Norm Ai said on Tuesday it had raised $120 million in a Series C funding round led by Khosla Ventures, valuing the legal AI startup at $1.2 billion.
New York-based Norm Ai is among a growing number of startups developing AI tools for legal and regulatory work, as businesses and law firms increasingly adopt AI to improve productivity and reduce costs.
Here are some details:
The company has raised more than $260 million since it was founded in 2023.
Investors in the funding round also included asset manager Blackstone, Bain Capital Ventures, Craft Ventures, Coatue and Vanguard.
Investor interest in legal AI startups such as Norm Ai and Harvey has grown as businesses seek to automate legal and compliance work using generative AI.
Norm Ai said clients representing more than $30 trillion in assets under management use its legal AI platform.
The startup said it would use the proceeds to accelerate hiring, expand practice area coverage and advance supervisory AI agents for regulated enterprise deployments.
