Della closes an initial $ 2.5 million funding round to transform the statutory audit
From the, the forensic technology startup shaping the future of statutory auditing, raised $ 2.5 million from new and existing investors after closing its first initial funding round. New investor Pragmatech companies joins Thibault Poutrel, Frederic Montagnon and other international investors, who have supported Della since its launch.
The funds will be used to increase Della’s presence in Europe and the United States and enhance its unique AI capabilities, which make the process of reviewing both simple and complex legal documents faster, more accurate and more efficient. Della’s platform was launched in January 2020 and is used by small and large law firms in multiple countries, including Mishcon de Reya LLP, Eversheds Sutherland, Fidal and several large multinational organizations.
Simple to set up and easy to use, Della offers lawyers an intuitive way to review legal documents. Whether a lawyer is reviewing large volumes of legal documents or complex individual contracts, Della focuses on the questions lawyers really want to answer.
Christophe Frèrebeau, CEO and co-founder of Della, explains:
“The statutory audit market has shifted from simple data mining to solutions that provide end-to-end support of the entire statutory audit process. AI has moved up the legal value chain, and users simply don’t want to use pre-trained custom AI, due to the time it takes to train those models and the cost of doing it. Larger models based on learning transfer, like Della’s, are replacing those legacy solutions and we are enabling lawyers to use AI to help with increasingly complex tasks. “
Della helps speed up the end-to-end statutory audit process. Users can create checklists, highlight relevant language, detect potential red flags, prepare custom reports, generate letters and other documents to help them build their case and advise their clients. Using Della saves lawyers a significant amount of time and improves the overall efficiency of a department.
Evgeny Sergeev, founder and General Partner of Pragmatech Ventures and CEO of iDealComments:
“Della is redefining what people think legal technology can do and we look forward to helping Della continue her impressive growth. We will support Christophe and the team in a wide range of activities, from hiring to operations.
“It is difficult to deny the relevance of artificial intelligence and its applications in the field of law in general and statutory audit workflows in particular. We firmly believe Della will shape the future technology stack of both law firms and corporate legal teams globally and plan to spend a significant amount of time with the company and its management team to help them on their journey. “
A Della user and a product owner at a large UK law firm said
“Della’s team are fantastic and have helped us a lot on our technology journey. They have helped us every step of the way with commitment, training, and to further develop our use of Della’s technology as we use it on more complex use cases. Della is incredibly easy to use, so it’s been a lot easier to build adoption among our teams than other technology products. User feedback has been excellent and that word of mouth is helping push Della adoption even further. “
How does Della work?
At the heart of Della’s approach is the fact that her AI understands how real people speak, taking into account how the syntax and grammar of a query interact. This means that lawyers can easily find the information they are looking for, even if it is hidden among hundreds of legal documents. Della then provides output, be it a custom report or summary, that is closest in format to what a lawyer could produce for their clients.
Della’s AI is based on a “massively preformed language model”, which allows for transfer learning. AI continually learns and improves from any interaction with the platform. This creates a network effect and reduces the cost and time required to solve complex problems with AI. Additionally, it takes a new user minimal time to start using Della, which greatly reduces time-to-value.
Della provides law firms and in-house legal teams with artificial intelligence to accelerate the review and audit of legal documents. Della has developed unique question-answering technology that allows legal professionals to analyze documents based on their own questions and checklists, enabling them to make the most of their expertise. This new technology allows companies of all sizes to use and adopt AI without the significant time investment required for early AI players. Della’s platform is already used by law firms and in-house law offices around the world. Della has offices in London and Paris. For more information, visit the Site Of and follow us LinkedIn.
About Pragmatech Ventures
Pragmatech Ventures is a venture capital firm looking to invest in Pre-seed, Seed and Series A B2B SaaS business and markets. The fund primarily focuses on investments in enterprise software and market companies in the HR Tech, cleantech, biotech, legal tech, martech and proptech sectors. For more information visit: pragma.tech
About Christophe Frèrebeau
Christophe Frèrebeau is Della’s CEO and co-founder. Della provides law firms and in-house legal teams with artificial intelligence to accelerate the review and audit of legal documents. Della has developed unique question-answering technology that allows legal professionals to analyze documents based on their own questions and checklists, enabling them to make the most of their expertise. This new technology allows companies of all sizes to use and adopt AI without the significant time investment required for early AI players. Founded in 2018, Della’s platform is already used by law firms and in-house law offices around the world.
Previously, Christophe was an eVestment executive dealing with international operations. eVestment is a fintech that was acquired by Nasdaq in 2017. Christophe joined eVestment in 2012 following the acquisition of Fundspire, an analytics and reporting platform for hedge funds and hedge fund investors that he founded in 2009. Having built technology companies from the ground up, Christophe has extensive experience transforming business operations through the use of technology.
AI secures £ 1.9m Seed investment from investors including Pragmatech Ventures – UK Tech Investment News
Source link AI secures £ 1.9m Seed investment from investors including Pragmatech Ventures – UK Tech Investment News