London-based AI legaltech start-up Crimson, which was co-founded last year by former Willkie Farr & Gallagher associate Mark Feldner, has secured £2.5m in an oversubscribed seed funding round.
News of the cash injection comes as Crimson announces the launch of a New York office, led by former Patterson Belknap senior associate and appellate litigator Rhick Bose.
Crimson is designed to handle complex litigation and arbitration, drafting legal documents, reviewing witness and expert evidence and creating event timelines.
“Litigation and arbitration matters require a level of factual, procedural, and strategic context that generic AI tools are not designed to handle," said Feldner, who serves as Crimson's CEO, having trained at Clifford Chance before spells as a litigation associate at Wilmer Hale and then Willkie Farr.
“Crimson is built specifically for litigators, giving them a faster and more reliable way to understand the case file, assess the evidence, and produce high-quality work grounded in the full matter context.”
The round featured participation from start-up investor Y Combinator, alongside venture capital firms Symphony Ventures, Twenty Two Ventures, Amino Capital, Eight Capital, Scale Asia Ventures and Progressive Ventures. They were joined by unnamed partners and arbitrators at leading international law firms.
The seed financing has arrived during a period of rapid month-on-month revenue growth, according to Crimson, which says turnover has increased by more than 30% this year, with the platform currently handling disputes collectively worth more than $40bn.
Bose said the company's software was receiving “incredible” demand in the US, reflecting the fact that it was purpose-built for law firms and in-house counsel working on large cases to tight deadlines.
Last year, Crimson was selected to be part of A&O Shearman’s legal tech incubator, Fuse.
Earlier this month, US AI-native law firm start-up Moritz raised $9m in seed funding, where Y Combinator again was an investor, alongside 20VC, Urban Innovation Fund and Inception Fund.
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