Technology

This Is A Fun Way To Get $25 Million

Investors see value in democratizing the law.

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One of the big stories heading into Legalweek was Logikcull’s announcement of a $25 million funding round led by New Enterprise Associates. Normally, funding doesn’t really interest me. “Oooh, people invested in a tech company? SHOCKER!” But this particular announcement was something of a surprise to me because there hadn’t been any noise out of Logikcull to suggest they were looking for more financing. It turns out this round was a surprise to Logikcull too, who were just working hard to close out 2017 when $25 million kind of materialized.

That’s the best way to get $25 million.

Logikcull CEO Andy Wilson explained that the company planned on a raise sometime in 2018, but hadn’t even taken the most preliminary of steps in that direction when NEA reached out to them, hoping to pre-empt any future round. It’s a decision that paid off for NEA, who now gets in on a company that’s experiencing gangbusters growth — a 500 percent increase in customers last year — and Logikcull gets to avoid all the unpleasantness involved in the pitching process. The whole deal wrapped up in 17 days.

Now Logikcull can get back to work fulfilling its corporate mission to democratize discovery. For the unfamiliar, Logikcull’s platform is free to sign up and users only pay when they upload data. There are no minimums or support fees — users pay to host data on Logikcull and when they download it, they’re done. It’s as simple as that. There’s a lot of talk in the tech space about improving accessibility, but Logikcull actually has some great stories.

One of the best involves a pro se litigant in Chicago who was already heading down the road toward paying upwards of six-figures for a top-flight eDiscovery environment to sort through the documents in his IP matter. A Google search brought him to Logikcull where he set up an account the same day, concluded his review within three days, and ended up winning his case. All for under $200. Logikcull also played a role in the Larry Nassar case, providing a firm with the firepower to sort through a data dump intended, no doubt, to fluster the smaller firm. But as Wilson says, “for us, the more data is better because our system can find relevant material that adversaries don’t even know is in there.”

If Logikcull has a weakness right now, it’s in staffing. Business is coming in faster than Logikcull can staff it and they’re hiring at pretty much every position. So if you’re looking to work in the tech space, it might be worth lobbing a résumé to Logikcull.

In the meantime, I’ll be over here waiting for an equity firm to surprise me with $25 million. Would it help if I said I wrote my articles with the help of a blockchain?

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HeadshotJoe Patrice is an editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free to email any tips, questions, or comments. Follow him on Twitter if you’re interested in law, politics, and a healthy dose of college sports news.

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