO University provides live training, on-demand training, and premium content. As of late March, the company had 336 full-time employees.
DISCO will aggressively expand its go-to-market team and pursue international growth. It plans to double its sales capacity in North America in the next 12 to 15 months. This includes adding a dedicated enterprise sales team, establishing a strategic channel program, and expanding in EMEA.