What’s Going On?
LegalOn, a legal tech startup backed by SoftBank, has raised $50 million in a Series E funding round, according to TechCrunch. The company builds AI tools that help in-house legal teams review and manage contracts faster and more easily. Instead of having lawyers go through pages of legal documents line by line, LegalOn’s AI can highlight risky sections, suggest better wording, and even explain what is missing.
How Does It Actually Work?
LegalOn works inside tools that legal teams already use, like Microsoft Word or it’s own browser based platform. You upload a contract, and the AI:
- Points out risky clauses
- Suggests how to fix them
- Helps draft better wording
- Tracks all changes
- Allows teams to create or reuse templates
This helps legal teams save time and avoid errors. According to LegalOn, the platform can cut down review time by up to 85% LegalOn.
Why Legal Teams Are Using It
Many in-house lawyers spend a lot of time doing the same thing over and over, especially reviewing standard contracts. LegalOn offers ready-made “playbooks” (custom rules built by real lawyers) that guide the AI on what to flag and suggest. The company says over 50 playbooks are available, and legal teams can also build their own. This makes the AI smarter and more tailored to their needs LegalOn.
Who is Investing in This?
The funding round was led by SoftBank Ventures Asia and included support from Goldman Sachs and Sequoia Capital, among others. The new funding brings LegalOn’s total raised to over $130 million, according to TechCrunch.
With this new cash, LegalOn plans to:
- Improve it’s AI tools
- Expand features like automatic reminders for contract deadlines
- Make the platform more useful for bigger companies
Why It Matters (in plain English)
Most companies, especially big ones, deal with tons of contracts. Lawyers spend hours checking for small mistakes or legal risks. LegalOn’s AI does most of the repetitive work so lawyers can focus on more complex decisions. It’s like having a very fast, very smart assistant who never gets tired, and doesn’t need to take breaks. Legal tech is also a fast-growing space. Reports show that many legal teams are interested in AI but haven’t started using it yet. LegalOn wants to change that by offering an easy-to-use system that works from Day One no special tech skills needed Deloitte.
