Intelllex, a legal knowledge management platform, on Thursday announced that it received USD 2.1 million of new capital. Quest Ventures led the current round with participation from Thomson Reuters, Insignia Ventures, K3 Ventures, and a Singapore government-backed VC fund.
“With this round of funding, we will expand our service delivery across EU and APAC and accelerate the development of new product offerings,” said Intelllex’s co-CEO and co-founder Chang Zi Qian in a statement. This is the third round of fundraising since the company started in late 2015.
Utilizing AI, the firm helps clients automate document categorizations and reduce search time. According to Chang, many knowledge management operations in the law sector still involve manual work, such as reading materials and annotation. Human needs at least 10 minutes to read a short article and half an hour for longer articles. This duration doesn’t include the knowledge classification process.
Chang told KrASIA that Intelllex benefits the customer in three categories: cost efficiency, asset enhancement, and adapting to digitization such as remote working and virtual collaboration.
“Intelllex can identify a document’s legal question or issue asked, legal topic, and document type automatically. It can process and categorize about 20 documents in less than 10 seconds with a high level of accuracy,” he added. His company turns the client’s folders of documents into a digital library of categorized materials that are easy to retrieve.
As the time for research is significantly reduced, it enables lawyers to take more cases. Furthermore, it reduces the cost of expensive manual labor and costs on mid-office operations.
A broadening client base
The majority of Intelllex’s clientele are international and local law firms. However, Chang said that since 2019, the number of non-law firm clients such as government regulators and legal data content owners, have been steadily increasing.
Intelllex will use most of the fresh funding for business development and engineering.
“We are interested to serve enterprise clients whose main bread and butter are to answer regulatory and legal questions on a daily basis. More resources will be channeled into nurturing such clients,” said Chang. “Our next product upgrade will explore applications in knowledge-based industries such as financial services regulation and corporate finance regulation.”
Quest Ventures partner Jeffrey Seah believes that business-to-business AI intelligence platforms will boost the performance of the professional services industry. Seah will also join Intelllex’s board of directors.