Spellbook Raises $20M Series A Funding Round
Summary
Spellbook, a Toronto, and St. Jhon’s, Newfoundland, Canada-based provider of an AI copilot for lawyers, raised $20M in Series A funding. Led by CEO Scott Stevenson, Spellbook is a legal software company which launched a generative AI contract drafting tool in September 2022. The technology, powered by large language models like OpenAI’s GPT-4, is optimized using legal datasets for superior contracting performance. More than 1,700 law firms and legal team customers across the industry use Spellbook to support their lawyers with the resources to make more accurate and efficient legal decisions when drafting contracts and supporting documents. Commenting on the news, Scott Stevenson said: “This raise marks a major milestone for our team, and is indicative of the market traction we saw in 2023.