[Funding alert] London-based Ayora Secures $1.6 Million in Pre-Seed Round Funding

Friday 29, 2024 | By Startup Rise EU

  • Ayora secures $1.6 million pre-seed funding for their AI-powered revenue decision-making platform.
  • It is the the first AI-powered platform in the world was created by Ayora to assist time-pressed professionals in making better revenue decisions and streamlining related duties.
Ayora, revenue management platform founded in the UK, raised $1.6 million in a pre-seed round of funding. The organisation, which was established in 2022, created the first AI-powered platform in history to assist busy professionals in making better revenue decisions and streamlining related chores.

Ayora, revenue management platform founded in the UK, raised $1.6 million in a pre-seed round of funding. The organisation, which was established in 2022, created the first AI-powered platform in history to assist busy professionals in making better revenue decisions and streamlining related chores.

Ayora calculates that ineffective revenue management techniques cause legal practitioners around the world to lose up to 20% of their yearly income.

Numerous legal professionals' revenue management responsibilities, such as fee decisioning, project management and resource allocation, and cross-selling, are still labor-intensive and inadequately supported by current technology.

As a result, attorneys either overspend on non-chargeable revenue management activities or deprioritize those duties at the expense of client work, which causes significant value leakage for their businesses. About one-third of solicitors' time is reportedly spent on non-billable activity.

Ayora converts unrelated data into useful insights that can be used for everything from budget tracking to creating the best possible billing schedules to pre-writing customer correspondence.

Businesses may maximise their revenues by using the timesheet, billing, and collection datasets in conjunction with the platform's observation of daily revenue management operations.

J12 is the lead investor, with support from Twin Path Ventures and a collection of angel investors that includes Roger Siddle (former Chairman of Lawyers on Demand, UK Managing Partner at Bain), Abhijat Saraswat (CRO of Lupl, former Senior Director at Litera), and Farah Ballands (former CEO of Estera and Appleby partner).

Stefan Ciesla, co-founder and CEO, ayora: “Blue chip lawyers’ time is extremely valuable, and yet too much of it is taken up by manual tasks such as WIP list analysis, scope tracking and budget monitoring, and the associated routine client comms. We believe that in 2024, machines are perfectly equipped to handle those tasks whilst keeping the lawyer firmly in the loop; they also benefit from the insights gleaned from law firms’ vast historic time and billing datasets that are ordinarily not discernible to humans. ”

Bo Mattsson, Partner at J12 shared: “We are thrilled to back ayora. They are an exceptional team solving mission-critical revenue conversion problems for their customers in a radically different way. ayora's unique technology transforms continuous revenue-level improvement processes within law firms by translating disparate data signals into highly personalised, highly actionable insights that can be deployed at scale. What's more, their product generates rich metadata which is in turn used to improve future insights, creating a virtuous cycle that results in law firms producing higher revenues over time. We are excited about the applications of ayora's tech both within the BigLaw industry and beyond.”

Using the additional funding, Ayora plans to expand its engineering hiring faster and enter the BigLaw sector, capitalising on its recent collaboration with prominent City legal firm Mischon de Reya.

About Ayora

Ayora, Uk startup, hopes to completely transform the professional services sector. The organisation, which launched in 2022, created the first AI-powered platform in history to assist busy professionals in making better revenue decisions and streamlining the related duties. Ayora's initial focus is on the $180 billion annual market for blue-chip legal services.

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