Everlaw, a cloud-based legal technology platform specialising in electronic discovery (ediscovery), has raised $202 million in a series D round of funding from high-profile investors including Alphabet’s Capital G. The Oakland-based company is now valued at more than $2 billion.
Founded in 2010, Everlaw helps law firms, corporations, and government agencies find electronically stored information and evidence relevant to a specific lawsuit during the litigation phase. This could mean searching through emails, digital documents, databases, audio files, social media, and all the associated metadata.
The Everlaw platform includes features for uploading documents locally or from the cloud, making them easy to search and filter from a centralized interface. It includes advanced analytics such as “email threading,” which makes it easier to review emails in their original timeline order, while data visualizations can unearth insights across multiple documents. Permeating all of this are machine learning-powered tools that can automatically detect and translate text across more than 100 languages, and transcribe audio or video files to make them searchable.
Everlaw had previously raised around $97 million, and with another $202 million in the bank the company is well-positioned to double down on its recent growth that it said has led to the total number of cases on its platform doubling since its previous fundraise in early 2020. As with just about every other sector, it seems that the global pandemic has driven the legal industry to the cloud as part of their digital transformation endeavors. The ediscovery market in particular was pegged as a $9.3 billion industry in 2020, a figure that’s predicted to hit nearly $13 billion within three years.
“The legal industry has undergone a decade’s worth of technological change in just 18 months,” Everlaw CEO and founder AJ Shankar noted. “Legal professionals need tools that can keep up with the pace of change without sacrificing security.”
Everlaw’s series D round was led by TPG Growth, with participation from CapitalG, H.I.G. Growth Partners, Menlo Ventures, Andreessen Horowitz, and K9 Ventures.