LegalOn Technologies Secures $50 Million and Partners with OpenAI

LegalOn Technologies, a legal AI startup based in Tokyo and San Francisco, has raised $50 million in a Series E funding round. The round was led by the growth equity team at Goldman Sachs Alternatives, with participation from World Innovation Lab, Mori Hamada & Matsumoto, Mizuho Bank, and Shoko Chukin Bank. This latest funding brings LegalOn's total capital raised to $200 million.

LegalOn Technologies is known for its AI-powered contract review tool, which helps identify legal risks and suggests revisions based on attorney-developed guidelines. The tool reportedly reduces contract review time by up to 85% and is currently used by over 7,000 organizations.

In addition to the funding, LegalOn announced a strategic partnership with OpenAI to develop AI agents focused on legal work. This collaboration aims to integrate OpenAI's ChatGPT Enterprise with LegalOn's proprietary legal data, enhancing corporate legal workflows. The partnership will facilitate the development of advanced legal AI agents, designed to streamline legal processes and improve efficiency for legal teams worldwide.