AI-Powered Legal Transformation
High-net-worth investors Ashish Kacholia and Lashit Sanghvi, together with DeVC, led the $5 million fundraising round for legal AI firm Lucio. The money will go toward broadening its range of products and improving customization capabilities for attorneys in various jurisdictions.
Lucio said in a statement, “The $5 million investment will allow us improve our customization capabilities to create a friction-free experience and integrate legal AI into every interface where attorneys work.”
Streamlining Work for Lawyers
More than 200 organizations throughout the world have adopted Lucio, including boutique firms, in-house legal teams, and enterprise law firms. At the moment, Lucio serves more than 3,000 attorneys across nine countries. The software saves an average of 30 hours per lawyer per month by assisting legal practitioners with drafting, document review, due diligence, legal research, and translation, according to the business.
Vasu Aggarwal, a co-founder of Lucio, said that the majority of legal technology fails at desks rather than in demonstrations. “We are developing Lucio to blend in with legal processes, meet attorneys where they are, and improve the quality of their work.”
Expanding Legal Tech Horizons
The company wants to “reimagine the experience for clients, attorneys, and all other stakeholders in the practice of law,” according to co-founder Darsan Guruvayurappan.
Ashish Kacholia, an investor, thinks Lucio’s blend of extensive legal knowledge and solid technology underpinnings is revolutionizing the way attorneys work and provide value.
Lucio stated that it is currently getting ready for its next fundraising campaign in order to expand its go-to-market and product development activities, supported by the market’s increasing demand and rapid adoption.