A&O Shearman has unveiled the latest cohort to participate in its seven-month long legal and fintech innovation accelerator programme Fuse.
The 18-strong cohort includes nine legaltech firms alongside nine fintech start-ups specialising in digital assets, with the latter nominated by clients including Barclays, Citi and JP Morgan.
The nine legaltech firms were chosen from a list of 315 applicants in 53 countries for their innovation potential in areas such as AI-powered due diligence, legal training simulation and regulatory intelligence.
The Fuse programme – now in its 10th edition – was launched in 2017 to support start-ups through mentoring and networking opportunities.
Shruti Ajitsaria, an A&O Shearman partner and head of Fuse, said this year’s digital asset theme comes as the market is “scaling rapidly” towards the mainstream.
She added: “Through Fuse, we are positioned at the intersection of that change, working alongside the companies building next-generation infrastructure and the clients who will rely on it.
“Our role is to ensure that as these markets scale, the legal architecture supporting them is robust and fit for the future.”
Meanwhile, six of the legaltech start-ups join the incubator for the first time. The debutants include BeSavvy, an AI-powered legal training platform; Intelligent Legal Solutions, whose ProVision tool provides a document record service for investment fund lawyers; and Midpage, a legal research and drafting platform.
Also among the debutants are Reversa, which provides automated regulatory obligations management across jurisdictions, alongside AI-powered diligence management platform Tower.
In addition, A&O Shearman’s global social impact partner United for Global Mental Health joins the legaltech cohort for the first time.
The returning legaltech cohort members include Cleardox, a semi-automated redaction tool; disputes case intelligence platform Crimson; and Sideline, which enables lawyers to track changes in Outlook emails.
The digital asset firms include payment provider the BCG Group; OpenFX, a cross-border payments infrastructure platform; and Finteum, a short-term inter-bank lending platform.
In May, Fuse participant Crimson – which was co-founded last year by former Willkie Farr & Gallagher associate Mark Feldner – raised $2.5m in an oversubscribed seed funding round.
The round was led by start-up investor Y Combinator alongside venture capital firms Symphony Ventures, Twenty Two Ventures, Amino Capital, Eight Capital, Scale Asia Ventures and Progressive Ventures.
Fuse is just one of a number of legaltech accelerator programmes that have been established in recent years. LexisNexis launched its version, also in 2017, providing mentoring for legaltech start-ups, including expert-led coaching and business advice.
Jones Day also launched an accelerator programme in 2022, which is designed to equip fledgling legaltech firms with an upgrade in legal skills, alongside networking opportunities.
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