Genie AI funding news – London-based Genie AI Secures €16 Million in Series A Round Funding

Before this round, Genie AI received a large UK Government grant and seed funding from Connect Ventures. Unlike other Large Language Models (LLMs), Genie can draft personalized, professionally formatted agreements of 50+ pages in just minutes, which used to take weeks. It also offers an open-source library of templates.

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Genie AI offering

Users can upload their own documents, use a template, or review their generated contracts with Genie’s risk review feature, which identifies issues, explains them, and suggests changes. Genie ensures safety by collaborating with top universities on data privacy and security, and its legal accuracy is rated at 94% by lawyers.

This investment comes as Genie experiences rapid growth, with the legal AI software market expected to reach $5 billion by 2030. So far, over 100,000 companies, including 11 FTSE100 companies, 20 Global200 law firms, several major US banks, and two of the big four UK supermarkets, have used Genie to draft or review documents in 120+ jurisdictions.

Rafie Faruq, Cofounder and CEO at Genie AI said, “Lawyers are seen by many as the ‘no’ people,” “Genie is the most risk-aware way to draft today, giving lawyers that extra layer of comfort. The faster we can mitigate the risk, the faster we can turn around documents – and Genie’s AI drafter has a seven year head start to help them do this.”

Vidu Shanmugarajah, Partner at GV said, “Genie is changing the way businesses all over the world transact,” “By combining AI with a feature rich editor, Genie allows users to work with contracts in a way that was not possible before. We’re impressed with Genie AI’s early customer traction and product-led growth, and are excited to support them on the journey ahead.”

Kanu Gulati, Partner at Khosla Ventures said, “AI is already rapidly transforming industries and legal is one of the areas that will benefit from this technology,” “Genie AI’s technology, progress to date and vision going forward made this a compelling investment for us.”

About Genie AI

Genie AI was founded by Rafie Faruq and Nitish Mutha, who specialized in generative AI while studying at UCL with researchers from Google DeepMind. They saw the potential for AI to reduce time spent on tasks like contract drafting and developed a leading AI legal drafter.