Legal tech 'app store' Reynen Court has secured $3m of additional financing in preparation for its Q1 2020 commercial launch. Backed by a consortium of nineteen leading global law firms and with the ambition of accelerating the legal industry’s adoption of AI and other new technologies, Reynen Court's platform has been live in beta stage since last August.
More than fifty law firms and corporate legal departments are working towards a platform launch in the first part of the new year, and over 120 third-party legal tech vendors are in the process of making their products available on the platform.
The Reynen Court platform claims to eliminate the legal industry’s need to choose between innovation and security and stability. By combining a solution store for legal technology with a control panel, its backers maintain law firms and legal departments can safely run modern cloud-based applications in private clouds.
This ‘one-stop shop', claims Reynen Court, enables firms to manage software subscriptions and provides usage monitoring and advanced application-specific metrics to deliver better predictability of IT software and infrastructure maintenance and expenditure.
Prins H, an investment vehicle controlled by Reynen Court founder and chief executive Andrew D Klein, is investing in this round together with Ventech, a global early-stage venture capital fund that partners with entrepreneurs to develop and deploy transformative technologies.
This round follows the company's initial $7m funding in December 2018 by Prins H, Latham & Watkins and Clifford Chance.
“We are delighted to welcome Ventech as a partner,” said Klein. “We hope to leverage their experience and skill in steering fast-growing global technology companies. This additional capital allows us to keep our heads down to focus on on-boarding application vendors and robustly supporting the law firms launching our platform."
He added: "To each vendor and law firm we offer substantial assistance in project planning and technical implementation. This new funding provides us greater capacity to provide these services and thus will help us accelerate adoption by both sides of the marketplace we are creating.”
Ventech general partner Jean Bourcereau said: "Given the clear benefits of standardisation to both the buyers and sellers of legal technology, we believe Reynen Court has the potential to play a significant role in the modernisation of the legal industry globally."
Last month, Reynen Court was included in the first cohort of start-ups admitted to a legal tech incubator set up by Deloitte, Deloitte Legal Ventures.