AI law startup Norm raises $120M, hits unicorn valuation
Quick Answer
AI law startup Norm has raised $120 million in a Series C funding round led by Khosla Ventures, achieving a valuation of $1.2 billion.
Quick Take
Norm Law employs AI agents supervised by human attorneys to provide legal services, charging based on outcomes rather than hourly rates, and plans to use the new funding to expand its product and hire more attorneys.
Key Points
- Norm has raised over $260 million in total funding to date.
- The startup's AI-native law firm offers services to enterprise clients.
- Investors include Bain, Craft Ventures, and former Blackstone COO Tony James.
- Norm's unique pricing model contrasts with traditional hourly billing in the legal industry.
- The company aims to build AI agents that supervise other AI agents.
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AI law startup Norm on Tuesday said it has raised $120 million in a Series C funding round led by Khosla Ventures, valuing the almost three-year-old startup at $1.2 billion.
Norm has built an AI-native law firm, called Norm Law, that uses the company’s own AI agents, employs human attorneys to supervise them, and offers legal services to enterprise clients. It’s also building AI agents that can supervise other AI agents as they go about their tasks.
The company charges based on outcomes rather than billing its clients hourly, in contrast to the rest of the industry.
Norm is one of the many legal AI startups that have popped up in the past few years, such as Harvey and Legora, looking to capitalize on the need to automate tedious work.
Other investors in Norm’s Series C include Bain, Craft Ventures, Coatue, Vanguard, New York Life, TIAA, Tony James (former president and COO of Blackstone), Jeff Hammes (former chairman of Kirkland & Ellis), and Fenwick LLP. The fresh capital will be used to help build out the product and hire more attorneys.
The company has raised more than $260 million in funding to date.
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