Chilean legal AI platform start-up Magnar has secured $8m in a Series A funding round from investors that included Argentinian law firm Beccar Varela.
The round was co-led by early-stage investor 6 Degrees Capital alongside Mexican start-up investor Hi Ventures. Beccar Varela was also joined by Latin American technology investors FEN Ventures, Chilean start-up financier Platanus Ventures and investment firm Nascent Ventures.
The fresh capital will be used to grow its presence across Latin America and further develop its relationships with legal departments that use its platform.
Magnar also plans to open two new offices in Brazil and Mexico. The company says that it could serve 1.9 million lawyers across both countries, and is currently building the legal information sources necessary to meet the demands of working in those markets.
Magnar AI is a legal AI platform for lawyers focused on Latin American legal systems. Its suite of capabilities include legal and case research, case file analysis and document drafting and review, which can integrate with everyday tools such as Word and Outlook.
Andrés Arellano, CEO and co-founder of Magnar AI, said: “We started Magnar thinking about the lawyers of this region, with their codes, their languages and their ways of working.
“This round lets us put more people and resources into building a better platform for those who already trust us and into taking that work to more lawyers across Latin America.”
Magnar says that its client base has been expanding rapidly: the platform has been adopted by 350 law firms across the Latin American region, with around 30,000 users.
The platform is currently active in Chile, Peru, Colombia, Argentina, Ecuador, Costa Rica and Uruguay.
The Santiago-based company was co-founded last year by Arellano, alongside Andrés Rodríguez Valdés and Nicolás Lopez.
Legaltech funding rounds continue to be on a strong trajectory. Last week, AI governance intelligence platform AI Score secured $5.4m in seed funding to accelerate its go-to-market strategy.
The UK-based start-up was co-founded last year by former White & Case associate Benita Tibb. It received funding from early-stage tech investor Fuel Ventures, alongside start-up financier GALLOS Technologies, which incubated the AI firm prior to being established.
This followed Norwegian AI legaltech platform start-up Newcode securing $13.5m in new financing from a Series A funding round, which was led by venture capital firm OnDean Forward, taking the amount of capital it has raised this year to $20m.
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