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Funding

Alice Anderson fund backs AI-based legaltech startup in $1 million pre-Seed round

- April 26, 2024 2 MIN READ
Deeligence, Elena Tsalanidis and Justin Hansky
Deeligence cofounders Elena Tsalanidis and Justin Hansky
A legal tech startup cofounded by two lawyers has raised $1 million in pre-Seed funding, backed by LaunchVic’s Alice Anderson fund for female founders.

Deeligence, founded by Elena Tsalanidis and Justin Hansky, is using artificial intelligence to tackle legal due diligence.

They conceived the idea for the startup after realising that most law firms are still project managing due diligence on multi-billion dollar deals using Excel spreadsheets.

The resulting software is already being used Lander & Rogers which accepted the startup into its accelerator program.

They’re also trying to tackle a shift in the industry where clients are looking to drive down their legal costs with a move to fixed fee tasks.

Tsalanidis said clients are sick of paying huge hourly rates for this work, while law firms are also looking to improve margins and artificial intelligence is the solution.

She adds that their journey from legal professionals to tech innovators exemplifies the power of diverse leadership in fostering innovation.

“Diversity in tech and the law is about bringing varied perspectives to the forefront and redefining how legal services are priced and delivered,” she said.

Her cofounder, Hansky, said junior lawyers spending time doing grunt work are resigning and moving to jobs offering better work, and Deeligence can solve that problem.

“Firms lose hundreds of thousands in training costs when a disgruntled junior lawyer jumps to a rival firm,” he said.

“It is a financial imperative to keep top talent happy.”

His cofounder said Deeligence “helps partners win more work, halve the time the work takes and deliver the work quicker for their clients.”

Tsalanidis said navigating the predominantly male domains of tech and law, and securing investment had its challenges.

“Our recent fundraising success is a significant milestone for female-led start-ups in the industry who are still criminally underfunded,” she said.

LaunchVic CEO Dr Kate Cornick said Elena Tsalanidis brings an impressive mix of startup and legal expertise as a former lawyer and operations manager for a UK-based legaltech.

“Her deep links to the sector hold Deeligence in great stead to sell into corporate law firms and build technology that lawyers can pick up and operationalise in minutes,” she said.

 

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