Norwegian AI legaltech platform start-up Newcode has secured $13.5m in new financing following a Series A funding round, taking the amount of capital it has raised this year to $20m.
The round was led by venture capital firm OnDean Forward, which was joined by early-stage investor Antiportfolio Ventures and Relativity investment arm Rel Labs, along with significant participation from The LegalTech Fund.
The fresh capital will be used to support Newcode’s US expansion, as the company intends to ramp up its go-to-market efforts and forge strategic partnerships across Am Law 200 firms.
Newcode operates as an AI layer that helps law firms turn their existing knowledge and systems into a connected AI workforce that can perform multi-step legal tasks.
Maged Helmy, founder and CEO of Newcode, said: “The AI revolution is ultimately a great thing for law firms. But to transform to AI-native, the legal market needs control and flexibility. Our mission is to help firms build AI capabilities that are truly their own.”
Andrew Sieja, Relativity founder and principal partner at OnDean Forward, said: “The tech gives law firms a path to own their AI stack and helps them accelerate the use of AI across the practice and business of law.”
Zach Posner, managing partner at The LegalTech Fund, said: “[Law firms] are consistent on one point, they want AI platforms that adapt to how they operate, not platforms that force them to adapt.
“Newcode has proven it can meet that demand, and we’re excited to support their continued growth.”
Newcode says that it serves more than 60 law firms and government agencies across Europe and the US, and is attracting new European and Am Law 200 clients.
Last week, Newcode was selected as AI provider for The Bar of Ireland, which supports more than 2,150 barristers.
The company has also said that its growth trajectory has accelerated rapidly during this year, and that its annual recurring revenue has tripled over the past 12 months, though it didn’t disclose the figure.
In March, it raised $6.5m in a seed funding round where The LegalTech Fund was again a contributor, along with investment firm Alliance VC and additional unnamed investors, according to the firm’s LinkedIn page.
The Oslo-based company was founded five years ago by Helmy. Prior to establishing the business he was associate professor for generative AI at the University of South-Eastern Norway for five years. He was also a generative AI expert for the Norwegian government for a year up to 2024.
Last month, AI-powered digital ‘double’ platform start-up Twin1 announced that it had secured $20m in fresh capital following a seed funding round, co-led by a trio of investment firms comprising of Bessemer Venture Partners, Tribeca Venture Partners and Aramco Ventures.
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