German legal AI platform Noxtua has secured more than €100m after closing its Series C funding round.
The investment has made C.H. Beck – one of the oldest publishing houses in Germany – the new majority shareholder after law firms CMS and Dentons both sold their stakes in Noxtua, though both will remain clients.
Vienna-based law, tax, and business information publishing specialist Manz Verlag also joins as a new investor.
The company will use the funding to expand across Europe and enter additional markets.
Noxtua is a Europe-focused AI workspace that helps lawyers research law, analyse documents and draft legal work. The company says it holds a unique position in the legaltech market due to its European sovereignty and legal-data security capabilities.
Dr. Leif-Nissen Lundbæk, CEO and co-founder of Noxtua, said: “We are developing Noxtua based on exclusive content from leading legal publishers across the continent, and have already built, among other things, Europe’s largest legal database and Europe’s largest network of independent legal publishers.
“The joint investment by C.H. Beck and Manz in Noxtua is therefore also a strong signal to the market.”
Professor Dr. Klaus Weber, a member of the executive board at C.H. Beck said that combining high-quality data with innovative AI technology is a “recipe for success” in a fast-evolving market.
He added: “As a publisher with a long-standing tradition, this commitment together with Manz is also an investment in the future of the law.
“Noxtua’s vision goes hand in hand with our values as an independent family-owned company with a special responsibility for the legal system in Europe.”
The company says that it is “entering a new phase and is therefore restructuring its investor base”, due to the strengthening of its publishing alliances.
Noxtua says that its client base has reached 30,000 and has a headcount of around 100 across its bases in Berlin, Paris, Stockholm, Zagreb, Munich and Fribourg.
In April last year, the company raised €80.7m in a Series B funding round under its former name Xayn. C.H. Beck led that round, with other participants including high-performance computing specialist Northern Data, alongside CMS and Dentons.
Following the financing, the company jointly launched the Beck-Noxtua Legal AI Workspace, enabling lawyers to use AI alongside Beck’s legal knowledge and content.
Also last year, Manz collaborated with Noxtua to create an AI workspace, combining AI and Manz’s Austrian legal knowledge.
Its Series A round was concluded four years earlier, and raised just over €10m, led by Global Brain and KDDI.
The Berlin-based company was founded in 2017 out of research at Oxford University and Imperial College London by Lundbæk and Professor Dr. Michael Huth. The first version of Noxtua was released two years ago.
Earlier this week, Israeli-founded AI contract review start-up Chamelio secured $26m in a Series A funding round.
The investment was led by venture capital firm Entrée Capital, alongside existing financiers Work Bench and Emerge Ventures. They were joined by Bright Pixel Capital, the tech investment arm of the Sonae Group.
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