The Atrium Announcement
Alt.legal has covered acknowledged innovation in depth for over four years, and we accept this announcement will be remembered as an important moment in acknowledged addition for years to come.
Today, Atrium is advertisement that it has aloft a $65 actor annular of funding, almost exactly one year afterwards advertisement its $10.5m seed investment. This advance annular is led by the capital adventure fund Andreessen Horowitz (“a16z”), with YC Continuity, Sound Ventures (Ashton Kutcher’s fund), and General Catalyst as co-investors.
Atrium is the startup law firm tech aggregation (Atrium LLP Atrium LTS, calm referred to as “Atrium”) founded by Twitch founder Justin Kan, former Orrick partner Augie Rakow and Nick Cortes. We appear a year ago (Parts I and II for your recollection) on the barrage of their quest to change how law is accomplished by starting a unique law firm tech aggregation alongside model. Since then, Atrium has helped added than 250 audience accession a absolute of over $500 actor in primary financing, with a slate of audience to be envied including Alto, Bird, MessageBird, and Sift Science.
Atrium additionally acquired the technology and aggregation from Tetra, a YC aggregation with AI that supports Atrium’s mission to transform acknowledged abstracts into structured data.
Tech heavyweights Marc Andreessen (the active legend), Andrew Chen (former Uber chief controlling and now with a16z) and Michael Seibel (CEO of Y Combinator accelerator) will be joining Atrium’s board.
More capacity can be begin in the columnist absolution here.
The Interview With Justin Kan
Any atom of this advertisement would be beheld as game-changing account in acknowledged tech, but taken together, it crosses into alien territory. Although the acknowledged technology ecosystem of investors and startups is growing and acceptable added complete, high-profile adventure investments from Silicon Valley’s top names are acutely rare. We acquisition the arrangement and timing of this announcement, alone one year afterwards Atrium’s launch, decidedly compelling. And the sum of the banknote infusion, $76.5M over a 12-month period, is alarming for any industry and artlessly exceptional of in legal. This is why we feel we are witnessing a celebrated moment for acknowledged innovation.
Justin accomplished out to us for this news, and we are the aboriginal and alone acknowledged advertisement contacted at the time this adventure is activity alive (there will be advantage in tech outlets, which underscores how this is bigger than acknowledged tech). We could not abide an account with him to get added of his insights and reflections.
Ed Sohn and Joe Borstein: Justin, congratulations on this investment. What are your affairs for the funding?
Justin Kan: The bulk of our belvedere is apparatus acquirements that parses acknowledged abstracts to about-face them into structured data, again to body applications on top of that data, applications that advice attorneys, acknowledged professionals, and their audience with acknowledged work.
One of the aboriginal use cases was pro forma cap tables for startups adopting a annular of funding. Traditionally, a advocate would apprehend through all antecedent convertible securities, again try to accomplish an Excel model. It is annoying assignment and generally accountable to animal absurdity — this isn’t a ability they advise in law school.
But from a programmer’s perspective, these are abstracts with agnate structure, over and over. So we congenital a archetypal that takes in these convertible securities, again accomplish a action for the abstracts accepted in these docs. Booty a SAFE, Justin Kan through XYZ trust, advance this bulk with this appraisal with this cap in approaching equity. We can abstract that abstracts from the document, put it in a structured database, and the aboriginal affairs we congenital rendered that abstracts into a pro forma cap table.
Our affairs are to continue to invest into this adaptable technology breadth you can about-face docs into structured abstracts and body out the team.
ES: What accept you abstruse from the Atrium experiment?
JK: It’s activity really well, the accumulated alms is absolutely resonating with audience well. We’ve been able to allure the blazon of advocate that wants to assignment on innovating in this area, some very entrepreneurial lawyers. I’ve appear to account how adamantine accumulated attorneys assignment — maybe the highest assignment belief in a profession I’ve formed with. So that’s been pretty fun.
Our attorneys additionally acknowledge the befalling to innovate on the technology side, accepting complex in altered means alignment from a accountable amount able to a absolute artefact manager. They accept additionally been innovating on process, the operational action of how the close ability handle some allotment of work. That’s definitely something different and new.
JB: How big has Atrium grown?
JK: Between the two companies, we are now at 110 people, and the law close is about 50% of that, comprised of attorneys and acknowledged staff.
We’ve assassin an amazingly talented, ambitious team. That’s probably our number one accomplishment.
ES: You charge be captivated to accept Marc Andreessen accepting on board.
JK: Very aflame to assignment with Marc. I couldn’t get him to advance into any of my antecedent companies, so this is absolutely agitative for me. The befalling to do this with him was one of the top affidavit to get this annular led by a16z, and I absolutely like the way he anticipation about this. He saw a lot of similarity, a lot of parallels, to what they are accomplishing as a adventure fund. The abstraction abaft a16z is to accommodate Adventure as a Service, to calibration and differentiate from the competition. Marc sees a lot of the aforementioned aboriginal attempt with Atrium.
ES: Now that you’ve been in the acknowledged tech amphitheatre for a year, what’s your appearance of our industry as a whole?
JK: Yeah, there’s a lot of acknowledged tech out there, but it seems like there’s a agnate botheration with what I think is happening more broadly with action apps. Action apps accept gotten crazy adventurous for the aftermost few years, but the absorbing affair is that bodies appetite solutions — not aloof software or services.
There’s a lot of addition in legal, but what I anticipate is resonating in the bazaar for us is accumulation this able advising with the SaaS/software solutions that they use on a circadian basis as an end user or applicant or attorney. You have to build these things together. One example: arrangement review. Cool pieces of software out there, but the enterprises that accept bags of contracts, they don’t aloof appetite the aboriginal canyon of the ysis done by the software. They appetite animal beings to ysis the achievement and bear what they need.
JB: You’re admonition to the choir here. This is an important acumen why we capital to address about you in the aboriginal place, aftermost year.
JK: We’re always, always about humans software.
ES: What’s the accession been from the tech association at large?
JK: They anticipate the aforementioned way I did back we started Atrium — absolutely cryptic why acknowledged has had these problems and no one has apparent it yet. I explain to them the innovator’s paradox, it makes faculty to them, so there’s been a lot of abutment for us giving this a try. So overall, the accession has been really good.
One of the bulk questions from the startup perspective: would bodies assurance a startup law close like this? Acknowledged has commonly been article that bodies don’t appetite to booty risks with. But I anticipate we’re proving that the acknowledgment to that catechism is yes. We’re proving to the bazaar that this is real, it’s not activity away, and it’s a abundant befalling for everyone. This annular of advance validates that as well.
ES JB: Thanks, Justin! It’s all astonishing and we’re absolutely aflame for what’s ahead.
JK: Thanks guys!
Ed Sohn is VP, Artefact Management and Partnerships, for Thomson Reuters Legal Managed Services. Afterwards added than bristles years as a Biglaw action associate, Ed spent two years in New Delhi, India, administering and innovating acknowledged action outsourcing casework in litigation. Ed now focuses on delivering new e-discovery solutions with technology managed services. You can acquaintance Ed about ediscovery, acknowledged managed services, expat active in India, theology, chess, ST:TNG, or the Chicago Bulls at [email protected] or via Twitter (@edsohn80). (The angle bidding in his columns are his own and do not reflect those of his employer, Thomson Reuters.)
Joe Borstein is a All-around Director with Thomson Reuters Acknowledged Managed Services, carrying Pangea3 award-winning acknowledged outsourcing casework and employing over 1800 full-time legal, compliance, and technology professionals beyond the globe. He and his co-author Ed Sohn anniversary spent over bisected a decade as assembly in BigLaw and were classmates at Penn Law. (The angle bidding in their columns are their own.)
Joe manages a all-around aggregation committed to counseling law close and accumulated audience on how to best advantage Thomson Reuters acknowledged professionals to advance acknowledged results, cut costs, accession profits, and accept a amusing life. He is a common apostle on all-around trends in the acknowledged industry and, specifically, how law firms are leveraging those trends to become added profitable. If you are absorbed in entrepreneurship and the commitment of acknowledged services, amuse ability out to Joe anon at [email protected]
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