A naukri.com initiative
TechCrunch
4w
420
Image Credit: TechCrunch
Sequoia-backed Crosby launches a new kind of AI-powered law firm
- Legal startup Crosby, backed by Sequoia, is using AI to offer legal services at an unprecedented speed.
- Crosby operates as a law firm staffed with lawyers who utilize its AI software to provide contract-review services to startups.
- The company's AI software, overseen by humans, can review a new client contract in under an hour, aiming to reduce this time further.
- Crosby's co-founder and CEO, Ryan Daniels, recognized the legal bottleneck faced by startups during contract negotiations, leading to slow growth.
- The company aims to revolutionize the legal industry by owning and streamlining the entire legal process through AI technology.
- Since its soft launch in January, Crosby has reviewed over 1,000 customer contracts for startups such as Cursor, Clay, and UnifyGTM.
- Sequoia, alongside Bain Capital Ventures and various angels, led Crosby's $5.8 million seed round, impressed by the team and market potential.
- Sequoia's investment in Crosby was facilitated by prior connections between the founders and the venture capital firm's network.
- Josephine Chen of Sequoia believed legal services were ripe for disruption due to the industry's size and the potential benefits of AI technology.
Read Full Article
25 Likes
For uninterrupted reading, download the app