4 Sources
[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]
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."
[3]
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." ---
[4]
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 graduates, has secured $7 million in seed funding to develop AI solutions for 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 a seed funding round led by venture capital firms NEA and Pear VC 1234. The company, established in 2023 by Rutvik Rau, Thomas Bueler-Faudree, and Joseph Parker, aims to revolutionize the legal industry by providing AI solutions tailored for midsize law firms.
Source: Reuters
The legal field, known for its vast volumes of literature including case law, contracts, and filings, presents a unique opportunity for AI implementation. August's platform is designed to handle routine, document-heavy tasks, thereby unlocking new efficiencies for lawyers 1. By automating time-consuming paperwork, the AI solution enables legal professionals to focus on higher-value work and spend more time understanding their clients' needs 2.
One of the key benefits of August's technology is its potential to cut costs, a crucial advantage for midsize law firms that often lack the resources of their larger counterparts 3. This cost-effective approach could level the playing field in the competitive legal services market.
Source: Economic Times
In addition to the lead investors, August has secured backing from several notable figures in the tech and venture capital world. 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 14.
Currently based in New York with a team of 12, August has ambitious growth plans. Rau revealed in an interview with Reuters that the company expects to expand its workforce to 25 to 30 employees by the end of the year 23.
August is entering 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 law firms could provide a unique market position.
Source: BNN
Rau envisions a future where AI partners with individuals to advance the industry. He stated, "The future is one where AI partners with individuals to be a step further than where the industry is today" 2. The company's goal is to enable lawyers to be more productive by eliminating routine work, allowing them to become strategic value partners for their clients 3.
As the legal industry continues to evolve with technological advancements, startups like August are poised to play a significant role in shaping the future of legal services, particularly for midsize firms seeking to enhance their efficiency and competitiveness.
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