Della secures $2.5 million in funding to reshape legal review process
Della, the legal technology startup shaping the future of legal review, announced the company has raised $2.5 million from new and existing investors after closing its first seed funding round, allowing the company to grow its presence in Europe and the USA and enhance its AI capabilities which make the process of reviewing both simple and complex legal documents faster.
New investor Pragmatech Ventures joins Thibault Poutrel, Frederic Montagnon and other international investors, who have supported Della since its launch.
Della’s platform launched in January 2020 and is being used by small and large law firms across multiple countries, including Mishcon de Reya LLP, Eversheds Sutherland, Fidal, and several large multinational, enterprise organizations.
Simple to set up and easy to use, Della offers lawyers an intuitive way to review legal documents, according to the vendor. Whether a lawyer is reviewing large volumes of legal documents, or individual complex contracts, Della focuses on the questions that lawyers really want to find the answers to.
Della helps to accelerate the end-to-end legal review process. Users can create checklists, highlight relevant language, detect potential red flags, prepare custom reports, generate letters and other documents to help them to build their case and advise their clients. Using Della saves lawyers a considerable amount of time and improves the overall efficiency of a department.
“The legal review market has moved away from simple data extraction, to solutions that provide end-to-end support of the entire legal review process, said Christophe Frèrebeau, CEO and co-founder of Della. “AI has moved up the value chain in legal, and users just don’t want to use pre-trained, customized AI, due to the time it takes to train those models and the cost involved in doing that. Larger transfer learning-based models, like Della’s, are replacing those legacy solutions, and we are enabling lawyers to use AI to help with more and more complex tasks.”
Central to Della’s approach is the fact that its AI understands how real people speak, taking into account how syntax and grammar of a query interact.
This means that lawyers can easily find the information they are looking for, even if it's hidden amongst hundreds of legal documents. Della then provides an output, whether this might be a custom report or a summary, which is as close in format to what a lawyer might produce for their clients.
Della’s AI is built on a ‘massively pre-trained language model’, which enables transfer learning. The AI continuously learns and improves from any interactions with the platform. This creates a network effect and reduces the cost and time needed to solve complex problems with AI. In addition, it takes minimal time for a new user to start using Della which massively reduces time-to-value.
For more information about this news, visit https://dellalegal.com/.