Summary List Placement
Cloud-based technology is having its moment, especially in the legal industry.
As attorneys have been propelled to work remotely amid the pandemic, data security and streamlined work processes are top-of-mind for law firms, leading them to adopt cloud technology. A recent Clio report found that nearly 80% of respondents use cloud storage — and 96% plan on doing so moving forward.
Investors are taking note. Disco, a cloud-based ediscovery platform that uses artificial intelligence to streamline the litigation process, snapped up $60 million in equity financing this October.
Its Series F, led by Georgian Partners and also backed by VC titans like Bessemer Venture Partners and LiveOak Venture Partners, brings total investment to $195 million, valuing the company at $785 million.
Launched in Houston in 2012, Disco offers AI-fueled products geared towards helping lawyers review and analyze vast quantities of documents, allowing them to more efficiently determine which ones are relevant to a case.
“We’re leveraging this basic idea that we want lawyers to spend their time working on the things that only they can do. And we want technology to automate away the boring, mundane, and repetitive tasks,” explained Kiwi Camara, Disco’s CEO and cofounder.
Read more: Meet 10 investors who are pouring money into legal-tech startups, from Silicon Valley VCs to Big Law firms
Camara walked Business Insider through the pitch deck the company used to attract its blockbuster funding from investors, as well as sign on clients, ranging from Fortune 1000 companies’ legal departments to attorneys at 75 of the Am Law 200 firms.
Here’s an exclusive look at Disco’s deck.
SEE ALSO: Check out the 14-page pitch deck that a contract-editing startup used to nab $3.2 million from investors including DocuSign
SEE ALSO: Meet 10 investors who are pouring money into legal-tech startups, from Silicon Valley VCs to Big Law firms
SEE ALSO: ‘This is adapt or die time’: Tech-savvy law firms make nearly 40% more in revenue than old-school ones — here’s how new tools are helping lawyers get ahead
Lay out Disco’s vision
Camara kicks off his pitch with Disco’s vision: “Every company spends a lot of money on legal. But if you look at legal, there really isn’t a big technology company that’s building software to help power the legal department,” he said. “We aspire to be that category creator.”
Ediscovery is a $12 billion space, and is predicted to exceed $20 billion by 2024, according to Camara. The basic problem that Disco tackles arises when there’s a situation like a dispute between big companies or a government investigation. “Lawyers have to go through huge volumes of corporate data — emails, documents, Slack messages, Zoom recordings — and find the documents that need to be produced to the other party,” he explained.
With Disco, all the documents are shipped onto the cloud, in a user interface that Camara described as similar — and as intuitive — as Gmail or Instagram. Two years ago, the company launched its second product, Disco Managed Review, which uses AI and a team of in-house …read more
Source:: Businessinsider – Finance