Legislate is the company on a mission to change the way small businesses create contracts and manage them using their patented ‘Knowledge Graph’ technology and artificial intelligence. Legislate saw a need to make contract creation and management accessible to people without a legal education and without a high legal budget.
Legislate is rapidly expanding, moving from a pay-as-you-go model to a subscription-based model and they have recently announced their latest funding round, in which they raised $3.6m to scale the business further. This round was led by Parkwalk Advisors and participated in by Oxford Capital and several high-profile angel investors. Legislate aim to use this funding to further their UK sales and begin to expand into other markets within the coming year.
Legislate’s patented approach is making machine-readable contracts possible, pushing far beyond a legal template. Their software can extract and analyse relevant information, thus reducing the time and effort needed for manual contract review and identifying potential issues or inconsistencies. Legislate also facilitates the use of historical contracts as they can be searched for useful data for compliance management.
With 6 million SMEs in the accessible market, 2.7m landlords and 15.7m employees contracted by SMEs, the total addressable market for Legislate is between £1bn and £3bn, proving there is a clear need for a product which is low-cost and easy to use. Legislate’s technology also enables users to securely sign contracts and centralise them, allowing businesses to make more informed decisions with the available data. Legislate’s technology is particularly useful to businesses in rapid scale-up as it allows companies to aggregate and manage large data sets all from within the Legislate platform.
Charles Brecque, Founder & CEO of Legislate, recently sat down with David Mott, Founder Partner of Oxford Capital to discuss their Knowledge Graph technology, plans for expansion and their target customer in this ‘Backing Founders’ video. Charles previously worked at Mind Foundry, a spin-out from the University of Oxford, bringing AI to the market before forming Legislate in April 2020.
Stephen Hampson, Investment Director of Oxford Capital commented: “We are proud to back Charles and the team in their mission to use tech to revolutionise contract creation and management. Investing in Legislate is investing in the future of machine-readable contracts. Their patented Knowledge Graph system sets them apart from other technologies and makes it simple for people without legal training to access contracts created by lawyers and manage them effectively.”
With their plans for rapid expansion, and their patented Knowledge Graph technology, it certainly will be interesting to see how Legislate put that funding to use and expand over the coming year.