Definely Secures $30M Series B to Streamline Contract Review
▼ Summary
– Nnamdi Emelifeonwu and Feargus MacDaeid co-founded Definely, an AI legal tech startup, to help lawyers navigate complex contracts more efficiently.
– Definely recently secured a $30 million Series B funding round, following a $7 million Series A in May 2023, with investors including Revaia and Alumni Ventures.
– The startup offers tools like Draft, Vault, Proof, and PDF features to streamline contract review, editing, and analysis for legal professionals.
– Definely plans to expand into the U.S. market, invest in AI development, and hire more employees using the new funding.
– Emelifeonwu hopes his success as a Black founder inspires others from non-traditional backgrounds to pursue entrepreneurship.
Definely, the AI-powered legal tech startup, has secured $30 million in Series B funding to revolutionize contract review processes for law professionals worldwide. The investment round was led by Revaia, with participation from Alumni Ventures and Beacon Capital, marking a significant milestone for the U.K.-based company.
The idea for Definely emerged from a conversation between co-founders Nnamdi Emelifeonwu and Feargus MacDaeid, colleagues at Freshfields. MacDaeid, one of the few registered blind lawyers in the U.K., highlighted the challenges of navigating complex contracts without losing context. This insight sparked the creation of a tool that simplifies legal document review, a solution beneficial not just for visually impaired lawyers but for the entire legal profession.
Since its 2017 launch, Definely has developed a productivity suite that transforms how lawyers draft, review, and analyze contracts. Its Draft feature allows seamless navigation through definitions and clauses, while Vault enables single-click clause insertion. The Proof tool leverages AI to detect inconsistencies and broken cross-references, and the PDF feature extracts key points from scanned documents.
Emelifeonwu emphasized the company’s latest innovation, Enhance, an AI-driven system integrated with Microsoft Word. “These AI agents collaborate across drafting, reviewing, and proofreading, streamlining workflows right where legal professionals operate,” he explained.
Securing this funding wasn’t easy, Emelifeonwu described the process as “arduous” yet rewarding. Revaia, the lead investor, was introduced through mutual connections, while other backers approached Definely directly. The fresh capital will fuel expansion into the U.S., where the company already generates 30% of its revenue, alongside further AI development and team growth.
Definely operates in a competitive space alongside players like Luminance and Robin AI, but its unique origin story and focus on accessibility set it apart. Emelifeonwu, a Nigerian immigrant who pursued law from a young age, sees this funding as more than a business achievement. “It’s a signal to underrepresented founders that success is possible,” he said. “I hope this inspires the next generation of innovators to build impactful solutions, regardless of their background.”
With this investment, Definely is poised to scale its AI-driven tools, making legal work more efficient and inclusive, one contract at a time.
(Source: TechCrunch)
