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[1]
AI startup by Columbia graduates raises $7 million to target midsize law firms
Aug 5 (Reuters) - August, an AI startup founded by Columbia University alumni and that caters to midsize law firms, said on Tuesday it had raised $7 million in a seed funding round led by venture capital firms NEA and Pear VC. WHY IT MATTERS AI's ability to handle routine, document-heavy tasks is unlocking new efficiencies for lawyers, particularly because the legal field is built on vast volumes of literature such as case law, contracts and filings. By automating time-consuming paperwork, AI platforms such as August are freeing up lawyers to focus on higher-value work. It also helps to cut costs, a crucial benefit for midsize law firms that lack the resources of their deep-pocketed rivals. CONTEXT August was founded in 2023 by Rutvik Rau, Thomas Bueler-Faudree and Joseph Parker, who met at Columbia University. Besides NEA and Pear VC, the startup secured backing from angel investor Gokul Rajaram, Ramp's vice president of product Geoff Charles, OpenAI's head of engineering David Azose and Bain Capital Ventures partner Kevin Zhang. The company is based in New York and currently has a team of 12. It expects to expand the workforce to 25 to 30 by the end of the year, Rau told Reuters in an interview. August operates in a competitive arena dominated by some established players, most notably Harvey, an OpenAI-backed legal AI startup, which caters to elite law firms and big professional services companies. KEY QUOTES "The future is one where AI partners with individuals to be a step further than where the industry is today," Rau said. "We're enabling lawyers to be more productive by eliminating some of the work, so they can actually spend a lot more time working with their clients, understanding their needs and being the strategic value partner for them." Reporting by Niket Nishant in Bengaluru; Editing by Shilpi Majumdar Our Standards: The Thomson Reuters Trust Principles., opens new tab * Suggested Topics: * Artificial Intelligence * People Moves Niket Nishant Thomson Reuters Niket Nishant reports on breaking news and the quarterly earnings of Wall Street's largest banks, card companies, financial technology upstarts and asset managers. He also covers the biggest IPOs on U.S. exchanges, and late-stage venture capital funding alongside news and regulatory developments in the cryptocurrency industry. His writing appears on the finance, business, markets and future of money sections of the website. He did his post-graduation from the Indian Institute of Journalism and New Media (IIJNM) in Bengaluru.
[2]
Columbia Grads Create 'August' to Bring AI to Midsize Legal Practices | AIM
"August gives midsize law firms the freedom to shape AI around their own playbooks." AI tools are changing the way legal work gets done, whether it's reviewing contracts or handling research across multiple jurisdictions. Yet, so far, most of these technologies have been built for large law firms with deep pockets, thereby leaving midsize firms out in the cold. That is exactly the gap August, an AI platform for midsize law firms, is trying to close. The company has raised $7 million in a seed round led by NEA and Pear VC, with additional backing from Afore Capital, leading law schools and angel investors including Gokul Rajaram, Ramp CPO Geoff Charles, OpenAI head of engineering David Azose and Bain Capital Ventures partner Kevin Zhang. The company said the funding will go towards expanding August's modular AI agent platform and personalised onboarding model, whi
[3]
AI startup by Columbia graduates raises $7 million to target midsize law firms - The Economic Times
August was founded in 2023 by Rutvik Rau, Thomas Bueler-Faudree and Joseph Parker, who met at Columbia University. By automating time-consuming paperwork, AI platforms such as August are freeing up lawyers to focus on higher-value work. It raised $7 million in a seed funding round led by venture capital firms NEA and Pear VC.August, an AI startup founded by Columbia University alumni and that caters to midsize law firms, said on Tuesday it had raised $7 million in a seed funding round led by venture capital firms NEA and Pear VC. Why it matters AI's ability to handle routine, document-heavy tasks is unlocking new efficiencies for lawyers, particularly because the legal field is built on vast volumes of literature such as case law, contracts and filings. By automating time-consuming paperwork, AI platforms such as August are freeing up lawyers to focus on higher-value work. It also helps to cut costs, a crucial benefit for midsize law firms that lack the resources of their deep-pocketed rivals. Context August was founded in 2023 by Rutvik Rau, Thomas Bueler-Faudree and Joseph Parker, who met at Columbia University. Besides NEA and Pear VC, the startup secured backing from angel investor Gokul Rajaram, Ramp's vice president of product Geoff Charles, OpenAI's head of engineering David Azose and Bain Capital Ventures partner Kevin Zhang. The company is based in New York and currently has a team of 12. It expects to expand the workforce to 25 to 30 by the end of the year, Rau told Reuters in an interview. August operates in a competitive arena dominated by some established players, most notably Harvey, an OpenAI-backed legal AI startup, which caters to elite law firms and big professional services companies. "The future is one where AI partners with individuals to be a step further than where the industry is today," Rau said. "We're enabling lawyers to be more productive by eliminating some of the work, so they can actually spend a lot more time working with their clients, understanding their needs and being the strategic value partner for them."
[4]
AI startup by Columbia graduates raises US$7 million to target midsize law firms
August, an AI startup founded by Columbia University alumni and that caters to midsize law firms, said on Tuesday it had raised US$7 million in a seed funding round led by venture capital firms NEA and Pear VC. AI's ability to handle routine, document-heavy tasks is unlocking new efficiencies for lawyers, particularly because the legal field is built on vast volumes of literature such as case law, contracts and filings. By automating time-consuming paperwork, AI platforms such as August are freeing up lawyers to focus on higher-value work. It also helps to cut costs, a crucial benefit for midsize law firms that lack the resources of their deep-pocketed rivals. August was founded in 2023 by Rutvik Rau, Thomas Bueler-Faudree and Joseph Parker, who met at Columbia University. Besides NEA and Pear VC, the startup secured backing from angel investor Gokul Rajaram, Ramp's vice president of product Geoff Charles, OpenAI's head of engineering David Azose and Bain Capital Ventures partner Kevin Zhang. The company is based in New York and currently has a team of 12. It expects to expand the workforce to 25 to 30 by the end of the year, Rau told Reuters in an interview. August operates in a competitive arena dominated by some established players, most notably Harvey, an OpenAI-backed legal AI startup, which caters to elite law firms and big professional services companies. "The future is one where AI partners with individuals to be a step further than where the industry is today," Rau said. "We're enabling lawyers to be more productive by eliminating some of the work, so they can actually spend a lot more time working with their clients, understanding their needs and being the strategic value partner for them." ---
[5]
AI startup by Columbia graduates raises $7 million to target midsize law firms
(Reuters) -August, an AI startup founded by Columbia University alumni and that caters to midsize law firms, said on Tuesday it had raised $7 million in a seed funding round led by venture capital firms NEA and Pear VC. WHY IT MATTERS AI's ability to handle routine, document-heavy tasks is unlocking new efficiencies for lawyers, particularly because the legal field is built on vast volumes of literature such as case law, contracts and filings. By automating time-consuming paperwork, AI platforms such as August are freeing up lawyers to focus on higher-value work. It also helps to cut costs, a crucial benefit for midsize law firms that lack the resources of their deep-pocketed rivals. CONTEXT August was founded in 2023 by Rutvik Rau, Thomas Bueler-Faudree and Joseph Parker, who met at Columbia University. Besides NEA and Pear VC, the startup secured backing from angel investor Gokul Rajaram, Ramp's vice president of product Geoff Charles, OpenAI's head of engineering David Azose and Bain Capital Ventures partner Kevin Zhang. The company is based in New York and currently has a team of 12. It expects to expand the workforce to 25 to 30 by the end of the year, Rau told Reuters in an interview. August operates in a competitive arena dominated by some established players, most notably Harvey, an OpenAI-backed legal AI startup, which caters to elite law firms and big professional services companies. KEY QUOTES "The future is one where AI partners with individuals to be a step further than where the industry is today," Rau said. "We're enabling lawyers to be more productive by eliminating some of the work, so they can actually spend a lot more time working with their clients, understanding their needs and being the strategic value partner for them." (Reporting by Niket Nishant in Bengaluru; Editing by Shilpi Majumdar)
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August, an AI startup founded by Columbia University alumni, has secured $7 million in seed funding to bring AI solutions to midsize law firms, aiming to increase efficiency and reduce costs in the legal sector.
August, an artificial intelligence startup founded by Columbia University alumni, has successfully raised $7 million in seed funding to bring AI solutions to midsize law firms 123. The funding round was led by venture capital firms NEA and Pear VC, with additional backing from angel investors and other notable figures in the tech industry 14.
Source: Analytics India Magazine
August was established in 2023 by Rutvik Rau, Thomas Bueler-Faudree, and Joseph Parker, who met while studying at Columbia University 13. The New York-based company currently employs a team of 12 and plans to expand its workforce to 25-30 employees by the end of the year 14.
While AI tools have been transforming the legal industry, most of these technologies have been developed for large law firms with substantial resources 2. August aims to fill this gap by providing AI solutions specifically tailored for midsize law firms, which often lack the financial means to invest in expensive AI platforms 12.
Source: Reuters
The legal field is built on vast volumes of literature, including case law, contracts, and filings. AI's ability to handle routine, document-heavy tasks is unlocking new efficiencies for lawyers 13. By automating time-consuming paperwork, AI platforms like August are freeing up lawyers to focus on higher-value work and spend more time understanding their clients' needs 14.
August operates in a competitive arena dominated by established players, most notably Harvey, an OpenAI-backed legal AI startup that caters to elite law firms and big professional services companies 14. However, August's focus on midsize firms sets it apart in the market.
Rutvik Rau, one of August's co-founders, envisions a future where AI partners with individuals to advance the legal industry 14. The company's modular AI agent platform and personalized onboarding model aim to give midsize law firms the freedom to shape AI around their own playbooks 2.
Source: Economic Times
In addition to NEA and Pear VC, August has secured backing from prominent figures in the tech industry. These include angel investor Gokul Rajaram, Ramp's vice president of product Geoff Charles, OpenAI's head of engineering David Azose, and Bain Capital Ventures partner Kevin Zhang 134. This diverse group of investors demonstrates strong confidence in August's potential to disrupt the legal tech market.
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|Columbia Grads Create 'August' to Bring AI to Midsize Legal Practices | AIM[3]
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